Marqeta (MQ) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40465
Entity Registrant Name	Marqeta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4306690
Entity Address, Address Line One	180 Grand Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	888
Local Phone Number	462-7738
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001522540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Amendment Flag	false
Document Fiscal Period Focus	Q1
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		432,784,327
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		111,656,849

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,197,257	$ 1,247,581
Restricted cash	7,800	7,800
Marketable securities	447,046	452,875
Accounts receivable, net	9,017	13,187
Settlements receivable, net	9,093	11,266
Network incentives receivable	45,721	30,399
Prepaid expenses and other current assets	43,789	35,617
Total current assets	1,759,723	1,798,725
Property and equipment, net	9,120	9,687
Operating lease right-of-use assets, net	10,748	11,296
Other assets	5,856	2,286
Total assets	1,793,483	1,830,378
Current liabilities:
Accounts payable	1,698	2,693
Revenue share payable	130,045	121,179
Accrued expenses and other current liabilities	102,146	114,096
Total current liabilities	233,889	237,968
Operating lease liabilities, net of current portion	11,618	12,427
Equity method investment	8,036	8,384
Other liabilities	4,344	6,557
Total liabilities	249,851	256,952
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 and 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.0001 par value: 1,500,000,000 and 1,500,000,000 Class A shares authorized, 431,305,181 and 421,792,153 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively. 600,000,000 and 600,000,000 Class B shares authorized, 112,302,435 and 119,591,365 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	54	54
Additional paid-in capital	2,029,745	1,993,055
Accumulated other comprehensive loss	(8,116)	(2,230)
Accumulated deficit	(478,051)	(417,453)
Total stockholders’ equity	1,543,632	1,573,426
Total liabilities and stockholders’ equity	$ 1,793,483	$ 1,830,378
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) Parentheticals - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	431,305,181	421,792,153
Common stock, shares, outstanding (in shares)	431,305,181	421,792,153
Class B Common Stock
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	112,302,435	119,591,365
Common stock, shares, outstanding (in shares)	112,302,435	119,591,365

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net revenue	$ 166,102	$ 107,983
Costs of revenue	91,376	58,126
Gross profit	74,726	49,857
Operating expenses:
Compensation and benefits	100,348	46,904
Technology	4,770	4,196
Professional services	11,384	5,626
Occupancy	1,115	1,086
Depreciation and amortization	979	907
Marketing and advertising	559	495
Other operating expenses	4,843	1,295
Total operating expenses	123,998	60,509
Loss from operations	(49,272)	(10,652)
Other income (expense), net	(11,677)	(2,167)
Loss before income tax expense	(60,949)	(12,819)
Income tax expense (benefit)	(351)	19
Net loss	(60,598)	(12,838)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	(19)	(14)
Change in unrealized gain (loss) on marketable securities	(5,867)	(31)
Net other comprehensive income (loss)	(5,886)	(45)
Comprehensive loss	$ (66,484)	$ (12,883)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.11)	$ (0.10)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.11)	$ (0.10)
Weighted-average shares used in computing net loss per share attributable to common stockholders - Basic (in shares)	542,565,992	130,841,306
Weighted-average shares used in computing net loss per share attributable to common stockholders - Diluted (in shares)	542,565,992	130,841,306

Condensed Consolidated Statemen

Condensed Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Redeemable Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2020	351,844,340
Redeemable Convertible Preferred Stock Beginning Balance at Dec. 31, 2020	$ 501,881
Redeemable Convertible Preferred Stock Ending Balance (in shares) at Mar. 31, 2021	351,844,340
Redeemable Convertible Preferred Stock Ending Balance at Mar. 31, 2021	$ 501,881
Balance at the beginning of the period (in shares) at Dec. 31, 2020		130,312,838
Balance at the beginning of the period at Dec. 31, 2020	(213,717)	$ 13	$ 39,769	$ 25	$ (253,524)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		1,904,186
Issuance of common stock upon exercise of options	$ 1,410		1,410
Issuance of common stock upon early exercise of unvested options ( in shares)	319,883
Repurchase of early exercised stock options (in shares)		(18,567)
Issuance of common stock upon exercise of common stock warrants	$ 223		223
Share-based compensation expense	11,392		11,392
Change in other comprehensive income (loss)	(45)			(45)
Net loss	(12,838)				(12,838)
Balance at the end of the period (in shares) at Mar. 31, 2021		132,518,340
Balance at the end of the period at Mar. 31, 2021	$ (213,575)	$ 13	52,794	(20)	(266,362)
Redeemable Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2021	0
Redeemable Convertible Preferred Stock Beginning Balance at Dec. 31, 2021	$ 0
Redeemable Convertible Preferred Stock Ending Balance (in shares) at Mar. 31, 2022	0
Redeemable Convertible Preferred Stock Ending Balance at Mar. 31, 2022	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2021		541,383,518
Balance at the beginning of the period at Dec. 31, 2021	1,573,426	$ 54	1,993,055	(2,230)	(417,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		1,604,022
Issuance of common stock upon exercise of options	2,285		2,285
Repurchase of early exercised stock options (in shares)		(22,751)
Issuance of common stock net settlement of restricted stock units (in shares)		642,827
Issuance of common stock upon net settlement of restricted stock units	(4,702)		(4,702)
Vesting of common stock warrants	2,102		2,102
Share-based compensation expense	37,005		37,005
Change in other comprehensive income (loss)	(5,886)			(5,886)
Net loss	(60,598)				(60,598)
Balance at the end of the period (in shares) at Mar. 31, 2022		543,607,616
Balance at the end of the period at Mar. 31, 2022	$ 1,543,632	$ 54	$ 2,029,745	$ (8,116)	$ (478,051)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities:
Net loss	$ (60,598)	$ (12,838)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	979	907
Share-based compensation expense	37,005	11,392
Non-cash operating leases expense	548	522
Amortization of premium on marketable securities	184	360
Impairment of other financial instruments	11,616	0
Other	282	2,324
Changes in operating assets and liabilities:
Accounts receivable	4,223	5,032
Settlements receivable	2,173	1,509
Network incentives receivable	(15,322)	(12,055)
Prepaid expenses and other assets	(21,256)	(426)
Accounts payable	(801)	(43)
Revenue share payable	8,866	14,122
Accrued expenses and other liabilities	(13,937)	7,750
Operating lease liabilities	(721)	(686)
Net cash (used in) provided by operating activities	(46,759)	17,870
Cash flows from investing activities:
Purchases of property and equipment	(612)	(604)
Purchases of marketable securities	(10,022)	(7,002)
Maturities of marketable securities	9,800	16,366
Net cash (used in) provided by investing activities	(834)	8,760
Cash flows from financing activities:
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	1,971	1,711
Taxes paid related to net share settlement of restricted stock units	(4,702)	0
Payment of deferred offering costs	0	(1,144)
Net cash (used in) provided by financing activities	(2,731)	567
Net (decrease) increase in cash, cash equivalents, and restricted cash	(50,324)	27,197
Cash, cash equivalents, and restricted cash- Beginning of period	1,255,381	228,233
Cash, cash equivalents, and restricted cash - End of period	$ 1,205,057	$ 255,430

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Supplemental Disclosure of Non-cash Investing and Financing Activities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 1,197,257	$ 247,630
Restricted cash	7,800	7,800
Total cash, cash equivalents, and restricted cash	1,205,057	255,430
Supplemental disclosures of cash flow information:
Cash paid for income taxes	9	0
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	997	140
Deferred offering costs not yet paid	$ 0	$ 894

