Marqeta (MQ) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	877
Local Phone Number	962-7738
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001522540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q1
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		463,882,609
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		54,229,499

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 970,357	$ 980,972
Restricted cash	8,500	8,500
Short-term investments	228,324	268,724
Accounts receivable, net	23,422	19,540
Settlements receivable, net	36,511	29,922
Network incentives receivable	54,223	53,807
Prepaid expenses and other current assets	26,830	27,233
Total current assets	1,348,167	1,388,698
Operating lease right-of-use assets, net	5,814	6,488
Property and equipment, net	28,138	18,764
Intangible assets, net	34,167	35,631
Goodwill	123,523	123,523
Other assets	18,552	16,587
Total assets	1,558,361	1,589,691
Current liabilities:
Accounts payable	916	1,420
Revenue share payable	189,864	173,645
Accrued expenses and other current liabilities	147,802	161,514
Total current liabilities	338,582	336,579
Operating lease liabilities, net of current portion	4,080	5,126
Other liabilities	5,034	4,591
Total liabilities	347,696	346,296
Commitments and contingencies (Note 8)
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, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.0001 par value: 1,500,000,000 and 1,500,000,000 Class A shares authorized, 463,779,567 and 465,985,131 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. 600,000,000 and 600,000,000 Class B shares authorized, 54,229,499 and 54,357,844 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	52	52
Additional paid-in capital	2,072,692	2,067,776
Accumulated other comprehensive income	(824)	762
Accumulated deficit	(861,255)	(825,195)
Total stockholders’ equity	1,210,665	1,243,395
Total liabilities and stockholders’ equity	$ 1,558,361	$ 1,589,691

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	463,779,567	465,985,131
Common stock, shares, outstanding (in shares)	463,779,567	465,985,131
Class B Common Stock
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	54,229,499	54,357,844
Common stock, shares, outstanding (in shares)	54,229,499	54,357,844

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenue	$ 117,968	$ 217,343
Costs of revenue	33,807	128,179
Gross profit	84,161	89,164
Operating expenses:
Compensation and benefits	108,111	147,759
Technology	13,118	14,590
Professional services	3,870	5,437
Occupancy	1,094	1,154
Depreciation and amortization	3,537	1,980
Marketing and advertising	378	441
Other operating expenses	3,905	5,236
Total operating expenses	134,013	176,597
Loss from operations	(49,852)	(87,433)
Other income, net	13,926	11,672
Loss before income tax expense	(35,926)	(75,761)
Income tax expense (benefit)	134	(6,960)
Net loss	(36,060)	(68,801)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	(112)	19
Net change in unrealized (loss) gain on short-term investments	(1,474)	4,035
Net other comprehensive (loss) income	(1,586)	4,054
Comprehensive loss	$ (37,646)	$ (64,747)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.07)	$ (0.13)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.07)	$ (0.13)
Weighted-average shares used in computing net loss per share attributable to common stockholders - basic (in shares)	517,987,361	539,744,130
Weighted-average shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	517,987,361	539,744,130

