- Marqeta acquires European EMI TransactPay to enhance its card program management in the UK and Europe.
- CEO Simon Khalaf steps down, with CFO Mike Milotich assuming the interim CEO role.
What happened: Marqeta strengthens European presence with TransactPay acquisition
US-based card issuing platform Marqeta has announced its acquisition of TransactPay, a European e-money institution (EMI) that specializes in BIN sponsorship and digital payment solutions. The terms of the deal were not disclosed.
Founded in 2012, TransactPay provides financial services to fintech companies and non-bank businesses across 25 countries in the UK and the European Economic Area. The company facilitates payment card issuance, virtual accounts, online transactions, and cross-border money transfers. It is regulated by both the Gibraltar Financial Services Commission and the Malta Financial Services Authority.
According to TransactPay CEO Aaron Carpenter, the acquisition will allow the company to scale its BIN sponsorship and digital wallet business even further. Marqeta, headquartered in Oakland, California, expects the transaction to significantly enhance its card program management capabilities, particularly as it expands its embedded finance solutions.
Alongside the acquisition news, Marqeta announced a significant leadership change. CEO Simon Khalaf has stepped down, with CFO Mike Milotich taking over as interim CEO while maintaining his financial leadership role. Marqeta has initiated a search for a permanent CEO to guide the company’s next phase of growth.
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Why it’s important
Marqeta’s acquisition of TransactPay highlights the growing demand for embedded finance and digital payments across Europe. With regulatory approval and operational reach in multiple jurisdictions, this move positions Marqeta to better serve fintechs and non-bank financial services.
Additionally, the leadership transition indicates a strategic shift aimed at ensuring continued growth and operational stability. The embedded finance market is projected to expand rapidly, and with this acquisition, Marqeta is making a strong play for dominance in digital card issuance and payments innovation.
