Meanwhile, Marqeta s current chief people officer, Lori McAdams, is stepping down. Adams plans to stay on until the role is filled.
Marqeta earns most of its revenue from interchange Samantha Lee/Business Insider
Marqeta operates on a usage-based business model, meaning that the more its customers use its card-issuing tech, the more money it earns.
In 2020, its revenue grew 103% year-over-year to $290.3 million. Largely, that growth is a result of the boom in online spending and displacement of cash brought on by the coronavirus pandemic.
The fintech prospered as a result of customers like DoorDash, Instacart, Affirm, and Klarna all enjoying massive growth in 2020. Across all its users, Marqeta processed $60.1 billion in total volumes, up 177% from 2019.