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OAKLAND - Marqeta Inc. (NASDAQ: NASDAQ:MQ), a global card issuing platform with a market capitalization of $1.77 billion, announced today that Mike Milotich has been named Interim Chief Executive Officer, effective immediately, while continuing his role as Chief Financial Officer. The appointment follows the departure of Simon Khalaf, who has stepped down from his CEO position and as a board member. According to InvestingPro analysis, this leadership transition comes as the company’s stock has experienced significant volatility, with shares down nearly 30% over the past six months.
The company’s board has initiated a search for a permanent CEO, engaging an executive search firm to assist in the process. Judson C. Linville, Independent (LON:IOG) Chair of Marqeta’s Board, expressed confidence in Milotich’s ability to lead during this transition, citing his extensive knowledge of the company’s operations and his experience in the payments industry as instrumental for Marqeta’s growth and profitability.
Milotich, who joined Marqeta as CFO in February 2022, has a background in corporate finance and investor relations, having previously held senior positions at Visa (NYSE:V), PayPal (NASDAQ:PYPL), and American Express (NYSE:AXP). He is a graduate of the University of California, Santa Barbara, and holds an MBA from New York University.
Under Milotich’s interim leadership, Marqeta aims to continue its strategic focus on innovation and profitable growth. Milotich underscored the company’s commitment to advancing its strategic initiatives and expressed confidence in delivering value to customers and shareholders in the evolving embedded finance market. InvestingPro data reveals the company maintains strong financial health with a current ratio of 3.66, indicating solid liquidity to support its growth initiatives.
Marqeta’s platform, which processed nearly $300 billion in annual payments volume in 2024, enables businesses to integrate financial services into their offerings, supporting everything from consumer loyalty programs to capital efficiency. The company operates in over 40 countries, maintaining an impressive gross profit margin of 68.75%. For deeper insights into Marqeta’s financial metrics and growth potential, investors can access comprehensive analysis through the InvestingPro platform, which offers exclusive ProTips and detailed research reports.
Linville thanked the outgoing CEO, Simon Khalaf, for his contributions and leadership, while Khalaf endorsed Milotich’s leadership capabilities for Marqeta’s future endeavors.
This executive transition comes at a time when Marqeta is positioning itself to capitalize on opportunities in the embedded finance market. The information disclosed is based on a press release statement from Marqeta, Inc.
In other recent news, Marqeta announced its acquisition of TransactPay, a European E-Money Institution and BIN Sponsor. This strategic move aims to enhance Marqeta’s presence in the UK and EU by strengthening its digital payments capabilities. TransactPay operates in 25 countries and supports 16 currencies, simplifying card program management for Marqeta’s customers in the region. The acquisition is expected to accelerate Marqeta’s global offerings and support customer innovation and compliance needs. Marcin Glogowski, SVP Managing Director of Marqeta, emphasized the growth opportunities this acquisition presents. Aaron Carpenter, CEO of TransactPay, noted the benefits of joining Marqeta, including scaling their BIN Sponsorship and digital wallet business. The transaction is subject to customary closing conditions, including regulatory approvals. Wilson Sonsini Goodrich & Rosati, P.C. served as legal counsel to Marqeta for this agreement. Marqeta continues to expand its global footprint, processing nearly $300 billion in annual payments volume in 2024.
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