Marqeta’s Interim CEO Mike Milotich wants to boost the processor’s non-Block revenue and expand its embedded finance offerings via a new mobile app for customers. “We have several innovative things that we’re doing, and we are constantly growing the capabilities we offer. For us it’s two things our investors are clamoring for. We have one very large customer, Block. This past quarter, they were 45% of our revenue. We’re making progress growing our non-Block business, and so I would say that’s an area of focus: How quickly is our non-Block business growing? Our non-Block revenue is growing more than 10 points faster than our Block revenue. That’s something investors are watching. We still think there’s a lot of growth opportunity with Block and so it’s more, how quickly can we diversify the business outside of that? Another thing investors want to see is how successfully we move into embedded finance. How successfully were we able to attract these different kinds of companies and get them on our platform and show the difference that we can make, versus maybe what has been done in the past. We still think there’s a lot of opportunity at Block and a lot of ways we can help them. We don’t necessarily target that percentage. We more target non-Block growth. We want to drive non-Block growth, but if Block grows really fast, that’s not a bad thing on our platform. We support Square, we support Afterpay, we support Cash App. They’ve talked a lot about getting Afterpay inserted more into Cash App directly. So there’s things that we can help them with. They haven’t done a true credit card yet, and these are all things that they could do seamlessly with us. In addition to that, we obviously are trying to grow our business as much as we can with other partners. We’re happy integrating with multiple players. hey’re looking for a more holistic offering. We’re providing a lot more value-added services, risk services that they can adopt. We announced we’re building a white label app, so that the decision maker for this card program, one day they might want to embed it into their existing company app, but that takes a lot of selling internally to get people to commit resources that way. So a lot of them are saying, I’m going to build a standalone app that looks and feels and easily syncs with our main app. But it can allow me to get traction in the market, and then maybe one day later, embed it directly. I think the big change that we see coming, that a lot of people are interested in, is where you would do more from their experience. You’re inside their app, and there are things you can do. If you were an airline, why wouldn’t you be able to do some things directly from their application, as opposed to leaving it, and so I think that’s personalized rewards. One of the things we’re working on in credit is credit platforms. Today, the reward is the same for you as it is for me, but there’s no reason why. What would be on (each) website would be very different, and we believe there’s no reason why card benefits and rewards couldn’t be similar, where they are somewhat tailored to your preferences and your needs.”