Business Overview and Basis of

Business Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc., or the Company, creates digital payment technology for innovation leaders. The Company's modern card issuing platform, or the Platform, places control over payment transactions into the hands of its customers, or Customers, enabling them to develop modern, state-of-the-art product experiences. The Company provides all of its Customers with issuer processor services and for most of its Customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its Customers. The Company was incorporated in the state of Delaware in 2010 and is headquartered in Oakland, California, with offices in the United States, United Kingdom, and Australia and a presence in Singapore as of March 31, 2022. Initial Public Offering In June 2021, the Company completed an initial public offering, or the IPO, in which the Company issued and sold 52,272,727 shares of its newly authorized Class A common stock, which included 6,818,181 shares that were offered and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a price of $27.00 per share. The Company received aggregate net proceeds of $1.3 billion after deducting underwriting discounts and commissions of $91.6 million and offering costs of $7.5 million. Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation authorizing a total of 1,500,000,000 shares of Class A common stock which entitles holders to one vote per share, 600,000,000 shares of Class B common stock which entitles holders to 10 votes per share, and 100,000,000 shares of undesignated preferred stock. All shares of common stock then outstanding were reclassified as Class B common stock and all redeemable convertible preferred stock then outstanding were converted into 351,844,340 shares of common stock on a one-for-one basis and reclassified into Class B common stock. In addition, 2,569,528 shares of common stock warrants were converted to an equivalent number of shares of Class B common stock warrants and 203,610 shares of convertible preferred stock warrants were converted to an equivalent number of shares of Class B common stock warrants. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and the applicable rules and regulations of the Securities and Exchange Commission, or the SEC, for interim reporting. Certain information and note disclosures included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of December 31, 2021 has been derived from our audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 11, 2022. The accompanying condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or for any other future annual or interim period. Use of Estimates The preparation of the financial statements requires management to make estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions relate to the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with Customers, the reserve for contract contingencies and processing errors, the fair value of equity method investments and a purchase call option to acquire the remaining interest in the equity method investee, the incremental borrowing rate used to determine operating lease liabilities, the useful lives of property and equipment, and the collectability of accounts receivable. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses since its inception. For the three months ended March 31, 2022, the Company incurred net losses of $60.6 million, and had an accumulated deficit of $478.1 million as of March 31, 2022. The Company expects losses from operations to continue for the foreseeable future as it incurs costs and expenses related to creating new products for Customers, acquiring new Customers, developing its brand, expanding into new geographies and developing the existing Platform infrastructure. The Company believes that its cash and cash equivalents of $1.2 billion and marketable securities of $447.0 million as of March 31, 2022 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. Since then, the COVID-19 pandemic has continued to spread throughout the United States and the world. The prolonged disruption to the economy and the long-term financial impact of the pandemic cannot be reasonably estimated. The Company continues to monitor the situation and may take actions that alter its operations and business practices as may be required by federal, state, or local authorities or that the Company determines are in the best interests of its Customers, vendors, and employees.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022. Segment Information The Company operates as a single operating segment. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources, and evaluating the Company's financial performance. For the three months ended March 31, 2022 and 2021, revenue outside of the United States, based on the billing address of the Customer, was not material. As of March 31, 2022 and December 31, 2021, long-lived assets located outside of the United States were not material. Restricted Cash Restricted cash consists of deposits with financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of businesses that issue customized card products to their end users, or Issuing Banks, to provide the Issuing Bank collateral in the event that Customers’ funds are not deposited at the Issuing Banks in time to settle Customers’ transactions with the networks that provide the infrastructure for settlement and card payment information flows, or Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California. New Accounting Standards Not Yet Adopted As an emerging growth company, the Jumpstart Our Business Startups Act, or the JOBS Act, allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption date discussed below reflects this election. In June 2016, the FASB issued ASU No. 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 replaces the incurred loss model with the current expected credit loss, or CECL, model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The CECL model requires a company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance will be effective for the Company beginning January 1, 2023. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. The Company is still evaluating the impact this ASU will have on its condensed consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following table provides information about disaggregated revenue from Customers: Three Months Ended March 31, 2022 2021 Platform services revenue, net $ 160,999 $ 106,453 Other services revenue 5,103 1,530 Total net revenue $ 166,102 $ 107,983 Contract Balances The following table provides information about contract assets and deferred revenue: Contract balance Balance sheet line reference March 31, December 31, Contract assets - current Prepaid expenses and other current assets $ 627 $ 950 Contract assets - non-current Other assets 827 927 Total contract assets $ 1,454 $ 1,877 Deferred revenue - current Accrued expenses and other current liabilities $ 18,839 $ 19,060 Deferred revenue - non-current Other liabilities 3,894 6,107 Total deferred revenue $ 22,733 $ 25,167 Net revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the deferred revenue balances at the beginning of the respective periods was $4.5 million and $0.8 million, respectively. Remaining Performance Obligations The Company has performance obligations associated with commitments in Customer contracts for future stand-ready obligations to process transactions throughout the contractual term.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Marketable Securities	Marketable Securities The amortized cost, unrealized gain (loss), and estimated fair value of the Company's investments in securities available for sale consisted of the following: March 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Marketable securities U.S. government securities $ 420,277 $ — $ (7,824) $ 412,453 Commercial paper 15,972 — — 15,972 Asset-backed securities — — — — Corporate debt securities 18,793 — (172) 18,621 Total marketable securities $ 455,042 $ — $ (7,996) $ 447,046 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Marketable securities U.S. government securities $ 420,392 $ — $ (2,107) $ 418,285 Commercial paper 13,878 — — 13,878 Asset-backed securities 2,003 — (1) 2,002 Corporate debt securities 18,731 3 (24) 18,710 Total marketable securities $ 455,004 $ 3 $ (2,132) $ 452,875 The Company had nineteen and eight separate marketable securities in unrealized loss positions as of March 31, 2022 and December 31, 2021, respectively. The Company did not identify any marketable securities that were other-than-temporarily impaired as of March 31, 2022 and December 31, 2021. The Company does not intend to sell any marketable securities that have unrealized losses on March 31, 2022 and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery. The following table summarizes the stated maturities of the Company’s marketable securities: March 31, 2022 December 31, 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 167,575 $ 165,767 $ 64,914 $ 64,879 Due after one year through two years 287,467 281,279 390,090 387,996 Total $ 455,042 $ 447,046 $ 455,004 $ 452,875

