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C

Connor

Research Analyst at JPMorgan Chase & Co.

Glasgow, GB

Connor O'Leary is an Executive Director and Equity Research Analyst at JPMorgan Chase & Co., where he focuses on the consumer and retail sectors, covering high-profile companies such as Walmart, Target, and Costco. With a strong performance track record, Connor has consistently ranked among the top analysts on platforms like TipRanks, achieving a success rate of approximately 68% and an average annualized return exceeding 12% on his stock recommendations. He began his career at Goldman Sachs in 2012, progressing through various research roles before joining JPMorgan in 2017, where he has become known for deep industry expertise and superior analytical accuracy. Connor holds FINRA Series 7, 63, 86, and 87 registrations, and has been recognized for his insightful coverage and thought leadership within the retail research space.

Connor's questions to Marqeta (MQ) leadership

Question · Q3 2025

Connor asked about the sustainability of Europe's 100%+ growth rate and any mix shifts within use cases in the region. He also inquired about the flexible credential adoption beyond Buy Now, Pay Later and its demand from other customers.

Answer

CEO and CFO Michael Milotich stated that Europe's 100%+ growth is likely unsustainable as the base grows but will remain materially faster than the overall company. He noted that international business (non-U.S.) is growing rapidly, now representing a high-teens percentage of TPV, up 5 percentage points year-over-year. European growth is fueled by neobanking, lending/BNPL, and expense management, all growing over 100% and of substantial size, with on-demand delivery being smaller. He expects a potential slowdown below 100% in the coming quarters, with re-acceleration possible in a year as Marqeta/TransactPay programs come online. Michael Milotich reiterated strong interest in the flexible credential beyond BNPL, particularly for future applications combining debit with revolving credit, potentially leading to a single card for 'pay now,' 'pay later,' or revolving. He also sees expansion opportunities for the current BNPL use case to other issuers embedding BNPL offerings.

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