Marqeta acquires European EMI TransactPay, names new interim CEO as Simon Khalaf departs
US-based card issuing platform Marqeta has signed an agreement to acquire European e-money institution (EMI) TransactPay for an undisclosed sum.
Marqeta to acquire TransactPay, names new interim CEO
Founded in 2012, TransactPay provides BIN sponsorship and digital payment services to fintechs and other non-bank businesses in the UK and European Economic Area, enabling companies to issue payment cards and virtual account services and facilitate online transactions and money transfers.
The company is authorised by the Gibraltar Financial Services Commission and Malta Financial Services Authority and currently operates throughout 25 counties, supporting 16 different currencies.
Aaron Carpenter, CEO of TransactPay, says the acquisition by Marqeta will enable his company “to scale our existing BIN sponsorship and digital wallet business even further”.
Marqeta, which is headquartered in Oakland, California, says it expects the transaction to “significantly strengthen” its card programme management capabilities in the UK and Europe.
Leadership transition
Marqeta also announced a leadership transition this week, with Mike Milotich being named as interim CEO. He succeeds Simon Khalaf, who has stepped down as CEO and company director.
Milotich assumes the post with immediate effect and will carry out the role alongside his current duties as CFO.
The company adds it has “initiated a comprehensive search process” to find its next permanent CEO.
“As we embark on a new fiscal year and look to position Marqeta for a new chapter of growth and value creation, Simon and the board have agreed that now is the right time to transition leadership,” says Judson Linville, independent chair of the Marqeta board.
Speaking on his departure, Khalaf says it has “been a privilege to serve as Marqeta’s CEO”, adding: “I have worked closely with Mike over the past two years and I firmly believe in his leadership of the company as it expands into the embedded finance market.”