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments consist of cash equivalents, marketable securities, accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, and accrued liabilities. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are carried at fair value. Accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The following tables present the fair value hierarchy for assets and liabilities measured at fair value: March 31, 2022 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 1,155,612 $ — $ — $ 1,155,612 Marketable securities U.S. government securities 412,453 — — 412,453 Commercial paper — 15,972 — 15,972 Asset-backed securities — — — — Corporate debt securities — 18,621 — 18,621 Total assets $ 1,568,065 $ 34,593 $ — $ 1,602,658 December 31, 2021 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 1,213,543 $ — $ — $ 1,213,543 Marketable securities U.S. government securities 418,284 — — 418,284 Commercial paper — 13,878 — 13,878 Asset-backed securities — 2,002 — 2,002 Corporate debt securities — 18,711 — 18,711 Total assets $ 1,631,827 $ 34,591 $ — $ 1,666,418 The Company classifies money market funds, commercial paper, U.S. government securities, asset-backed securities and corporate securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers of financial instruments between the fair value hierarchy levels during the three months ended March 31, 2022 and the year ended December 31, 2021.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certain Balance Sheet Components	Certain Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, December 31, Prepaid hosting and data costs $ 22,599 $ 2,455 Prepaid expenses 7,408 6,492 Inventory 4,942 3,940 Prepaid insurance 1,955 3,546 Card program deposits 2,128 2,167 Contract assets 627 950 Other financial instruments — 11,616 Other current assets 4,130 4,451 Prepaid expenses and other current assets $ 43,789 $ 35,617 In 2021, the Company acquired a preferred equity interest in a private company that is accounted for under the equity method of accounting. Concurrent with this investment, the Company also acquired an option that gives the Company the right, but not the obligation, to purchase all of the remaining equity interests of the private company. During the three months ended March 31, 2022, the Company recorded an impairment of $11.6 million related to this option. Property and Equipment, net Property and equipment consisted of the following: March 31, December 31, Leasehold improvements $ 8,110 $ 8,110 Computer equipment 8,921 8,581 Furniture and fixtures 2,459 2,459 Internally developed and purchased software 2,993 2,954 22,483 22,104 Accumulated depreciation and amortization (13,363) (12,417) Property and equipment, net $ 9,120 $ 9,687 Depreciation and amortization expense was $1.0 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively. The Company did not capitalize any material internal-use software costs during the three months ended March 31, 2022 and 2021 because development costs meeting capitalization criteria were not material during the respective periods. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Accrued costs of revenue $ 46,726 $ 41,339 Accrued compensation and benefits 17,718 32,954 Deferred revenue 18,839 19,060 Reserve for contract contingencies and processing errors 3,764 3,386 Operating lease liabilities, current portion 3,109 3,021 Accrued professional services 3,785 2,454 Other accrued liabilities 8,205 11,882 Accrued expenses and other current liabilities $ 102,146 $ 114,096 Other Liabilities Other liabilities consisted of the following: March 31, December 31, Deferred revenue, net of current portion $ 3,894 $ 6,107 Other long-term liabilities 450 450 Other liabilities $ 4,344 $ 6,557

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases In 2016, the Company entered into a lease agreement for its corporate headquarters in Oakland, California for 19,000 square feet of office space, which was subsequently amended in 2018 and 2019, resulting in a total of 63,000 square feet of office space being leased. The non-cancellable operating lease expires in February 2026 and includes options to extend the lease term, generally at the then-market rates. The Company excludes extension options that are not reasonably certain to be exercised from its lease terms. The Company’s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. The Company is responsible for operating expenses that exceed the amount of base operating expenses as defined in the original lease agreement. The Company's operating lease costs are as follows: Three Months Ended March 31, 2022 2021 Operating lease cost $ 843 $ 869 Variable lease cost 157 112 Short-term lease cost 113 72 Total lease cost $ 1,113 $ 1,053 The Company does not have any sublease income and the Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company's lease assets and lease liabilities were as follows: March 31, December 31, Weighted average remaining operating lease term (in years) 3.8 4.1 Weighted average discount rate 7.7% 7.7% Maturities of operating lease liabilities by year are as follows as of March 31, 2022: Remainder of 2022 $ 3,096 2023 4,239 2024 4,472 2025 4,599 2026 780 Total lease payments 17,186 Less imputed interest (2,459) Total operating lease liabilities $ 14,727 Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for operating lease liabilities $ 1,016 $ 1,033 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ — $ — Letters of Credit In connection with the lease for its corporate headquarters office space, the Company is required to provide the landlord a letter of credit in the amount of $1.5 million. The Company has secured this letter of credit by depositing $1.5 million with the issuing financial institution, which deposit is classified as restricted cash in the condensed consolidated balance sheets. Purchase Obligations As of March 31, 2022, the Company had non-cancellable purchase commitments with certain service providers and Issuing Banks of $227.6 million, payable over the next 5 years. These purchase obligations include $219.0 million related to minimum commitments as part of a cloud-computing service agreement. The remaining obligations are related to various service providers and Issuing Banks processing fees over the fixed, non-cancellable respective contract terms. Defined Contribution Plans The Company maintains defined contribution plans for eligible employees, including a 401(k) plan that covers substantially all of its U.S. based employees and to which the Company provides a matching contribution of 50% of the first 6% of compensation that an employee contributes. The matching contribution vests after one year of service. During the three months ended March 31, 2022 and 2021, the Company contributed a total of $2.2 million and $0.8 million to its defined contribution plans, respectively. Legal Contingencies From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. As of March 31, 2022 and December 31, 2021, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. Settlement of Payment Transactions Generally, Customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. Such pre-funding amounts may only be used to settle Customers’ payment transactions and are not considered assets of the Company. As such, the funds held in Customers’ accounts at Issuing Banks are not reflected on the Company’s condensed consolidated balance sheets. If a Customer fails to deposit sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the Customer. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company indemnifies the Issuing Bank for losses the Issuing Bank may incur for non-compliance with applicable law and regulation, if those losses resulted from the Company’s failure to perform under its program agreement with the Issuing Bank. In addition, the Company has entered into indemnification agreements with its directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on its condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, or condensed consolidated statements of cash flows. The Company also includes service level commitments to its Customers warranting certain levels of performance and permitting those Customers to receive credits in the event the Company fails to meet the levels specified.
Commitments and Contingencies	Commitments and Contingencies Operating Leases In 2016, the Company entered into a lease agreement for its corporate headquarters in Oakland, California for 19,000 square feet of office space, which was subsequently amended in 2018 and 2019, resulting in a total of 63,000 square feet of office space being leased. The non-cancellable operating lease expires in February 2026 and includes options to extend the lease term, generally at the then-market rates. The Company excludes extension options that are not reasonably certain to be exercised from its lease terms. The Company’s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. The Company is responsible for operating expenses that exceed the amount of base operating expenses as defined in the original lease agreement. The Company's operating lease costs are as follows: Three Months Ended March 31, 2022 2021 Operating lease cost $ 843 $ 869 Variable lease cost 157 112 Short-term lease cost 113 72 Total lease cost $ 1,113 $ 1,053 The Company does not have any sublease income and the Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company's lease assets and lease liabilities were as follows: March 31, December 31, Weighted average remaining operating lease term (in years) 3.8 4.1 Weighted average discount rate 7.7% 7.7% Maturities of operating lease liabilities by year are as follows as of March 31, 2022: Remainder of 2022 $ 3,096 2023 4,239 2024 4,472 2025 4,599 2026 780 Total lease payments 17,186 Less imputed interest (2,459) Total operating lease liabilities $ 14,727 Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for operating lease liabilities $ 1,016 $ 1,033 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ — $ — Letters of Credit In connection with the lease for its corporate headquarters office space, the Company is required to provide the landlord a letter of credit in the amount of $1.5 million. The Company has secured this letter of credit by depositing $1.5 million with the issuing financial institution, which deposit is classified as restricted cash in the condensed consolidated balance sheets. Purchase Obligations As of March 31, 2022, the Company had non-cancellable purchase commitments with certain service providers and Issuing Banks of $227.6 million, payable over the next 5 years. These purchase obligations include $219.0 million related to minimum commitments as part of a cloud-computing service agreement. The remaining obligations are related to various service providers and Issuing Banks processing fees over the fixed, non-cancellable respective contract terms. Defined Contribution Plans The Company maintains defined contribution plans for eligible employees, including a 401(k) plan that covers substantially all of its U.S. based employees and to which the Company provides a matching contribution of 50% of the first 6% of compensation that an employee contributes. The matching contribution vests after one year of service. During the three months ended March 31, 2022 and 2021, the Company contributed a total of $2.2 million and $0.8 million to its defined contribution plans, respectively. Legal Contingencies From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. As of March 31, 2022 and December 31, 2021, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. Settlement of Payment Transactions Generally, Customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. Such pre-funding amounts may only be used to settle Customers’ payment transactions and are not considered assets of the Company. As such, the funds held in Customers’ accounts at Issuing Banks are not reflected on the Company’s condensed consolidated balance sheets. If a Customer fails to deposit sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the Customer. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company indemnifies the Issuing Bank for losses the Issuing Bank may incur for non-compliance with applicable law and regulation, if those losses resulted from the Company’s failure to perform under its program agreement with the Issuing Bank. In addition, the Company has entered into indemnification agreements with its directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on its condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, or condensed consolidated statements of cash flows. The Company also includes service level commitments to its Customers warranting certain levels of performance and permitting those Customers to receive credits in the event the Company fails to meet the levels specified.

