Marqeta has been making moves to add new revenue sources in addition to Jack Dorsey’s Block under the leadership of Mike Milotich. The plan is diversification through growth, a task easier said than done against the backdrop of macroeconomic and regulatory uncertainty. Milotich currently serves as Marqeta’s interim CEO as well as its chief financial officer. Broadly, flexible planning and an emphasis on execution will help Marqeta as an organization reach those goals, he said. The fintech has started planning in quarterly chunks, with mid-quarter check-ins to assess market conditions. Specifically, Marqeta is looking to broaden its customer base with new products, Milotich said, including an expansion into credit card issuing, the addition of more value-added services, such as tokenization and risk services, and new program management services, where Marqeta runs the card program on behalf of the client. “Before, [program management services] used to be more of a bundle, and now we’re breaking them up into more a la carte services, which allows our customers a little more flexibility to pick and choose,” he said. The card issuing fintech is also looking to expand abroad, with its pending acquisition of TransAct Pay, a European-based BIN sponsorship, e-money licensing and virtual account services company that will allow Marqeta to offer more robust card programs to its multinational clients. “Non-Block [total payment volume] saw continued strength and little to no macro-disruption”, Keybanc Capital Markets analyst Alex Markgraff wrote in a research note. “We view the print as generally positive with respect to new-business, non-Block growth, and macro-related resilience to date. Non-Block TPV grew roughly twice as fast as Block.” Block-related revenue was less than half – 45% – of Marqeta’s total revenue at the end of the quarter, down from 74% at the end of 2022. Marqeta’s biggest bets to increase the diversity of its clientele revolve around creating tools that make doing business with the fintech easier. To that end, Marqeta is launching a white label app that will allow customers to stand up a card program without heavy integration, Milotich said. The white label app will allow customers to establish a track record for the card program without having to go through the process of embedding Marqeta’s solution into its app or website right out the gate, The white label app is built with the tools that power its UX Toolkit, a selection of application programming interfaces released in 2024 that are designed to allow customers to more easily embed the card solutions into their app or website. At its core, the white label app is a time-to-market tool.