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2022		541,364,099
Balance at the beginning of the period at Dec. 31, 2022	$ 1,472,956	$ 53	$ 2,082,373	$ (7,237)	$ (602,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		803,333
Issuance of common stock upon exercise of options	1,051		1,051
Issuance of common stock net settlement of restricted stock units (in shares)		1,469,996
Issuance of common stock upon net settlement of restricted stock units	(3,746)		(3,746)
Vesting of common stock warrants	2,102		2,102
Share-based compensation	47,027		47,027
Repurchase and retirement of common stock, including excise tax (in shares)		(3,205,808)
Repurchase and retirement of common stock, including excise tax	(20,993)		(20,993)
Change in accumulated other comprehensive income (loss)	4,054			4,054
Net loss	(68,801)				(68,801)
Balance at the end of the period (in shares) at Mar. 31, 2023		540,431,620
Balance at the end of the period at Mar. 31, 2023	1,433,650	$ 53	2,107,814	(3,183)	(671,034)
Balance at the beginning of the period (in shares) at Dec. 31, 2023		520,342,975
Balance at the beginning of the period at Dec. 31, 2023	1,243,395	$ 52	2,067,776	762	(825,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		97,809
Issuance of common stock upon exercise of options	49		49
Issuance of common stock net settlement of restricted stock units (in shares)		2,806,175
Issuance of common stock upon net settlement of restricted stock units	(10,917)		(10,917)
Vesting of common stock warrants	2,100		2,100
Share-based compensation	46,514		46,514
Repurchase and retirement of common stock, including excise tax (in shares)		(5,237,893)
Repurchase and retirement of common stock, including excise tax	(32,830)		(32,830)
Change in accumulated other comprehensive income (loss)	(1,586)			(1,586)
Net loss	(36,060)				(36,060)
Balance at the end of the period (in shares) at Mar. 31, 2024		518,009,066
Balance at the end of the period at Mar. 31, 2024	$ 1,210,665	$ 52	$ 2,072,692	$ (824)	$ (861,255)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (36,060)	$ (68,801)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,537	1,980
Share-based compensation expense	44,434	45,999
Non-cash postcombination compensation expense	0	32,430
Non-cash operating leases expense	674	607
Amortization of premium (accretion of discount) on short-term investments	(978)	(975)
Other	181	209
Changes in operating assets and liabilities:
Accounts receivable	(4,271)	1,554
Settlements receivable	(6,589)	6,768
Network incentives receivable	(416)	(16,702)
Prepaid expenses and other assets	538	7,203
Accounts payable	115	224
Revenue share payable	16,219	4,674
Accrued expenses and other liabilities	(16,020)	(24,907)
Operating lease liabilities	(938)	(809)
Net cash provided by (used in) operating activities	426	(10,546)
Cash flows from investing activities:
Purchases of property and equipment	(1,191)	(577)
Capitalization of internal-use software	(5,307)	(3,032)
Business combination, net of cash acquired	0	(131,914)
Purchases of short-term investments	0	(70,807)
Maturities of short-term investments	40,000	108,000
Net cash provided by (used in) investing activities	33,502	(98,330)
Cash flows from financing activities:
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	49	1,016
Taxes paid related to net share settlement of restricted stock units	(10,917)	(3,746)
Repurchase of common stock	(33,675)	(21,826)
Net cash used in financing activities	(44,543)	(24,556)
Net decrease in cash, cash equivalents, and restricted cash	(10,615)	(133,432)
Cash, cash equivalents, and restricted cash- Beginning of period	989,472	1,191,646
Cash, cash equivalents, and restricted cash - End of period	978,857	1,058,214
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	970,357	1,050,414
Restricted cash	8,500	7,800
Total cash, cash equivalents, and restricted cash	978,857	1,058,214
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	2,982	134
Share-based compensation capitalized to internal-use software	2,080	1,028
Repurchase of common stock, including excise tax, accrued and not yet paid	$ 146	$ 232

Business Overview and Basis of

Business Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc. (“the Company”) creates digital payment technology for innovation leaders. The Company's modern card issuing platform empowers its customers to create customized and innovative payment card programs, giving them the configurability and flexibility to build better payment experiences. The Company provides all of its customers 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 legal entities in Australia, Brazil, Canada, Poland, and Singapore as of March 31, 2024. 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 (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s 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, 2023 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various 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 include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, 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, and valuation of income taxes. 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, 2024, the Company incurred net losses of $36.1 million and had an accumulated deficit of $861.3 million as of March 31, 2024. The Company expects to incur net losses from operations 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 $970.4 million and short-term investments of $228.3 million as of March 31, 2024 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Segment Information The Company operates as a single operating segment and reporting unit. 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, 2024 and 2023, net revenue outside of the United States, based on the billing address of the customer, was 8% and 3%, respectively. As of March 31, 2024 and December 31, 2023, long-lived assets located outside of the United States were not material. Restricted Cash Restricted cash consists of deposits with 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 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. “Issuing Banks” are financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of a business. “Card Networks” are networks that provide the infrastructure for settlement and card payment information flows. There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the condensed consolidated financial statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Platform services revenue, net $ 113,935 $ 210,333 Other services revenue 4,033 7,010 Total net revenue $ 117,968 $ 217,343 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 $ 1,239 $ 1,461 Contract assets - non-current Other assets 9,113 9,397 Total contract assets $ 10,352 $ 10,858 Deferred revenue - current Accrued expenses and other current liabilities $ 11,570 $ 11,829 Deferred revenue - non-current Other liabilities 3,661 4,071 Total deferred revenue $ 15,231 $ 15,900 Net revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the deferred revenue balances at the beginning of the respective periods was $2.6 million and $4.6 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. As of March 31, 2024, the aggregate amount of the transaction price allocated to our remaining performance obligations was $58.3 million. The Company expects to recognize approximately 61% within two years and the remaining 39% over the next three to five years.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net Intangible assets consisted of the following as of the dates presented: March 31, December 31, Developed technology $ 41,000 $ 41,000 Accumulated amortization (6,833) (5,369) $ 34,167 $ 35,631 The amortization period for developed technology intangible assets is 7 years. Amortization expense for developed technology was $1.5 million and $1.0 million for three months ended March 31, 2024 and 2023, respectively. Expected future amortization expense for intangible assets was as follows as of March 31, 2024: Remainder of 2024 $ 4,393 2025 5,857 2026 5,857 2027 5,857 2028 5,857 Thereafter 6,345 Total expected future amortization expense for intangible assets $ 34,167

