Marqeta Seeks New CEO, Founder Looks to New Role

Marqeta will begin a search for a new chief executive as it kicks off a growth phase, the founder and current CEO of the card issuing platform said Wednesday (Aug. 10).

“I have led Marqeta from 0 to 1, and soon it will be time to pass the baton to the best person to lead it from 1 to infinity,” Jason Gardner said on a conference call discussing the company’s second-quarter earnings.

Once the new CEO is named, Gardner said he will become executive chairman, devoting his time to “the three areas I can contribute the most: our people, our products, and our customers.”

See also: Partnerships, Credit Platform Expansion Help Drive Marqeta’s TPV up 53% in Q2

As PYMNTS reported Wednesday, Marqeta saw a 53% increase in revenue during the quarter, with a total processing volume (TPV) of $40 billion and net revenue of $187 million for Q2 2022, both of which represented a 53% increase year-over-year. Spending via Block accounted for 69% of the company’s net revenue, up from 66% during the first quarter.

Looking ahead, Gardner said the company wants to focus on “increasing our global platform’s resiliency, reliability, and scalability.”

Read more: Western Union Signals Grand Neobank Ambitions With Marqeta Pact

He mentioned Marqueta’s recent partnership with Western Union, which lets funds held by Western Union’s digital banking customers be available through a physical or virtual debit card.

In addition, Marqeta is also focused on expanding its credit capabilities, said Mike Milotich, the company’s chief financial officer.

This quarter saw the company undertake a major expansion to its credit platform, including more than 40 credit APIs, which will help customers design, test and launch cards.

Milotich also said Marqeta is looking to expand its Banking-as-a-Service style capabilities.

“We’re just finding more and more of our customers and potential customers have some aspect of neo-bank-like aspirations in their business, where they’re taking deposits of multiple forms and then want to offer their customers flexibility to use those in different ways,” he said.