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Bryan Keene

Managing Director and Senior Equity Analyst at Citigroup

Bryan Keane is a Managing Director and Senior Equity Analyst at Citigroup, specializing in the technology sector with a particular focus on payment and fintech companies such as PayPal and Global Payments. Covering 45 stocks, he has maintained a 55% success rate according to TipRanks, with an average return per recommendation of 5.4% and a top single-call return of over 200%. Keane has built his career at Citigroup and is recognized for his in-depth analysis and strong performance in tech stock coverage, earning a reputation for outperformance on key buy ratings. His professional credentials include active analyst registration and pertinent securities licenses, reflecting broad industry expertise and regulatory compliance.

Bryan Keene's questions to Marqeta (MQ) leadership

Question · Q3 2025

Bryan Keene inquired about Marqeta's new business pipeline, the ramp-up of new contracts, and how much of the recent outperformance stems from existing business. He also asked about the challenges in guiding normalized growth rates given the significant impact of high-growth areas like Buy Now, Pay Later (BNPL).

Answer

CEO and CFO Michael Milotich clarified that new programs, even from existing customers (e.g., new products or geographic expansions), are considered new business. He noted that programs launched since early 2024 are on track to contribute over $40 million in revenue for 2025. Milotich acknowledged that forecasting is more complex during the Q4 holiday season due to BNPL volume and macroeconomic uncertainty, but expressed confidence in their projection ability. He further explained that the TransactPay acquisition facilitates easier transatlantic expansion for customers by offering program management parity with North America and opens Marqeta to larger enterprise opportunities seeking a single partner for processing, program management, and EMI licenses.

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