Why Marqeta Jumped 38% in October
Marqeta (NASDAQ: MQ) stock leapt 38.3% in October, according to data provided by S&P Global Market Intelligence, as the company announced several important partnership deals. Marqeta is one of the most dynamic fintech stocks on the market today. It allows its customers to issue customized payment tools such as debit and rewards cards. These include physical and virtual cards, both of which are playing an important role as e-commerce, employee compensation, and transfers evolve. The recent announcements are proof that Marqeta is gaining traction with cryptocurrency, small businesses, and enterprise corporate cards, all of which are important categories for future growth.
During the month, investors learned that Marqeta was rolling out spending and rewards products for the cryptocurrency industry, with Coinbase among the high-profile customers. Coinbase issues Visa debit cards to account holders, allowing them to make purchases with their crypto holdings. That feature, which is popular with the company's users, is enabled by Marqeta.
Marqeta also announced partnerships with Uber Technologies and Bill.com, expanding the company's presence in small business and enterprise categories. Fintech is rapidly changing the way that businesses, financial institutions, and consumers interact with one another. Marqeta has firmly positioned itself as a facilitator of those trends. Its virtual card products are also helping debit cards keep up with the times as digital payments are slowly replacing physical card transactions.
Source Fool.com
