Marqeta makes EML look incredibly cheap!

the Marqeta S1 prospectus is out (just google)

some interesting observations:

2021 Q1 revenues up 123% to usd108 million and a 14million loss.

most likely on track for 2021 revenues of 450 million and maybe 60-70 million loss (add 30% for AUD )

BUT the most interesting aspect is customer concentration !!

Square makes up 73% of their Q1 revenue !! (up from 70% in 2020)

that contract expires Dec 2024

Marqeta net revenue margins are much lower than EML

I wouldn't be surprised if Square places margin pressure when contract up for renewal.

regardless, it shows the diversity and profitability of EML compared to its main global competitor.

Marqeta listing on maybe 35x revenue multiple

EML is profitable so trades on a 25x forward profit multiple

but I wouldn't be surprised to see US investors begin looking at EML as an alternative and better quality exposure to a payments issuing business in time