Short-term Investments

Short-term Investments	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Short-term Investments	Short-term Investments The Company's short-term investments are accounted for as securities available-for-sale and are classified within current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity. The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following: March 31, 2024 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term Investments U.S. treasury securities $ 215,265 $ 17 $ (368) $ 214,914 Asset-backed securities 10,440 — (15) 10,425 Corporate debt securities 2,989 — (4) 2,985 Total short-term investments $ 228,694 $ 17 $ (387) $ 228,324 December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term investments U.S. treasury securities $ 239,297 $ 970 $ (11) $ 240,256 U.S. agency securities 15,000 — (7) 14,993 Asset-backed securities 10,438 62 — 10,500 Corporate debt securities 2,981 — (6) 2,975 Total short-term investments $ 267,716 $ 1,032 $ (24) $ 268,724 The Company had twenty-nine and four separate short-term investments in unrealized loss positions as of March 31, 2024 and December 31, 2023, respectively. The Company does not intend to sell any short-term investments that have unrealized losses as of March 31, 2024, and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis. There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2024 and 2023, respectively. For short-term investments that have unrealized losses, the Company evaluated whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of March 31, 2024. The following table summarizes the stated maturities of the Company’s short-term investments: March 31, 2024 December 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 72,508 $ 72,482 $ 90,438 $ 90,533 Due after one year through four years 156,186 155,842 177,278 178,191 Total $ 228,694 $ 228,324 $ 267,716 $ 268,724

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present the fair value hierarchy for assets and liabilities measured at fair value: March 31, 2024 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 569,476 $ — $ — $ 569,476 U.S. treasury bills 188,406 — — 188,406 Commercial paper — 35,355 — 35,355 Corporate debt securities — 24,621 — 24,621 Certificate of deposit — 21,153 — 21,153 Short-term investments U.S. treasury securities 214,914 — — 214,914 Asset-backed securities — 10,425 — 10,425 Corporate debt securities — 2,985 — 2,985 Total assets $ 972,796 $ 94,539 $ — $ 1,067,335 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 627,983 $ — $ — $ 627,983 U.S. treasury bills 230,602 — — 230,602 Short-term investments U.S. treasury securities 240,256 — — 240,256 U.S. agency securities — 14,993 — 14,993 Asset-backed securities — 10,500 — 10,500 Corporate debt securities — 2,975 — 2,975 Total assets $ 1,098,841 $ 28,468 $ — $ 1,127,309 The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, U.S. agency securities, asset-backed securities, and corporate debt 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, 2024 and the year ended December 31, 2023.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certain Balance Sheet Components	Certain Balance Sheet Components Property and Equipment, net Property and equipment consisted of the following: March 31, December 31, Leasehold improvements $ 8,110 $ 8,110 Computer equipment 9,038 8,885 Furniture and fixtures 2,524 2,597 Internally developed and purchased software 30,583 19,324 50,255 38,916 Accumulated depreciation and amortization (22,117) (20,152) Property and equipment, net $ 28,138 $ 18,764 Depreciation and amortization expense related to property and equipment was $2.1 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. The Company capitalized $7.5 million and $4.1 million as internal-use software development costs during the three months ended March 31, 2024, and 2023, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Accrued costs of revenue $ 78,558 $ 73,645 Accrued compensation and benefits 19,262 42,095 Deferred revenue 11,570 11,829 Due to issuing banks 7,892 7,892 Accrued tax liabilities 4,943 4,929 Accrued professional services 4,128 4,559 Operating lease liabilities, current portion 4,016 3,908 Reserve for contract contingencies and processing errors 3,861 3,754 Other accrued liabilities 13,572 8,903 Accrued expenses and other current liabilities $ 147,802 $ 161,514

