Marqeta, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Marketsa Second Quarter 2021 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, we will open the lines for your questions. As a reminder, this conference call is being recorded. I'd now like to turn the conference over to Stacey Feinerman, Vice President of Investor Relations, to begin.

Thanks, Operator. Before we begin, I would like to remind everyone that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website, including our prospectus dated June 8, 2021, and our subsequent periodic filings with the SEC, such as our quarterly report on Form 10-Q, for the quarter ended June 30th, 2021. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of the time of this call and the company does not assume any obligation or intent to update them except as required by law. In addition, today's call may include non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for gap financial measures. Reconciliation to the most directly comparable gap measures can be found in today's earnings press release, which is available on our investor relations website. Hosting today's call are Jason Gardner, Marketta's founder and CEO, and Sherp Fay, Marketta's chief financial officer. With that, I'd like to turn the call over to Jason to begin.

Thanks, Stacey. Thank you, everyone, for joining us for Marquetta's first earnings call as a public company. It's great to be connecting with you all. We had a very successful IPO. We raised a lot of capital, and we're off to a great start. Tripp and I are excited to share Marquetta's second quarter results, as well as an overview of our business. I want to cover a couple of financial highlights about which trip will provide additional detail. Next, I will talk about three key themes for the quarter. And lastly, for those on the call who are less familiar with us, I'll provide some focus on Marketo. With that, let's begin. Our second quarter results demonstrate our solid product market fit and execution in this rapidly evolving digital payments landscape. $27 billion in total processing volume, or TPB, a 76% increase compared to the same quarter of 2020. $122 million in net revenue, a 76% increase compared to the same quarter of 2020. There are three key themes that I want to highlight from the second quarter. First, we continue to land winners. Google chose Marketo to power the launch of a digital card for Google Pay balance users, allowing them to instantly use their balance through a virtual card tokenized in Google Pay. Second, we continue to expand and grow rapidly with our current customers. We expanded our relationship with Square. Square announced Square banking services during the quarter, and we are proud to power the Square checking product. And third, we continue to build long-term relationships with our customers. During the quarter, we extended our agreement with Affirm until 2024. This is a confirmation of our enduring value of our platform and our robust partnership. Again, Trip will provide more details on our second quarter performance in a few minutes. Still, this is our first earnings call. I'd like to spend some time providing you a brief overview of Marketo, the industry tailwinds driving our growth, and a few of our strategic initiatives. Archeta created modern card issuing, which is at the heart of today's digital economy. When you think of the cards in your wallet, these do very little and have seen little innovation in decades. Now, imagine a card that could take any form factor you wanted to, solve significant payment problems at scale, and disrupt entire industries. from authorizing transactions based on dozens of dynamic criteria to allow you to pay installments to creating a brand new consumer or commercial experience. These cards can be physical, virtual, or tokenized into mobile wallets. They can be credit, debit, or prepaid, built by developers in days using cutting-edge tools instead of months. This is modern card issuing. When you order food using DoorDash or groceries using Instacart, Modern card issuing works in the background as money moves from the app to the delivery driver's card. When you buy a big screen TV and pay for it in installment using Affirm or Klarna, modern card issuing helps move money to the payment card used to pay the merchant seamlessly. Some of the most disruptive companies of the last decade, such as Square, Instacart, Uber, and Klarna, use Marketo technology at the heart of their products. We're the first modern card issuing platform built from the ground up by developers for developers in the cloud with open APIs and best in class developer tools. We believe we are the first to market with multiple issuing and processing innovation, including the first open API for building bespoke payment card solution, just-in-time or JIT funding, and tokenization as a service. These innovations put the control of designing outstanding payment experiences in the hands of customers to enable them to launch unique payment card products in a fraction of the time they could on legacy platforms. We believe that Marketa is now the de facto modern card issuing platform and that our continuous innovation further cements and expands our market leading position. We are deeply integrated with our customers in three ways, technical, experience, and partnership. Arquette's technology underpins our customers' core business or supports their core business. Our people are their trusted partners as our solutions drive their key processes. Our deep experience serving the most innovative commerce disruptors, technology giants, and financial institutions brings valuable issuing expertise to build and scale innovative programs. Additionally, we partner with our customers for long-term success. Our usage-based business model provides a win-win for our customers and Marketo. As their businesses thrive on our platform, our net revenue grows. Moreover, our customers are incentivized to bring new volume and launch new car programs on our platform as they benefit from volume-based discounts via tiered pricing. As a result, we have long-term contracts that promote and maintain alignment. Customer success is at the core of everything we do, and connect the customer is a core company value. We build technologies for people who serve people. The strength and durability of our customer relationships are evidenced by our second quarter year-over-year net revenue growth of 76%. We managed to support massive innovation for these customers at a considerable scale. Our platform operates at 99.995% uptime, but volume through the Marketo platform has increased 30x in the last four years. We operate in 36 countries and growing. We believe the opportunity within payments and modern card issuing is tremendous. There's a $74 trillion global money movement market, of which $30 trillion is international card issuing. The Marketo platform processed $60 billion last year, a small fraction of the total card issuing opportunity. With the accelerating shift to digital payments, the market continues to expand. We believe Marketa has the modern technology, deep experience, and momentum to capture a growing share of this market. We believe this TAM is a vast ocean of opportunity ahead of us as everything moves to digital electronic transactions, changing the entire landscape of how the world is moving money in the future. Marketa is well-positioned to capture this large opportunity in three ways. First, The shift to digital payments is accelerating. More and more transactions are moving online, and when they are in person, people worldwide are increasingly choosing not to pay with cash. They are choosing to pay with a card or with contactless payments. This has only accelerated during the pandemic. Second, payments are not only becoming more digital, they are also integrated more frequently into consumer and business applications. Think about the last time you used online food delivery, a messaging app, or a digital marketplace. Payments is deeply embedded as part of the experience. Software companies continually partner with payments companies to provide simple, scalable, and configurable payment services to meet their end users' needs. Third, consumers' trust in new payment technology is growing. Consumers are increasingly more confident about the use of online shopping and digital payments for safety and convenience. While the pandemic may have encouraged the use of services such as Instacart or contactless payments as a matter of safety, once consumers experience these conveniences, we believe they are unlikely to change back. Because of these three tailwinds, as well as our 11 plus years of experience, we are confident in our ability to further expand our leadership position in modern card issuing. The work we have achieved to date and our goal to be a generational business going forward is dependent on creating an atmosphere where Marketans can do the best work of their lives. To do this, we have recently added two new leaders to the executive team, and Darren Mowry, our new chief revenue officer, and Randy Kern, our new chief technology officer. Both Darren and Randy have tremendous hands-on experience in scaling large enterprise businesses. Darren comes to Marketo from leading AWS through EMEA, a business unparalleled for the innovations it has powered at scale and the same laser focus on customer success as Marketo. Randy has spent almost three decades in engineering, nearly all of it at Microsoft and Salesforce. building the technical infrastructure to support substantial high availability businesses. We are excited to see their impact on the company and have a strong belief that these are the right people to have on our executive team as we focus on capturing the vast market opportunity in front of us. This quarter marks the first step in our life as a public company. We believe we are barely scratching the surface when it comes to modern money movement. We are excited about the opportunity in front of us, and we look forward to our successful track record. With that, I will turn it over to Tripp Bay, Marquetta's Chief Financial Officer, to discuss our second quarter financial results. Thank you.