What Marqeta, Inc. told the SEC could break it.

Marqeta has one of the most extreme single-customer concentrations among public fintechs: Block (Cash App's parent) accounted for 45%, 47% and 68% of net revenue in 2025, 2024 and 2023 respectively. The decline reflects the August 2023 Block Amendment (less favorable terms) plus growth in other customers, but Block still drives ~half of revenue and a significant share of receivables. Loss of, a further repricing by, or a strategic shift at Block — or a failure to renew the Block Agreement — would have a catastrophic impact. The relationship is captured as an edge; this risk records the existential dependence severity. A top-tier customer-concentration risk.

“Block accounted for 45%, 47%, and 68% of our net revenue, respectively.”

Marqeta is subject — directly and indirectly through its Issuing Banks, customers and Card Networks — to a rapidly evolving and extensive regulatory regime: Dodd-Frank/CFPB consumer-protection rules, Bank Secrecy Act/USA PATRIOT Act AML requirements, OFAC and equivalent sanctions screening, state money-transmitter licensing, payment-services rules, privacy/data-protection, export controls, and industry standards such as PCI DSS. Heightened scrutiny of bank-fintech 'sponsor bank' arrangements, new CFPB rules, or sanctions/AML enforcement could raise compliance costs, constrain product design, or jeopardize issuing-bank partnerships. A business-central, multi-layer regulatory exposure for a regulated-by-proxy payments platform.

“We are subject, directly, or indirectly through our relationships with our Issuing Banks, customers, or Card Networks, to a number of laws and regulations.”

As a card-issuing platform, Marqeta does not hold a bank charter and depends on Issuing Banks and Card Networks to actually issue cards, settle transactions and access payment rails. This dependence is concentrated: 64% of its Total Processing Volume settled through a single issuing bank, Sutton Bank, in 2025 (down from 76% in 2023). It states it relies on these relationships and that loss of them would adversely affect the business; some vendors are also a sole or limited source of services. Loss of a key issuing-bank relationship, a network rule change, or a sponsor-bank regulatory action could disrupt card programs with limited near-term alternatives. A concentrated sponsor-bank / network sole-source dependence (Sutton Bank captured as an edge).

“We rely on our relationships with Issuing Banks and Card Networks, and if we are unable to maintain these relationships, our business may be adversely affected.”