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 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, 2024 and December 31, 2023, 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 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, Card Networks, Issuing Banks, vendors, lessors, 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 has received requests for indemnification from time to time and may indemnify 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 Financial Statements. 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, 2024
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans During the first quarter of 2024, the Company granted performance-based restricted stock units (“PSUs”) to certain employees of the Company based on an initial target number. The final number of PSUs that may vest and settle depend upon the Company’s performance against pre-established performance metrics over a predefined performance period. PSUs granted under the 2021 Stock Option and Incentive Plan vest over three years and have a one year performance period with cliff vesting following the completion of the performance period, subject to the compensation committee’s approval of the level of achievement against the pre-established performance targets. Over the performance period, the number of PSUs that may be issued and the related stock-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount. The following table presents the share-based compensation expense recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented: Three Months Ended March 31, 2024 2023 Restricted stock units $ 24,163 $ 24,792 Stock options 6,611 7,483 Executive Chairman Long-Term Performance Award 13,121 13,121 Performance restricted stock units 240 — Employee Stock Purchase Plan 299 603 Share-based compensation recorded within Compensation and benefits 44,434 45,999 Property and equipment (capitalized internal-use software) 2,080 1,028 Total share-based compensation expense $ 46,514 $ 47,027 Unrecognized compensation costs by award type: Unrecognized compensation costs Weighted-average recognition period (in years) Restricted stock units, inclusive of PSUs $ 281,344 2.4 Stock options 36,645 1.8 Executive Chairman Long-Term Performance Award 50,662 1.8 Total $ 368,651

Stockholders_ Equity Transactio

Stockholders’ Equity Transactions	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity Transactions	Stockholders’ Equity Transactions Share Repurchase Program On May 8, 2023, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2023 Share Repurchase Program”). Under the 2023 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2023 Share Repurchase Program had no set expiration date. During the three months ended March 31, 2024, the Company repurchased and subsequently retired 5.2 million shares for $32.8 million under the 2023 Share Repurchase Program, for an average price of $6.27. Repurchases under the 2023 Share Repurchase Program were completed as of March 31, 2024.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The Company calculated basic and diluted net loss per share attributable to common stockholders as follows: Three Months Ended March 31, 2024 2023 Numerator Net loss attributable to Class A and Class B common stockholders $ (36,060) $ (68,801) Denominator Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 517,987,361 539,744,130 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.07) $ (0.13) 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, 2024 and 2023. 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. 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, 2024 2023 Warrants to purchase Class B common stock 1,900,000 1,900,000 Stock options outstanding, including early exercise of options 36,202,829 41,244,226 Unvested RSUs outstanding 46,724,459 54,904,606 Shares committed under the ESPP 348,391 558,867 Total 85,175,679 98,607,699

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company recorded an income tax provision of $0.1 million and a benefit of $7.0 million for the three months ended March 31, 2024 and 2023, respectively. The income tax provision for the three months ended March 31, 2024 was primarily attributable to income tax expenses in profitable foreign jurisdictions. The income tax benefit for the three months ended March 31, 2023 was primarily attributable to a $7.2 million partial valuation allowance release due to the acquisition of Power Finance Inc., offset by $0.2 million of income tax expenses resulting from profitable foreign operations. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. We record liabilities related to uncertain tax positions and believe that we have provided adequate reserves for income tax uncertainties in all open tax years.

