US card issuing platform Marqeta has strengthened its position in the UK and Europe through a deal to buy TransactPay. Separately, Marqeta CEO Simon Khalaf has left the firm and been replaced by current CFO Mike Milotich on an interim basis.
Marqeta says the TransactPay deal - terms of which were not disclosed - provides it with a BIN Sponsorship provider that is licensed as an E-Money Institution (EMI) to issue e-money and undertake payment services in the UK and European Economic Area.
In the UK and EU, an EMI license is required for companies to issue and manage electronic money, including digital wallets and prepaid cards, to provide payment services such as online transactions, money transfers, virtual cards, and the ability to store customer funds electronically.
Founded in 2012, TransactPay, operating under its EMI licenses, is currently live in 25 countries, supporting 16 currencies, and is a principal member of Mastercard and Visa.
Marcin Glogowski, SVP, MD, Europe and UK CEO, Marqeta, says: “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.”
Meanwhile, Simon Khalaf has stepped down as CEO and a director after two years in the hot seat at Marqeta. CFO Milotich takes over on an interim basis while the company conducts a search process for a full-time replacement.
“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.