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Connor O'Mara

Research Analyst at JPMorgan Chase & Co.

Connor O'Mara is an analyst at JPMorgan Chase & Co., specializing in financial markets research with a focus on client advisory and investment strategy. His coverage includes direct engagement with a range of corporations and high-net-worth clients, leveraging data-driven performance analytics to inform investment decisions, though specific quantitative performance metrics are not publicly available. O'Mara's career began after completing relevant business and finance degrees, advancing through the finance industry before joining JPMorgan Chase as an analyst in New York. He holds industry-recognized credentials and investment certifications, including FINRA registration and securities licenses, reflecting his professional commitment and regulatory compliance.

Connor O'Mara's questions to Marqeta (MQ) leadership

Question · Q3 2025

Connor O'Mara asked about the sustainability of Marqeta's over 100% growth rate in Europe and any observed mix shifts within European use cases. He also inquired about demand for the Visa Flexible Credential beyond Buy Now, Pay Later (BNPL) and its adoption curves in other segments.

Answer

CEO and CFO Michael Milotich stated that while 100%+ growth in Europe is likely unsustainable long-term as the base expands, it has been consistent for several quarters. He noted that European use cases mirror the U.S. business, with neobanking, lending/BNPL, and expense management all growing over 100% and being substantial in size, with on-demand delivery being the main difference (smaller in Europe). Milotich expects European TPV growth to slow slightly but remain significantly faster than the overall company, with TransactPay poised to re-accelerate growth in about a year by enabling access to the premium enterprise market. Regarding the Flexible Credential, Milotich confirmed strong interest beyond BNPL, envisioning a future where it combines debit and revolving credit into a single credential. He also sees the current BNPL use case expanding to other issuers who wish to embed BNPL functionality.

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