Concentration Risks and Signifi

Concentration Risks and Significant Customers	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Concentration 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, short-term investments, and accounts receivable. Cash on deposit with financial institutions may exceed federally insured limits. Cash and cash equivalents as of March 31, 2024 and December 31, 2023 include $757.9 million and $628.0 million, respectively, of investments managed by two financial institutions, which invest primarily in securities issued by the U.S. Government or U.S. Government agencies. As of March 31, 2024, short-term investments were $228.3 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 and U.S. agency securities, which amounted to $214.9 million, or 94% of the short-term investments. As of March 31, 2024, all debt securities within the Company's portfolio are investment grade. As of December 31, 2023, short-term investments were $268.7 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 and U.S. agency securities, which amounted to $255.2 million, or 95% of the short-term investments. As of December 31, 2023, 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, 2024 and 2023, 74% and 80% 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, 2024 and 2023, this customer accounted for 49% and 76% of the Company’s net revenue, respectively. As of March 31, 2024, two other customers accounted for 16% and 10% of the Company’s accounts receivable balance.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Board Leadership Transition On May 6, 2024, Jason Gardner informed the board of directors and the Company agreed that Mr. Gardner would step down from his position as Executive Chairman, effective June 13, 2024 (or, if later, the date of the Company’s 2024 Annual Meeting of Stockholders, the “Transition Date”). Mr. Gardner will continue to serve as a non-employee director on the board of directors. In connection with Mr. Gardner’s departure, the Company and Mr. Gardner have entered into a Transition Agreement, pursuant to which, among other things, (i) Mr. Gardner will continue to perform his normal duties as Executive Chairman until the Transition Date and (ii) the Company agrees to continue to nominate Mr. Gardner for election to the board of directors at each annual meeting of the Company’s stockholders at which Mr. Gardner’s term as a director expires, as long as he continues to hold at least 20% voting power of the Company and continues to satisfy the other criteria set forth in the Transition Agreement. As a result of Mr. Gardner’s election to step down as Executive Chairman, the Executive Chairman Long-Term Performance Award will be forfeited by its terms, effective as of the Transition Date. The forfeiture is expected to result in a one-time reversal of share-based compensation expenses of $157.8 million in the second quarter of 2024. On May 6, 2024, the Board appointed Jud Linville as independent Chairman of the board of directors effective as of the Transition Date. Share Conversion On May 6, 2024, Mr. Gardner elected to voluntarily convert 17.7 million outstanding shares of Class B common stock into shares of Class A common stock on a one-for-one basis, effective immediately, pursuant to Article IV.D.3(a) of the Company’s Amended and Restated Certificate of Incorporation. The Class B common stock is substantially the same as the Class A common stock except Class B common stock has ten votes per share whereas Class A common stock has one vote per share. As a result of the voluntary conversions, Mr. Gardner will beneficially own effective voting power of approximately 40% as of May 6, 2024. Share Repurchase Program On May 6, 2024, the Company’s board of directors unanimously authorized the repurchase of up to $200 million of the Company’s Class A common stock. Under the repurchase program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases will be based on general business and market conditions, and other factors, including legal requirements. The share repurchase program has no set expiration date and may be canceled or suspended at any time without notice.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (36,060)	$ (68,801)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s 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, 2023 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various 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 include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, 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, and valuation of income taxes. Actual results could differ materially from these estimates.
Segment Information	Segment Information The Company operates as a single operating segment and reporting unit. 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 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 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. “Issuing Banks” are financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of a business. “Card Networks” are networks that provide the infrastructure for settlement and card payment information flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the condensed consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Platform services revenue, net $ 113,935 $ 210,333 Other services revenue 4,033 7,010 Total net revenue $ 117,968 $ 217,343
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 $ 1,239 $ 1,461 Contract assets - non-current Other assets 9,113 9,397 Total contract assets $ 10,352 $ 10,858 Deferred revenue - current Accrued expenses and other current liabilities $ 11,570 $ 11,829 Deferred revenue - non-current Other liabilities 3,661 4,071 Total deferred revenue $ 15,231 $ 15,900

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following as of the dates presented: March 31, December 31, Developed technology $ 41,000 $ 41,000 Accumulated amortization (6,833) (5,369) $ 34,167 $ 35,631
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Expected future amortization expense for intangible assets was as follows as of March 31, 2024: Remainder of 2024 $ 4,393 2025 5,857 2026 5,857 2027 5,857 2028 5,857 Thereafter 6,345 Total expected future amortization expense for intangible assets $ 34,167

Short-term Investments (Tables)

Short-term Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule of Short-term Investments	The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following: March 31, 2024 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term Investments U.S. treasury securities $ 215,265 $ 17 $ (368) $ 214,914 Asset-backed securities 10,440 — (15) 10,425 Corporate debt securities 2,989 — (4) 2,985 Total short-term investments $ 228,694 $ 17 $ (387) $ 228,324 December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term investments U.S. treasury securities $ 239,297 $ 970 $ (11) $ 240,256 U.S. agency securities 15,000 — (7) 14,993 Asset-backed securities 10,438 62 — 10,500 Corporate debt securities 2,981 — (6) 2,975 Total short-term investments $ 267,716 $ 1,032 $ (24) $ 268,724
Schedule of Available-for-sale Securities Reconciliation	The following table summarizes the stated maturities of the Company’s short-term investments: March 31, 2024 December 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 72,508 $ 72,482 $ 90,438 $ 90,533 Due after one year through four years 156,186 155,842 177,278 178,191 Total $ 228,694 $ 228,324 $ 267,716 $ 268,724