Stock Incentive Plans

Stock Incentive Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans The Company has granted share-based awards to employees, non-employee directors, and other service providers of the Company under the Amended and Restated 2011 Equity Incentive Plan (2011 Plan) and the 2021 Stock Option and Incentive Plan (2021 Plan), collectively, the Plans. The 2011 Plan was terminated in June 2021 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the IPO. Additionally, the Company offers an employee stock purchase plan (ESPP), which allows employees to purchase shares of common stock at 85% of the fair value of the Company’s Class A common stock on the first or last day of the offering period, whichever is lower. The offering periods are six months long and start in May and November of each year. The following table presents the share-based compensation expense recognized in the periods presented: Three Months Ended March 31, 2022 2021 Restricted stock units $ 15,345 $ — Stock options 7,659 5,505 CEO Long-Term Performance Award 13,121 — Employee Stock Purchase Plan 880 — Secondary sales of common stock — 5,887 Total $ 37,005 $ 11,392 Restricted Stock Units Commencing in 2020, the Company began granting restricted stock units, or RSUs, to employees. RSUs granted prior to April 1, 2021 vest upon the satisfaction of both a service condition and a liquidity condition, which was deemed satisfied in connection with the Company’s IPO on June 8, 2021. The service condition for these awards is satisfied over four years. Because the liquidity condition had not been satisfied as of March 31, 2021, the Company had not recorded any share-based compensation expense for the RSUs at that date. RSUs granted on or after April 1, 2021, vest upon the satisfaction of a service condition. The service condition for these awards is satisfied over four years. In the three months ended March 31, 2022, the Company recognized $15.3 million of share-based compensation expense related to these RSUs. A summary of the Company's RSU activity under the Plans was as follows: Number of Restricted Stock Units Weighted-average grant date fair value per share Balance as of December 31, 2021 9,001,949 $ 18.30 Granted 10,514,709 10.70 Vested (994,910) 14.27 Canceled and forfeited (1,854,776) 15.43 Balance as of March 31, 2022 16,666,972 $ 14.07 During the three months ended March 31, 2022, share-based compensation expense recognized for RSUs was $15.3 million. As of March 31, 2022, unrecognized compensation costs related to unvested RSUs was $204.5 million. These costs are expected to be recognized over a period of 3.3 years. Stock Options Under the 2011 Plan and the 2021 Plan, the exercise price of a stock option shall not be less than the fair market value per share of the Company’s common stock on the date of grant (and not less than 110% of the fair market value per share of common stock for grants to stockholders owning more than 10% of the total combined voting power of all classes of stock of the Company, or a 10% Stockholder). Options are exercisable over periods not to exceed ten years from the date of grant (five years for incentive stock options granted to 10% Stockholders). A summary of the Company's stock option activity under both stock incentive plans was as follows: Number of Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (1) Balance as of December 31, 2021 (2) 44,185,488 $ 13.31 8.46 years $ 279,242 Granted 2,326,800 10.55 Exercised (1,604,022) 1.25 Canceled and forfeited (1,194,748) 5.79 Balance as of March 31, 2022 (2) 43,713,518 $ 13.81 8.32 years $ 140,555 Vested as of March 31, 2022 9,629,103 $ 1.98 6.44 years $ 89,837 (1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates. (2) The 2011 Plan allows for early exercise of stock options and these balances include all exercisable stock options regardless of vesting status. As of March 31, 2022, aggregate unrecognized compensation costs related to unvested outstanding stock options, excluding the CEO Long-Term Performance Award, was $88.6 million. These costs are expected to be recognized over a period of 2.6 years. The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions: Three Months Ended March 31, 2022 2021 Dividend yield 0.0% 0.0% Expected volatility 58.62% 49.93% Expected term (in years) 6.08 6.02 Risk-free interest rate 1.99% 0.36% Subsequent to the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. CEO Long-Term Performance Award In April and May 2021, the Company’s board of directors granted the Company’s Chief Executive Officer equity incentive awards in the form of performance-based stock options covering 19,740,923 and 47,267 shares of our Class B common stock with an exercise price of $21.49 and $23.40 per share, respectively, or collectively, the CEO Long-Term Performance Award. The CEO Long-Term Performance Award vests upon the satisfaction of a service condition and the achievement of certain stock price hurdles over a seven year performance period following the expiration of the lock-up period associated with the IPO. The stock price hurdle will be achieved if the average closing price of a share of our Class A common stock during any 90 consecutive trading day period during the performance period equals or exceeds the Company stock price hurdle set forth in the table below. The CEO Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles: Tranche Company Stock Price Hurdle Number of Options Eligible to Vest 1 $67.50 2,826,884 2 $78.98 2,826,884 3 $92.40 2,826,884 4 $108.11 2,826,884 5 $126.49 2,826,884 6 $147.99 2,826,884 7 $173.15 2,826,884 Total 19,788,188 The grant date fair value of the CEO Long-Term Performance Award was estimated using a Monte Carlo simulation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met. The weighted-average grant date fair value of the seven tranches of the CEO Long-Term Performance Award was estimated to be $10.53 per option share. As of March 31, 2022, the aggregate unrecognized compensation cost of the CEO Long-Term Performance Award was $157.1 million, which is expected to be recognized over the remaining derived service period of 3.8 years. Secondary Sales of Common Stock Prior to the completion of the IPO, certain economic interest holders acquired outstanding common stock from current or former employees for a purchase price greater than the Company's estimated fair value at the time of the transactions. During the three months ended March 31, 2022, the Company did not record any share-based compensation expense related to secondary sales of common stock. During the three months ended March 31, 2021, the Company recorded share-based compensation expense for the difference between the price paid and the estimated fair value on the date of the transaction of $5.9 million.

