Marqeta Welcomes New CEO, Expands into Banking with Strategic Hires and Acquisition
Marqeta, a leading global modern card issuing platform, has announced significant changes in its leadership and expansion into banking services. Simon Khalaf will take over as CEO on January 31, 2023, following the launch of Marqeta for Banking in October 2022.
Under Khalaf's leadership, Marqeta introduced a portfolio of seven banking products. The acquisition, valued at $52 million with a $74 million earn-out over two years, subject to certain conditions, marks a strategic move into the US banking sector. Khalaf, who joined Marqeta in 2021, has been instrumental in driving the company's growth and innovation.
Todd Pollak, a former Google executive, will join Marqeta as chief revenue officer, bringing his extensive experience in driving revenue growth. Meanwhile, outgoing CEO Jason Gardner will transition to the role of executive chairman, ensuring a smooth leadership transition. Additionally, Randy Fernando, CEO of Power Finance, will join Marqeta to lead product management of the company's US bank card platform.
Marqeta's expansion into US banking services and strategic hires signal the company's commitment to growth and innovation. With Khalaf at the helm and a strong leadership team in place, Marqeta is well-positioned to capitalize on the opportunities in the US banking sector. The acquisition of Power Finance, a cloud-native US bank card program management platform, further strengthens Marqeta's offerings and is expected to close in the first quarter.