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 569,476 $ — $ — $ 569,476 U.S. treasury bills 188,406 — — 188,406 Commercial paper — 35,355 — 35,355 Corporate debt securities — 24,621 — 24,621 Certificate of deposit — 21,153 — 21,153 Short-term investments U.S. treasury securities 214,914 — — 214,914 Asset-backed securities — 10,425 — 10,425 Corporate debt securities — 2,985 — 2,985 Total assets $ 972,796 $ 94,539 $ — $ 1,067,335 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 627,983 $ — $ — $ 627,983 U.S. treasury bills 230,602 — — 230,602 Short-term investments U.S. treasury securities 240,256 — — 240,256 U.S. agency securities — 14,993 — 14,993 Asset-backed securities — 10,500 — 10,500 Corporate debt securities — 2,975 — 2,975 Total assets $ 1,098,841 $ 28,468 $ — $ 1,127,309

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 9,038 8,885 Furniture and fixtures 2,524 2,597 Internally developed and purchased software 30,583 19,324 50,255 38,916 Accumulated depreciation and amortization (22,117) (20,152) Property and equipment, net $ 28,138 $ 18,764
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 $ 78,558 $ 73,645 Accrued compensation and benefits 19,262 42,095 Deferred revenue 11,570 11,829 Due to issuing banks 7,892 7,892 Accrued tax liabilities 4,943 4,929 Accrued professional services 4,128 4,559 Operating lease liabilities, current portion 4,016 3,908 Reserve for contract contingencies and processing errors 3,861 3,754 Other accrued liabilities 13,572 8,903 Accrued expenses and other current liabilities $ 147,802 $ 161,514

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense Recognized in the Period	The following table presents the share-based compensation expense recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented: Three Months Ended March 31, 2024 2023 Restricted stock units $ 24,163 $ 24,792 Stock options 6,611 7,483 Executive Chairman Long-Term Performance Award 13,121 13,121 Performance restricted stock units 240 — Employee Stock Purchase Plan 299 603 Share-based compensation recorded within Compensation and benefits 44,434 45,999 Property and equipment (capitalized internal-use software) 2,080 1,028 Total share-based compensation expense $ 46,514 $ 47,027
Schedule ​of Unrecognized Compensation Costs by Award	Unrecognized compensation costs by award type: Unrecognized compensation costs Weighted-average recognition period (in years) Restricted stock units, inclusive of PSUs $ 281,344 2.4 Stock options 36,645 1.8 Executive Chairman Long-Term Performance Award 50,662 1.8 Total $ 368,651

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Loss 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, 2024 2023 Numerator Net loss attributable to Class A and Class B common stockholders $ (36,060) $ (68,801) Denominator Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 517,987,361 539,744,130 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.07) $ (0.13)
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share	As of March 31, 2024 2023 Warrants to purchase Class B common stock 1,900,000 1,900,000 Stock options outstanding, including early exercise of options 36,202,829 41,244,226 Unvested RSUs outstanding 46,724,459 54,904,606 Shares committed under the ESPP 348,391 558,867 Total 85,175,679 98,607,699

Business Overview and Basis o_2

Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Net loss	$ (36,060)	$ (68,801)
Accumulated deficit	(861,255)		$ (825,195)
Cash and cash equivalents	970,357	$ 1,050,414	$ 980,972
Short-term investments	$ 228,300

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNITED STATES | Revenue Benchmark | Geographic Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	8%	3%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 117,968	$ 217,343
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Net revenue	113,935	210,333
Other services revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 4,033	$ 7,010

Revenue - Contract Assets and D

Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total contract assets	$ 10,352	$ 10,858
Deferred revenue - current	11,570	11,829
Total deferred revenue	15,231	15,900
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	1,239	1,461
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	9,113	9,397
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - current	11,570	11,829
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 3,661	$ 4,071

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 2.6	$ 4.6

Revenue - Revenue Remaining Per

Revenue - Revenue Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 58,300
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	61%
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	39%

Intangible Assets, net - Schedu

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Developed technology	$ 41,000	$ 41,000
Accumulated amortization	(6,833)	(5,369)
Total expected future amortization expense for intangible assets	$ 34,167	$ 35,631