Warrants to Purchase Common Sto

Warrants to Purchase Common Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Warrants to Purchase Common Stock	Warrants to Purchase Common Stock In 2021 and 2020, the Company issued warrants to Customers to purchase up to 1,150,000 and 750,000 shares of the Company’s common stock, respectively. These warrants vest based on certain performance conditions that include issuing a specific percentage of new cards on the Company’s Platform over a defined measurement period and reaching certain annual transaction count thresholds over the contract term, respectively. All warrants have an exercise price of $0.01 per share. These warrants are classified as equity instruments and are treated as consideration payable to a Customer. The grant date fair values of these warrants are recorded as a reduction to net revenue over the term of the respective Customer contract based on the expected pattern of processing volume generated by the Customer and the probability of vesting conditions being met. The aggregate fair values of the warrants issued in 2021 and 2020 were $26.4 million and $5.7 million, respectively. As of March 31, 2022 , 392,171 warrants were vested, and the Company recorded $1.6 million as a reduction of revenue during the three months then ended related to these warrants. The Company recorded an immaterial amount as a reduction of revenue during the three months ended March 31, 2021. Upon vesting, the fair value of the vested warrants are recorded into the Company’s additional paid-in capital. Timing differences caused by the pattern of processing volume generated by the Customer over the term of the contract and the vesting schedules of the warrants can cause differences in the amount of grant date fair value that is credited to additional paid in capital upon vesting and the amount recorded as a reduction in net revenue during any particular reporting period. The fair values of the warrants were estimated using the Black-Scholes option pricing model and the following assumptions as of the grant date of each warrant: March 31, 2021 September 30, 2020 Dividend yield 0.0% 0.0% Expected volatility 50.0% 50.0% Contract term (in years) 4.0 5.0 Risk-free interest rate 0.6% 0.3%

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The Company presents basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. Prior to the completion of the IPO, all series of redeemable convertible preferred stock were considered participating securities. Immediately prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into shares of Class B common stock. The Company has not allocated net loss attributable to common stockholders to redeemable convertible preferred stock in any period presented because the holders of its redeemable convertible preferred stock were not contractually obligated to share in losses. The Company calculates basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants, stock options, RSUs and common stock warrants to the extent these are dilutive. The Company calculated basic and diluted net loss per share attributable to common stockholders as follows: Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to Class A and Class B common stockholders $ (60,598) $ (12,838) Denominator Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 542,565,992 130,841,306 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.11) $ (0.10) Basic net loss per share is the same as diluted net loss per share because the Company reported a net loss for the three months ended March 31, 2022 and 2021. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis. The Company considered its proportionate share of the potentially dilutive shares issued by its equity method investee in its dilutive net loss per share calculation. All potentially dilutive shares of its equity method investee were excluded from the computation as they would have an anti-dilutive effect. Potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect were as follows: As of March 31, 2022 2021 Redeemable convertible preferred stock, all series — 351,844,340 Warrants to purchase redeemable convertible preferred stock — 203,610 Warrants to purchase Class B common stock 1,900,000 2,569,528 Stock options outstanding, including early exercise of options 43,713,518 24,332,915 Unvested RSUs outstanding 16,666,972 6,503,203 Shares committed under the ESPP 372,775 — Stock options and RSUs available for future grants 79,545,451 2,493,159 Total 142,198,716 387,946,755

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax	Income TaxThe income tax expense (benefit) and the associated effective tax rates were not significant for all periods presented. The effective tax rate was lower than the U.S. federal statutory rate primarily because of the domestic valuation allowances.

Concentration of Risks and Sign

Concentration of Risks and Significant Customers	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risks and Significant Customers	Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, marketable securities, accounts receivable and unbilled Customers' receivable, or collectively, Customers' receivables, and settlements receivable. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists. Cash and cash equivalents as of March 31, 2022 and December 31, 2021 include $1.2 billion and $1.2 billion, respectively, of investments in three money market mutual funds, which invest primarily in securities issued by the U.S. Government or U.S. Government agencies. As of March 31, 2022, marketable securities were $447.0 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries, which amounted to $412.5 million, or 92% of the marketable securities. All debt securities within the Company's portfolio are investment grade. As of December 31, 2021, marketable securities were $452.9 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries, which amounted to $418.3 million, or 92% of the marketable securities. All debt securities within the Company's portfolio are investment grade. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended March 31, 2022 and 2021, 86% and 94% of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s Platform, net of returns and chargebacks, was settled through Sutton Bank, respectively. A significant portion of the Company's revenue is derived from one Customer. For the three months ended March 31, 2022 and 2021, this Customer accounted for 66% and 73% of the Company’s net revenue, respectively. As of March 31, 2022, two customers accounted for 10% and 11% of the Company’s accounts receivable, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company may enter into transactions with related parties. Prior to the completion of the IPO, DFS Services LLC, a holder of more than 5% of the Company's outstanding capital stock pre-IPO, was a related party. During the three months ended March 31, 2021, the Company incurred $11.0 million in Card Network fees, net, recorded within costs of revenue, to PULSE Network LLC, an entity affiliated with DFS Services LLC. The Company has an equity method investment in a private company, which is a related party. During the three months ended March 31, 2022, the Company earned net revenue of $1.8 million from the private company and had $5.1 million in revenue share payable to this private company as of March 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and the applicable rules and regulations of the Securities and Exchange Commission, or the SEC, for interim reporting. Certain information and note disclosures included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of December 31, 2021 has been derived from our audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 11, 2022. The accompanying condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or for any other future annual or interim period.
Use of Estimates	Use of Estimates The preparation of the financial statements requires management to make estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions relate to the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with Customers, the reserve for contract contingencies and processing errors, the fair value of equity method investments and a purchase call option to acquire the remaining interest in the equity method investee, the incremental borrowing rate used to determine operating lease liabilities, the useful lives of property and equipment, and the collectability of accounts receivable. Actual results could differ materially from these estimates.
Segment Information	Segment Information The Company operates as a single operating segment. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources, and evaluating the Company's financial performance.
Restricted Cash	Restricted Cash Restricted cash consists of deposits with financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of businesses that issue customized card products to their end users, or Issuing Banks, to provide the Issuing Bank collateral in the event that Customers’ funds are not deposited at the Issuing Banks in time to settle Customers’ transactions with the networks that provide the infrastructure for settlement and card payment information flows, or Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California.
New Accounting Standards Adopted and Not Yet Adopted	New Accounting Standards Not Yet Adopted As an emerging growth company, the Jumpstart Our Business Startups Act, or the JOBS Act, allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption date discussed below reflects this election. In June 2016, the FASB issued ASU No. 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 replaces the incurred loss model with the current expected credit loss, or CECL, model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The CECL model requires a company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance will be effective for the Company beginning January 1, 2023. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. The Company is still evaluating the impact this ASU will have on its condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue The following table provides information about disaggregated revenue from Customers: Three Months Ended March 31, 2022 2021 Platform services revenue, net $ 160,999 $ 106,453 Other services revenue 5,103 1,530 Total net revenue $ 166,102 $ 107,983
Contract with Customer, Contract Asset, Contract Liability, and Receivable	Contract Balances The following table provides information about contract assets and deferred revenue: Contract balance Balance sheet line reference March 31, December 31, Contract assets - current Prepaid expenses and other current assets $ 627 $ 950 Contract assets - non-current Other assets 827 927 Total contract assets $ 1,454 $ 1,877 Deferred revenue - current Accrued expenses and other current liabilities $ 18,839 $ 19,060 Deferred revenue - non-current Other liabilities 3,894 6,107 Total deferred revenue $ 22,733 $ 25,167

