US card issuing platform Marqeta has enhanced its presence in the UK and Europe by acquiring TransactPay. In a separate development, Marqeta’s CEO Simon Khalaf has departed, with current CFO Mike Milotich stepping in as interim CEO.
Marqeta states that the TransactPay acquisition—details of which have not been disclosed—allows the company to gain a BIN Sponsorship provider that holds an E-Money Institution (EMI) license. This licensing enables the issuance of e-money and the provision of payment services across the UK and European Economic Area.
In the UK and EU, an EMI license is essential for firms to issue and manage electronic money, which includes functionalities like digital wallets and prepaid cards. It also covers payment services such as online transactions, money transfers, virtual cards, and the electronic storage of customer funds.
TransactPay, founded in 2012, is currently operational in 25 countries, supporting 16 currencies, and is a principal member of both Mastercard and Visa.
Marcin Glogowski, SVP, MD, and UK CEO of Marqeta, remarked, “The TransactPay acquisition enables Marqeta to make it even smoother for our customers to grow rapidly while keeping product innovation and compliance at the forefront of their strategy.”
In relation to the leadership change, Simon Khalaf has stepped down from his role as CEO and director after two years. CFO Milotich will serve as interim CEO while the company searches for a permanent replacement. Judson Linville, independent chair of the Marqeta Board, stated, “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.”