Intangible Assets, net - Narrat

Intangible Assets, net - Narrative (Details) - Developed Technology - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets
Amortization period	7 years
Amortization expenses	$ 1.5	$ 1

Intangible Assets, net - Sche_2

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 4,393
2025	5,857
2026	5,857
2027	5,857
2028	5,857
Thereafter	6,345
Total expected future amortization expense for intangible assets	$ 34,167	$ 35,631

Short-term Investments - Unreal

Short-term Investments - Unrealized Gain (Loss) on Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 228,694	$ 267,716
Unrealized Gain	17	1,032
Unrealized Loss	(387)	(24)
Short-term investments	228,324	268,724
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	215,265	239,297
Unrealized Gain	17	970
Unrealized Loss	(368)	(11)
Short-term investments	214,914	240,256
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		15,000
Unrealized Gain		0
Unrealized Loss		(7)
Short-term investments		14,993
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,440	10,438
Unrealized Gain	0	62
Unrealized Loss	(15)	0
Short-term investments	10,425	10,500
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,989	2,981
Unrealized Gain	0	0
Unrealized Loss	(4)	(6)
Short-term investments	$ 2,985	$ 2,975

Short-term Investments - Narrat

Short-term Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) investment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 investment
Investments [Abstract]
Number of marketable securities in unrealized loss positions | investment	29		4
Realized gains or losses reclassified out of accumulated other comprehensive loss | $	$ 0	$ 0

Short-term Investments - Stated

Short-term Investments - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 72,508	$ 90,438
Due after one year through four years	156,186	177,278
Amortized Cost	228,694	267,716
Estimated Fair Value
Due within one year	72,482	90,533
Due after one year through four years	155,842	178,191
Total	$ 228,324	$ 268,724

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Short-term investments	$ 228,324	$ 268,724
Fair Value, Measurements, Recurring
Assets
Total assets	1,067,335	1,127,309
Level 1 | Fair Value, Measurements, Recurring
Assets
Total assets	972,796	1,098,841
Level 2 | Fair Value, Measurements, Recurring
Assets
Total assets	94,539	28,468
Level 3 | Fair Value, Measurements, Recurring
Assets
Total assets	0	0
Money market funds | Fair Value, Measurements, Recurring
Assets
Cash equivalents	569,476	627,983
Money market funds | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	569,476	627,983
Money market funds | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Money market funds | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
U.S. treasury bills | Fair Value, Measurements, Recurring
Assets
Cash equivalents	188,406	230,602
U.S. treasury bills | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	188,406	230,602
U.S. treasury bills | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
U.S. treasury bills | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Commercial paper | Fair Value, Measurements, Recurring
Assets
Cash equivalents	35,355
Commercial paper | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Commercial paper | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	35,355
Commercial paper | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Corporate debt securities | Fair Value, Measurements, Recurring
Assets
Cash equivalents	24,621
Short-term investments	2,985	2,975
Corporate debt securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Short-term investments	0	0
Corporate debt securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	24,621
Short-term investments	2,985	2,975
Corporate debt securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Short-term investments	0	0
Certificate of deposits | Fair Value, Measurements, Recurring
Assets
Cash equivalents	21,153
Certificate of deposits | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Certificate of deposits | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	21,153
Certificate of deposits | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
U.S. treasury securities | Fair Value, Measurements, Recurring
Assets
Short-term investments	214,914	240,256
U.S. treasury securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Short-term investments	214,914	240,256
U.S. treasury securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. treasury securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. agency securities | Fair Value, Measurements, Recurring
Assets
Short-term investments		14,993
U.S. agency securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Short-term investments		0
U.S. agency securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Short-term investments		14,993
U.S. agency securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Short-term investments		0
Asset-backed securities | Fair Value, Measurements, Recurring
Assets
Short-term investments	10,425	10,500
Asset-backed securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
Asset-backed securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Short-term investments	10,425	10,500
Asset-backed securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Short-term investments	$ 0	$ 0

Certain Balance Sheet Compone_3

Certain Balance Sheet Components - Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 50,255		$ 38,916
Accumulated depreciation and amortization	(22,117)		(20,152)
Operating lease right-of-use assets, net	28,138		18,764
Depreciation and amortization	3,537	$ 1,980
Capitalized internal-use software costs	7,500	4,100
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	9,038		8,885
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,524		2,597
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,583		$ 19,324
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,100	$ 1,000

