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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Unrestricted cash and cash equivalents $ 1,421,690 $ 1,592,391
Restricted cash 44 44
Investment securities available-for-sale, at fair value 0 24,152
Settlement assets 947,497 616,172
Accounts receivable, net 197,248 132,007
Prepaid expenses and other assets 73,275 63,424
Income tax receivable 589 0
Total current assets 2,640,343 2,428,190
Investment securities available-for-sale, at fair value 2,467,843 2,008,650
Loans to bank customers, net of allowance for credit losses of $21,053 and $17,542 as of December 31, 2025 and 2024, respectively 55,700 31,961
Prepaid expenses and other assets 154,567 242,707
Property, equipment, and internal-use software, net 198,352 188,363
Operating lease right-of-use assets 1,053 10,823
Deferred expenses 789 1,242
Net deferred tax assets 92,188 124,405
Goodwill and intangible assets 374,401 397,941
Total assets 5,985,236 5,434,282
Current liabilities:    
Accounts payable 114,714 103,765
Deposits 4,416,294 4,010,520
Obligations to customers 284,978 236,616
Settlement obligations 52,916 48,482
Amounts due to card issuing banks for overdrawn accounts 0 84
Other accrued liabilities 153,752 87,675
Operating lease liabilities 325 2,416
Deferred revenue 4,224 6,279
Income tax payable 2,366 6,648
Total current liabilities 5,029,569 4,502,485
Other accrued liabilities 282 1,045
Operating lease liabilities 1,599 8,641
Notes payable 63,541 48,526
Total liabilities 5,094,991 4,560,697
Commitments and contingencies (Note 21)
Stockholders’ equity:    
Class A common stock, $0.001 par value; 100,000 shares authorized as of December 31, 2025 and 2024; 55,565 and 54,227 shares issued and outstanding as of December 31, 2025 and 2024, respectively 56 55
Additional paid-in capital 427,477 408,010
Retained earnings 644,736 743,602
Accumulated other comprehensive loss (182,024) (278,082)
Total stockholders’ equity 890,245 873,585
Total liabilities and stockholders’ equity $ 5,985,236 $ 5,434,282