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Marketable Securities	The amortized cost, unrealized gain (loss), and estimated fair value of the Company's investments in securities available for sale consisted of the following: March 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Marketable securities U.S. government securities $ 420,277 $ — $ (7,824) $ 412,453 Commercial paper 15,972 — — 15,972 Asset-backed securities — — — — Corporate debt securities 18,793 — (172) 18,621 Total marketable securities $ 455,042 $ — $ (7,996) $ 447,046 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Marketable securities U.S. government securities $ 420,392 $ — $ (2,107) $ 418,285 Commercial paper 13,878 — — 13,878 Asset-backed securities 2,003 — (1) 2,002 Corporate debt securities 18,731 3 (24) 18,710 Total marketable securities $ 455,004 $ 3 $ (2,132) $ 452,875
Schedule of Available-for-sale Securities Reconciliation	The following table summarizes the stated maturities of the Company’s marketable securities: March 31, 2022 December 31, 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 167,575 $ 165,767 $ 64,914 $ 64,879 Due after one year through two years 287,467 281,279 390,090 387,996 Total $ 455,042 $ 447,046 $ 455,004 $ 452,875

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities at Fair Value	The following tables present the fair value hierarchy for assets and liabilities measured at fair value: March 31, 2022 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 1,155,612 $ — $ — $ 1,155,612 Marketable securities U.S. government securities 412,453 — — 412,453 Commercial paper — 15,972 — 15,972 Asset-backed securities — — — — Corporate debt securities — 18,621 — 18,621 Total assets $ 1,568,065 $ 34,593 $ — $ 1,602,658 December 31, 2021 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 1,213,543 $ — $ — $ 1,213,543 Marketable securities U.S. government securities 418,284 — — 418,284 Commercial paper — 13,878 — 13,878 Asset-backed securities — 2,002 — 2,002 Corporate debt securities — 18,711 — 18,711 Total assets $ 1,631,827 $ 34,591 $ — $ 1,666,418

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, December 31, Prepaid hosting and data costs $ 22,599 $ 2,455 Prepaid expenses 7,408 6,492 Inventory 4,942 3,940 Prepaid insurance 1,955 3,546 Card program deposits 2,128 2,167 Contract assets 627 950 Other financial instruments — 11,616 Other current assets 4,130 4,451 Prepaid expenses and other current assets $ 43,789 $ 35,617
Property and Equipment, net	Property and Equipment, net Property and equipment consisted of the following: March 31, December 31, Leasehold improvements $ 8,110 $ 8,110 Computer equipment 8,921 8,581 Furniture and fixtures 2,459 2,459 Internally developed and purchased software 2,993 2,954 22,483 22,104 Accumulated depreciation and amortization (13,363) (12,417) Property and equipment, net $ 9,120 $ 9,687
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Accrued costs of revenue $ 46,726 $ 41,339 Accrued compensation and benefits 17,718 32,954 Deferred revenue 18,839 19,060 Reserve for contract contingencies and processing errors 3,764 3,386 Operating lease liabilities, current portion 3,109 3,021 Accrued professional services 3,785 2,454 Other accrued liabilities 8,205 11,882 Accrued expenses and other current liabilities $ 102,146 $ 114,096
Other Liabilities	Other Liabilities Other liabilities consisted of the following: March 31, December 31, Deferred revenue, net of current portion $ 3,894 $ 6,107 Other long-term liabilities 450 450 Other liabilities $ 4,344 $ 6,557

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Components lease costs	The Company's operating lease costs are as follows: Three Months Ended March 31, 2022 2021 Operating lease cost $ 843 $ 869 Variable lease cost 157 112 Short-term lease cost 113 72 Total lease cost $ 1,113 $ 1,053 The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company's lease assets and lease liabilities were as follows: March 31, December 31, Weighted average remaining operating lease term (in years) 3.8 4.1 Weighted average discount rate 7.7% 7.7% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for operating lease liabilities $ 1,016 $ 1,033 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ — $ —
Future minimum lease payments	Maturities of operating lease liabilities by year are as follows as of March 31, 2022: Remainder of 2022 $ 3,096 2023 4,239 2024 4,472 2025 4,599 2026 780 Total lease payments 17,186 Less imputed interest (2,459) Total operating lease liabilities $ 14,727

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Schedule of Share-based Compensation Expense Recognized in the Period	The following table presents the share-based compensation expense recognized in the periods presented: Three Months Ended March 31, 2022 2021 Restricted stock units $ 15,345 $ — Stock options 7,659 5,505 CEO Long-Term Performance Award 13,121 — Employee Stock Purchase Plan 880 — Secondary sales of common stock — 5,887 Total $ 37,005 $ 11,392
Summary of RSU Activity Under the Plans	A summary of the Company's RSU activity under the Plans was as follows: Number of Restricted Stock Units Weighted-average grant date fair value per share Balance as of December 31, 2021 9,001,949 $ 18.30 Granted 10,514,709 10.70 Vested (994,910) 14.27 Canceled and forfeited (1,854,776) 15.43 Balance as of March 31, 2022 16,666,972 $ 14.07 A summary of the Company's stock option activity under both stock incentive plans was as follows: Number of Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (1) Balance as of December 31, 2021 (2) 44,185,488 $ 13.31 8.46 years $ 279,242 Granted 2,326,800 10.55 Exercised (1,604,022) 1.25 Canceled and forfeited (1,194,748) 5.79 Balance as of March 31, 2022 (2) 43,713,518 $ 13.81 8.32 years $ 140,555 Vested as of March 31, 2022 9,629,103 $ 1.98 6.44 years $ 89,837 (1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates. (2) The 2011 Plan allows for early exercise of stock options and these balances include all exercisable stock options regardless of vesting status. The CEO Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles: Tranche Company Stock Price Hurdle Number of Options Eligible to Vest 1 $67.50 2,826,884 2 $78.98 2,826,884 3 $92.40 2,826,884 4 $108.11 2,826,884 5 $126.49 2,826,884 6 $147.99 2,826,884 7 $173.15 2,826,884 Total 19,788,188
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions: Three Months Ended March 31, 2022 2021 Dividend yield 0.0% 0.0% Expected volatility 58.62% 49.93% Expected term (in years) 6.08 6.02 Risk-free interest rate 1.99% 0.36%

Warrants to Purchase Common S_2

Warrants to Purchase Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	The fair values of the warrants were estimated using the Black-Scholes option pricing model and the following assumptions as of the grant date of each warrant: March 31, 2021 September 30, 2020 Dividend yield 0.0% 0.0% Expected volatility 50.0% 50.0% Contract term (in years) 4.0 5.0 Risk-free interest rate 0.6% 0.3%

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The Company calculated basic and diluted net loss per share attributable to common stockholders as follows: Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to Class A and Class B common stockholders $ (60,598) $ (12,838) Denominator Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 542,565,992 130,841,306 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.11) $ (0.10)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect were as follows: As of March 31, 2022 2021 Redeemable convertible preferred stock, all series — 351,844,340 Warrants to purchase redeemable convertible preferred stock — 203,610 Warrants to purchase Class B common stock 1,900,000 2,569,528 Stock options outstanding, including early exercise of options 43,713,518 24,332,915 Unvested RSUs outstanding 16,666,972 6,503,203 Shares committed under the ESPP 372,775 — Stock options and RSUs available for future grants 79,545,451 2,493,159 Total 142,198,716 387,946,755

