Square Credit Card Marqeta migration puts Block’s three Square card programs on one processor

Dateline: Block and Marqeta, card program migration, 19 October 2026

Marqeta, the card issuing platform, said on 19 October 2026 that it is processing the Square Credit Card, Block’s business credit card for Square sellers on the American Express network, which puts Square’s debit, prepaid and credit programs on a single issuer processor. Fintechbits checked Marqeta’s 2025 annual report, which shows Block accounted for 45% of Marqeta’s net revenue in 2025, down from 68% in 2023, so the Square Credit Card Marqeta migration hands more work to Marqeta from the customer it has spent two years relying on less. The Marqeta release on BusinessWire gives no account count, balances or contract terms.

Deal: Square’s debit, prepaid and credit programs consolidated on Marqeta

What the Square Credit Card Marqeta migration changes

Square sellers will not notice much. Marqeta says its portfolio migration tools moved existing accounts and card credentials across without disrupting cardholders, and Andrea Raj, head of product for Square Banking at Block, said in the release that a disruption-free move “was critical.” The difference is on Block’s side. Square’s three card programs sit with one processor, and Block says that should let it ship new credit features faster.

Square and Marqeta go back to 2019, when they launched the Square Card, a business debit card that gives sellers immediate access to their earnings. The Square Credit Card offers a credit line that grows with a seller’s business volume. According to the release’s disclosures, Celtic Bank issues the Square Credit Card under a license from American Express, while Sutton Bank issues the Square Debit Card under a Mastercard license.

Marqeta uses the release to pitch its commercial credit stack. It lists card issuance and transaction processing, underwriting, rewards management, risk controls, disputes, and real-time decisioning that draws on more than 300 data attributes. Marqeta also offers full program management, including bank and network partnerships, compliance reporting, customer service and collections.

How much of Marqeta is Block

Marqeta’s release leaves out the figure that matters most here, which is how much of its business Block already is. Marqeta’s 2025 Form 10-K states that Block accounted for 45%, 47% and 68% of net revenue in 2025, 2024 and 2023. The share has fallen, but Block is still close to half of Marqeta.

Fintechbits has followed Marqeta’s attempts to widen that base, including the Marqeta BVNK stablecoin card partnership in September, which aimed issuing at fintechs wanting stablecoin-funded cards. The Square Credit Card migration pulls in the opposite direction, because it adds to the Block book.

Fintechbits analysis

Fintechbits analysis

Why the American Express network matters more than the migration

Taken alone, the migration is routine. Card programs move between processors fairly often, and clients expect a smooth cutover. The more interesting part sits in one sentence: Marqeta says adding American Express to its network partners shows the breadth of its network capability. A live Amex commercial credit program at Square’s scale is something Marqeta can point to when it pitches other platforms, which is worth more than a list of supported networks.

My read is that this is good for Marqeta’s credit ambitions and neutral to slightly worrying for its concentration story. Block gets operational simplicity and one vendor to negotiate with. Marqeta gets a reference customer for commercial credit on the American Express network, plus more revenue from the client investors already worry about. Marqeta also cites its own 2026 State of Credit survey, which found 34% of small businesses have moved between credit products as they grew and 64% want a clear path from entry-level to advanced products. Those survey numbers support the pitch, but they say nothing about how Square’s card book performs.

Block keeps building out its seller stack around these cards. Fintechbits covered the Square Kiosk launch on 14 October, a $1,999 ordering terminal for quick-service restaurants. Credit, debit, hardware and software all aim at keeping sellers inside Square, and putting the cards on one processor makes that bundle easier to run.

Frequently asked questions

What is the Square Credit Card Marqeta migration?

Block moved the Square Credit Card, its business credit card for Square sellers, onto Marqeta’s issuing and processing platform, according to Marqeta’s 19 October 2026 release. Square’s debit, prepaid and credit programs all run on Marqeta after the move.

Who issues the Square Credit Card?

Celtic Bank issues the Square Credit Card under a license from American Express, according to the release’s disclosures. Sutton Bank issues the separate Square Debit Card under a Mastercard license.

How dependent is Marqeta on Block?

Fintechbits checked Marqeta’s 2025 Form 10-K, which shows Block made up 45% of Marqeta’s net revenue in 2025, 47% in 2024 and 68% in 2023. The Square Credit Card migration adds to that relationship, and the release gives no figures on how much.

What to Watch Next

Marqeta’s third-quarter 2026 results are the next place to look. Two things would settle the question this release leaves open: whether management attaches any revenue or volume figure to the Square Credit Card program, and whether Marqeta names another platform running commercial credit on the American Express network. A second Amex customer would show the network addition has value beyond Block. If none appears, the deal mostly deepens a concentration that Marqeta discloses in its own 10-K.

Why this matters

Fintechbits checked Marqeta’s 2025 annual report, which shows Block accounted for 45% of Marqeta’s net revenue in 2025, down from 68% in 2023. The Square Credit Card migration puts Square’s debit, prepaid and credit cards on Marqeta, with Celtic Bank issuing the credit card on the American Express network. Marqeta gains an Amex commercial credit reference it can show other platforms. The open question is whether that reference wins new clients or simply ties Marqeta closer to Block.

Primary sources

businesswire.com | PRESS RELEASE | https://www.businesswire.com/news/home/20261019866510/en/Block-Selects-Marqeta-to-Enable-Square-Credit-Card-on-the-American-Express-Network

sec.gov | FILING | https://www.sec.gov/Archives/edgar/data/1522540/000152254026000017/mq-20251231.htm