Marqeta's European Expansion: A New Engine of Growth

Marqeta has emerged as a formidable player in today’s fintech space, with its sights now firmly set on European expansion. 

The company's recent moves, including key appointments and strategic partnerships, underscore its commitment to establishing Europe as a crucial growth engine alongside its US operations.

Marcin Glogowski, recently appointed as SVP Managing Director for Europe and UK CEO at Marqeta, discusses his new role: “It's been a roller coaster, and that was expected. It's like jumping into a running train and getting to the control room very fast. 

“I'm amazed and very positively energised by such a growth-oriented company and the amazing team we have in the UK.”

Marqeta: A robust European expansion strategy

This enthusiasm is not unfounded. Marqeta's European operations have shown remarkable growth, with Marcin noting: “We see 90% growth in processing volumes in the first quarter of this year compared to the previous year.” 

This surge in activity signals a robust appetite for Marqeta's innovative payment solutions in the European market.

The company's European strategy is multifaceted, focusing on expanding its client base, forging new partnerships and establishing a stronger physical presence. 

“We are growing our client base, building partnerships with amazing companies like Trade Republic and expanding our relationship with Lydia for their new venture,” Marcin explains. 

The opening of a new office in Warsaw is another significant move, serving a dual purpose: it establishes a physical footprint within the European Union while also bringing “the muscle to power our card management capabilities that we are bringing to Europe more and more”.

Marqeta's growth in Europe is not just about geographical expansion; it's also about tapping into new verticals and use cases for embedded finance. 

Marcin observes a growing interest from unexpected quarters: “We're seeing more resonance from market participants and verticals, even from merchants that didn't think it was possible before.” 

This interest stems from a broader understanding of embedded finance, which Marcin defines as “bringing financial services elements into the context of the relationship between buyer and seller, where the seller is not in financial services itself”.

One particularly promising area is the small and medium-sized enterprise (SME) sector. Marcin points out a significant opportunity: “SMEs create a massive percentage of GDP in any country, but they stand for a very small percentage of banking assets. They don't have the right access to capital to fund their growth.”

Marqeta's partnership with OakNorth exemplifies how fintech solutions can address this gap, providing services and access to those overlooked by traditional financial institutions.

As Marqeta continues to expand its European operations, the focus is on strategic growth and market relevance. “We're getting so many new elements to position us differently and gain even faster growth and traction in the European market,” Marcin states. 

The company plans to concentrate on select verticals where it believes it can deliver the most value, gradually broadening its scope over time.

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