Business Overview and Basis o_2

Business Overview and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	May 31, 2021voteshares	Jun. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)shares
Initial Public Offering
Payments of stock issuance costs | $			$ 0	$ 1,144
Preferred Stock, shares authorized (in shares) | shares			100,000,000		100,000,000
Business Risks and Uncertainties
Net loss | $			$ (60,598)	(12,838)
Accumulated deficit | $			(478,051)		$ (417,453)
Cash and cash equivalents | $			1,197,257	$ 247,630	$ 1,247,581
Marketable securities | $			$ 447,000
Class A Common Stock
Initial Public Offering
Common stock, shares authorized (in shares) | shares	1,500,000,000		1,500,000,000		1,500,000,000
Number of vote (votes per share) | vote	1
Class B Common Stock
Initial Public Offering
Common stock, shares authorized (in shares) | shares	600,000,000		600,000,000		600,000,000
Number of vote (votes per share) | vote	10
Convertible preferred stock, shares, number of shares issued upon conversion (in shares) | shares	203,610	351,844,340
Preferred stock, convertible, conversion raio		1
Number of common stock warrants converted to Class B common stock warrants (in shares) | shares	2,569,528
Preferred Stock
Initial Public Offering
Preferred Stock, shares authorized (in shares) | shares	100,000,000
IPO | Class A Common Stock
Initial Public Offering
Sale of stock, number of shares issued in transaction (in shares) | shares		52,272,727
Share price (in dollars per share) | $ / shares		$ 27
Proceeds from initial public offering, net of underwriters’ discounts and commissions | $		$ 1,300,000
Payments for commissions and discounts | $		91,600
Payments of stock issuance costs | $		$ 7,500
Over-Allotment Option | Class A Common Stock
Initial Public Offering
Sale of stock, number of shares issued in transaction (in shares) | shares		6,818,181

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenue	$ 166,102	$ 107,983
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Net revenue	160,999	106,453
Other services revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 5,103	$ 1,530

Revenue - Contract Assets and D

Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract assets - current	$ 627	$ 950
Total contract assets	1,454	1,877
Deferred revenue	18,839	19,060
Deferred revenue - non-current	3,894	6,107
Total deferred revenue	22,733	25,167
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	627	950
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	827	927
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	18,839	19,060
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 3,894	$ 6,107

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 4.5	$ 0.8
Remaining performance obligation, optional exemption, amount	$ 4.4		$ 4.2

Marketable Securities - Unreali

Marketable Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 455,042	$ 455,004
Unrealized Gain	0	3
Unrealized Loss	(7,996)	(2,132)
Marketable securities	447,046	452,875
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	420,277	420,392
Unrealized Gain	0	0
Unrealized Loss	(7,824)	(2,107)
Marketable securities	412,453	418,285
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,972	13,878
Unrealized Gain	0	0
Unrealized Loss	0	0
Marketable securities	15,972	13,878
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	2,003
Unrealized Gain	0	0
Unrealized Loss	0	(1)
Marketable securities	0	2,002
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,793	18,731
Unrealized Gain	0	3
Unrealized Loss	(172)	(24)
Marketable securities	$ 18,621	$ 18,710

Marketable Securities - Narrati

Marketable Securities - Narrative (Details) - investment	Mar. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Number of marketable securities in unrealized loss positions	19	8

Marketable Securities - Stated

Marketable Securities - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due within one year	$ 167,575	$ 64,914
Due after one year through two years	287,467	390,090
Amortized Cost	455,042	455,004
Estimated Fair Value
Due within one year	165,767	64,879
Due after one year through two years	281,279	387,996
Total	$ 447,046	$ 452,875

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Marketable securities	$ 447,046	$ 452,875
Fair Value, Measurements, Recurring
Assets
Total assets	1,602,658	1,666,418
Fair Value, Measurements, Recurring | Money market funds
Assets
Money market funds	1,155,612	1,213,543
Fair Value, Measurements, Recurring | U.S. government securities
Assets
Marketable securities	412,453	418,284
Fair Value, Measurements, Recurring | Commercial paper
Assets
Marketable securities	15,972	13,878
Fair Value, Measurements, Recurring | Asset-backed securities
Assets
Marketable securities	0	2,002
Fair Value, Measurements, Recurring | Corporate debt securities
Assets
Marketable securities	18,621	18,711
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets
Total assets	1,568,065	1,631,827
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds
Assets
Money market funds	1,155,612	1,213,543
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. government securities
Assets
Marketable securities	412,453	418,284
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Commercial paper
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Asset-backed securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Corporate debt securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets
Total assets	34,593	34,591
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds
Assets
Money market funds	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. government securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper
Assets
Marketable securities	15,972	13,878
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Asset-backed securities
Assets
Marketable securities	0	2,002
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate debt securities
Assets
Marketable securities	18,621	18,711
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Assets
Total assets	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Money market funds
Assets
Money market funds	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | U.S. government securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Commercial paper
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Asset-backed securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Corporate debt securities
Assets
Marketable securities	$ 0	$ 0

Certain Balance Sheet Compone_3

Certain Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid hosting and data costs	$ 22,599	$ 2,455
Prepaid expenses	7,408	6,492
Inventory	4,942	3,940
Prepaid insurance	1,955	3,546
Card program deposits	2,128	2,167
Contract assets	627	950
Other financial instruments	0	11,616
Other current assets	4,130	4,451
Prepaid expenses and other current assets	43,789	$ 35,617
Impairment of equity method investments options to purchase remaining interests	$ 11,600

Certain Balance Sheet Compone_4

Certain Balance Sheet Components - Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,483		$ 22,104
Accumulated depreciation and amortization	(13,363)		(12,417)
Property and equipment, net	9,120		9,687
Depreciation and amortization	979	$ 907
Capitalized internal-use software costs	0	$ 0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,110		8,110
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,921		8,581
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,459		2,459
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,993		$ 2,954

Certain Balance Sheet Compone_5

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 46,726	$ 41,339
Accrued compensation and benefits	17,718	32,954
Deferred revenue	18,839	19,060
Reserve for contract contingencies and processing errors	3,764	3,386
Operating lease liabilities, current portion	3,109	3,021
Accrued professional services	3,785	2,454
Other accrued liabilities	8,205	11,882
Accrued expenses and other current liabilities	$ 102,146	$ 114,096
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities

Certain Balance Sheet Compone_6

Certain Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue, net of current portion	$ 3,894	$ 6,107
Other long-term liabilities	450	450
Other Liabilities, Noncurrent, Total	$ 4,344	$ 6,557

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)ft²	Mar. 31, 2021USD ($)	Dec. 31, 2016ft²
Guarantor Obligations
Area of real estate property | ft²	63		19
Purchase commitment	$ 227.6
Purchase commitment period	5 years
Company matching contribution, percent	50.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Requisite service period (in years)	1 year
Employer contribution amount	$ 2.2	$ 0.8
Cloud Computing Service Agreement
Guarantor Obligations
Purchase commitment	219
Letter of Credit
Guarantor Obligations
Letters of credit, amount	1.5
Restricted Cash | Letter of Credit
Guarantor Obligations
Deposit assets	$ 1.5

Commitments and Contingencies_2

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 843	$ 869
Variable lease cost	157	112
Short-term lease cost	113	72
Total lease cost	$ 1,113	$ 1,053

Commitments and Contingencies_3

Commitments and Contingencies - Weighted Average Lease Term and Weighted Average Discount Rate (Details)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining operating lease term (in years)	3 years 9 months 18 days	4 years 1 month 6 days
Weighted average discount rate	7.70%	7.70%

Commitments and Contingencies_4

Commitments and Contingencies - Lease Maturity Schedule (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 3,096
2023	4,239
2024	4,472
2025	4,599
2026	780
Total lease payments	17,186
Less imputed interest	(2,459)
Total operating lease liabilities	$ 14,727
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Commitments and Contingencies_5

Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating lease liabilities	$ 1,016,000	$ 1,033
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0

