Adyen vs Marqeta
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Marqeta wins on programmable, fintech-grade issuing; Adyen wins as a profitable full-stack payments player.
At a glance
| Metric | Adyen | Marqeta |
|---|---|---|
| Revenue | €2.36B net revenue (FY2025) | $625M (FY2025) |
| Profit | EBITDA margin 53% (FY2025) | Adjusted EBITDA $110M; GAAP net loss $14M (FY2025) |
| Active users | Billions of transactions | Powers cards for Block, DoorDash, Affirm, Klarna and more |
| Employees | ~4,500 | ~900 |
| Founded | 2006 | 2010 |
| HQ | Amsterdam, Netherlands | Oakland, USA |
LLitmus Framework Score
Overall: Adyen 91 · Marqeta 85
Customer Segment
92
85
Value Proposition
94
88
Marketing Channel
85
80
Engagement
95
90
Income Source
90
82
Asset Validation
93
86
Core Operations
91
84
Strategic Alliance
88
88
Expense Validation
92
78
Adyen leads 8 modules, Marqeta leads 0. Overall edge: Adyen.
Head to head
| Dimension | Adyen | Marqeta |
|---|---|---|
| Core focus | Full-stack acquiring + issuing | Card issuing specialist |
| Issuing programmability | Secondary module | Deep, fintech-grade |
| Profitability | GAAP profitable | Adjusted EBITDA positive ($110M) |
| Customer type | Large global merchants | Fintechs and gig platforms |
FAQ
Is Adyen or Marqeta a better business?
Marqeta wins on programmable, fintech-grade issuing; Adyen wins as a profitable full-stack payments player. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Adyen and Marqeta's business model?
Adyen operates in Fintech (The payments platform built for growth), while Marqeta is Fintech (The modern card issuing platform). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Adyen or Marqeta?
Adyen: EBITDA margin 53% (FY2025). Marqeta: Adjusted EBITDA $110M; GAAP net loss $14M (FY2025).