Certain Balance Sheet Compone_4

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 78,558	$ 73,645
Accrued compensation and benefits	19,262	42,095
Due to issuing banks	7,892	7,892
Deferred revenue	11,570	11,829
Accrued tax liabilities	4,943	4,929
Accrued professional services	4,128	4,559
Operating lease liabilities, current portion	4,016	3,908
Reserve for contract contingencies and processing errors	3,861	3,754
Other accrued liabilities	13,572	8,903
Accrued expenses and other current liabilities	$ 147,802	$ 161,514
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Letter of Credit $ in Millions	Mar. 31, 2024 USD ($)
Guarantor Obligations
Letters of credit, amount	$ 1.5
Restricted Cash
Guarantor Obligations
Deposit assets	$ 1.5

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - Phantom Share Units (PSUs)	3 Months Ended
	Mar. 31, 2024
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of performance targets	0
Minimum | 2021 Stock Option And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of performance targets	2
Maximum | 2021 Stock Option And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years

Stock Incentive Plans - Schedul

Stock Incentive Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 44,434	$ 45,999
Property and equipment (capitalized internal-use software)	2,080	1,028
Total share-based compensation expense	46,514	47,027
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	24,163	24,792
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	6,611	7,483
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	240	0
Performance restricted stock units | Chief Executive Officer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	13,121	13,121
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 299	$ 603

Stock Incentive Plans - Sched_2

Stock Incentive Plans - Schedule of Unrecognized Compensation Costs by Award (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 368,651
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 281,344
Weighted-average recognition period (in years)	2 years 4 months 24 days
Performance restricted stock units | Chief Executive Officer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 50,662
Weighted-average recognition period (in years)	1 year 9 months 18 days
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 36,645
Weighted-average recognition period (in years)	1 year 9 months 18 days

Stockholders_ Equity Transact_2

Stockholders’ Equity Transactions- Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 08, 2023
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)	$ 32,830,000	$ 20,993,000
2023 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount			$ 200,000,000
Repurchase of early exercised stock options (in shares)	5.2
Repurchase of early exercised stock options (in shares)	$ 32,800,000
Shares repurchased, average price per share (in usd per share)	$ 6.27

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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to Class A and Class B common stockholders, basic	$ (36,060)	$ (68,801)
Net loss attributable to Class A and Class B common stockholders, diluted	$ (36,060)	$ (68,801)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	517,987,361	539,744,130
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	517,987,361	539,744,130
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	$ (0.07)	$ (0.13)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	$ (0.07)	$ (0.13)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	85,175,679	98,607,699
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	1,900,000
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)	36,202,829	41,244,226
Unvested RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	46,724,459	54,904,606
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)	348,391	558,867

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 134	$ (6,960)
Partial valuation allowance		7,200
Profitable foreign operations		$ 200

Concentration Risks and Signi_2

Concentration Risks and Significant Customers (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) investment bank	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Cash and cash equivalents	$ 970,357	$ 1,050,414	$ 980,972
Short-term investments	$ 228,324		268,724
Number of issuing bank payment settlement through transaction | bank	1
Investments | Credit Concentration Risk
Concentration Risk [Line Items]
Cash and cash equivalents	$ 757,900		628,000
Number of investments | investment	2
Debt Securities, Available-For-Sale | Credit Concentration Risk
Concentration Risk [Line Items]
Short-term investments	$ 214,900		$ 255,200
Debt Securities, Available-For-Sale | Credit Concentration Risk | Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage	94%		95%
Accounts Receivable | Credit Concentration Risk | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	16%
Accounts Receivable | Credit Concentration Risk | Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Accounts Receivable | Credit Concentration Risk | Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	74%	80%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	49%	76%

Subsequent Event (Details)

Subsequent Event (Details) $ in Thousands, shares in Millions		3 Months Ended
	May 06, 2024 USD ($) vote shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Share-based compensation expense			$ 44,434	$ 45,999
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 200,000
Mr. Jason Gardner | Subsequent Event
Subsequent Event [Line Items]
Benefically own effective voting, percent	20%
Share-based compensation expense		$ 157,800
Mr. Jason Gardner | Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Benefically own effective voting, percent	40%
Conversion of common stock (in shares) | shares	17.7
Common stock conversion ratio	1
Number of vote (votes per share) | vote	1
Mr. Jason Gardner | Subsequent Event | Class B Common Stock
Subsequent Event [Line Items]
Number of vote (votes per share) | vote	10