Stock Incentive Plans - Schedul

Stock Incentive Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 37,005	$ 11,392
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	15,345	0
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	7,659	5,505
CEO Long-Term Performance Award | Chief Executive Officer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	13,121	0
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	880	0
Secondary sales of common stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 0	$ 5,887

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	May 31, 2021	May 30, 2021	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 37,005	$ 11,392
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)				2,326,800
Granted (in dollars per share)				$ 10.55
Stock Options | 2021 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold				110.00%
Secondary sales of common stock
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 0	5,887
CEO Long-Term Performance Award | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 13,121	0
Award vesting period (in years)				7 years
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				3 years 9 months 18 days
Granted (in shares)		47,267	19,740,923
Granted (in dollars per share)	$ 23.40		$ 21.49
Weighted average grant date fair value (in dollars per share)				$ 10.53
Expected cost to be recognized over remaining derived service period				$ 157,100
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				15,345	0
CEO Long-term performance awards				$ 204,500
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				3 years 3 months 18 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 7,659	$ 5,505
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				2 years 7 months 6 days
Compensation costs related to unvested outstanding stock options				$ 88,600
Restricted Stock Units with Service Condition
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)				4 years
Class A Common Stock | Stock Options | 2021 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold				110.00%
Combined voting power of stockholder, 10% Stockholder				10.00%
Expiration period (in years)				10 years
Class A Common Stock | Stock options, 10% Stockholders | 2021 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Combined voting power of stockholder, 10% Stockholder				10.00%
Expiration period (in years)				5 years
Class A Common Stock | Stock options | 2021 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price of common stock, percent				85.00%

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of the period (in shares) | shares	9,001,949
Granted (in shares) | shares	10,514,709
Vested (in shares) | shares	(994,910)
Canceled and forfeited (in shares) | shares	(1,854,776)
Balance at the end of the period (in shares) | shares	16,666,972
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 18.30
Grant (in dollars per share) | $ / shares	10.70
Vested (in dollars per share) | $ / shares	14.27
Canceled and forfeited (in dollars per share) | $ / shares	15.43
Balance at the end of the period (in dollars per share) | $ / shares	$ 14.07

Stock Incentive Plans - Summary

Stock Incentive Plans - Summary of Stock Option Activity Under Stock Incentive Plan (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Balance at the beginning of the period (in shares)	44,185,488
Granted (in shares)	2,326,800
Exercised (in shares)	(1,604,022)
Canceled and forfeited (in shares)	(1,194,748)
Balance at the end of the period (in shares)	43,713,518	44,185,488
Weighted-Average Exercise Price per Share
Balance at the beginning of the period (in dollars per share)	$ 13.31
Granted (in dollars per share)	10.55
Exercised (in dollars per share)	1.25
Canceled and forfeited (in dollars per share)	5.79
Balance at the end of the period (in dollars per share)	$ 13.81	$ 13.31
Option Activity, Additional Disclosures
Options outstanding, Weighted Average Remaining Contractual Life (Years)	8 years 3 months 25 days	8 years 5 months 15 days
Options outstanding, Aggregate Intrinsic Value (in USD)	$ 140,555	$ 279,242
Options Vested as of September 30, 2021, Number of Options (in shares)	9,629,103
Options Vested as of September 30, 2021, Exercise Price per Share (in dollars per share)	$ 1.98
Options Vested, Weighted Average Remaining Contractual Life (Years)	6 years 5 months 8 days
Options Vested, as of September 30, 2021, Aggregate Intrinsic Value (in USD)	$ 89,837

Stock Incentive Plans - Weighte

Stock Incentive Plans - Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	58.62%	49.93%
Expected term (in years)	6 years 29 days	6 years 7 days
Risk-free interest rate	1.99%	0.36%

Stock Incentive Plans - CEO Per

Stock Incentive Plans - CEO Performance Awards (Details) - CEO Long-Term Performance Award - Chief Executive Officer	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Number of Options Eligible to Vest (in shares)	19,788,188
Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 67.50
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 78.98
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 92.40
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 4
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 108.11
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 5
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 126.49
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 6
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 147.99
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 7
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) | $ / shares	$ 173.15
Number of Options Eligible to Vest (in shares)	2,826,884

Warrants to Purchase Common S_3

Warrants to Purchase Common Stock - Narrative (Details) - Common Stock Warrants - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)		1,150,000	750,000
Exercise price of warrants (in dollars per share)		$ 0.01
Redeemable convertible preferred stock warrant liabilities		$ 26.4	$ 5.7
Vested warrants outstanding (in shares)	392,171
Class of warrant or right, reduction to net revenues in the period	$ (1.6)

Warrants to Purchase Common S_4

Warrants to Purchase Common Stock - Measurement Inputs (Details)	Sep. 30, 2021	Mar. 31, 2021
March 2021 Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant term (in years)		4 years
March 2021 Common Stock Warrants | Dividend yield
Class of Warrant or Right [Line Items]
Measurement input (percent)		0
March 2021 Common Stock Warrants | Expected volatility
Class of Warrant or Right [Line Items]
Measurement input (percent)		0.500
March 2021 Common Stock Warrants | Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input (percent)		0.006
September 2020 Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant term (in years)	5 years
September 2020 Common Stock Warrants | Dividend yield
Class of Warrant or Right [Line Items]
Measurement input (percent)	0
September 2020 Common Stock Warrants | Expected volatility
Class of Warrant or Right [Line Items]
Measurement input (percent)	0.500
September 2020 Common Stock Warrants | Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input (percent)	0.003

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to Class A and Class B common stockholders	$ (60,598)	$ (12,838)
Weighted-average shares used in computing net loss per share attributable to common stockholders - Diluted (in shares)	542,565,992	130,841,306
Weighted-average shares used in computing net loss per share attributable to common stockholders - Basic (in shares)	542,565,992	130,841,306
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.11)	$ (0.10)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.11)	$ (0.10)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	142,198,716	387,946,755
Redeemable convertible preferred stock, all series
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	351,844,340
Warrants to purchase redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	203,610
Warrants to purchase Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,900,000	2,569,528
Stock options outstanding, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	43,713,518	24,332,915
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	16,666,972	6,503,203
Shares committed under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	372,775	0
Stock options and RSUs available for future grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	79,545,451	2,493,159

Concentration of Risks and Si_2

Concentration of Risks and Significant Customers (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)investment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1,197,257	$ 247,630	$ 1,247,581
Marketable securities	447,046		452,875
Credit Concentration Risk | Investments
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1,200,000		1,200,000
Number of investments | investment	3
Credit Concentration Risk | Debt Securities, Available-For-Sale
Concentration Risk [Line Items]
Marketable securities	$ 412,500		$ 418,300
Credit Concentration Risk | Debt Securities, Available-For-Sale | Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage	92.00%		92.00%
Credit Concentration Risk | Accounts Receivable | Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	86.00%	94.00%
Customer Concentration Risk | Accounts Receivable | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Customer Concentration Risk | Accounts Receivable | Second largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	66.00%	73.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 31, 2021
DFS Services LLC | DFS Services LLC | DFS Services LLC
Related Party Transaction [Line Items]
Ownership interest by related party			5.00%
PULSE Network LLC | Card Network Fees, Net
Related Party Transaction [Line Items]
Expenses from transactions with related parties		$ 11
Connexpay, LLC
Related Party Transaction [Line Items]
Revenue from related parties	$ 1.8
Revenue share payable	$ 5.1