Global card issuer Marqeta has confirmed it will acquire e-money firm TransactPay after finalising an agreement.
The acquisition further bolsters Marqeta’s card programme management capabilities across the UK and Europe, with TransactPay being an Electronic Money Institute (EMI) licence holder.
TransactPay specialises in BIN sponsorship and offers its e-money solutions to the markets it is active in, such as the UK and the wider European Economic Area (EEA). The firm brings its digital wallets, prepaid cards, online transactions, money transfers and virtual cards.
“We’ve built our business on being a trusted partner to the leading payment providers in the world, including Marqeta,” said Aaron Carpenter, CEO of TransactPay.
“Becoming a part of the Marqeta Group will enable us to scale our existing BIN Sponsorship and digital wallet business even further whilst enabling their industry-leading customers to offer card products with digital payment offerings without patching together multiple partners.”
Once the TransactPay acquisition is finalised, Marqeta customers will be able to take advantage of full card program management capabilities in the UK and EU, without added complexity associated with engaging with multiple partners.
The integrated offering will include dedicated customer and production support and strategic bank, network and regulatory relationships, ensuring card programs that can scale throughout the region.
Marcin Glogowski, SVP Managing Director, Europe and UK CEO of Marqeta, said: “Marqeta’s business has seen tremendous growth in Europe, and we’re excited to bring the strength and talent of TransactPay within Marqeta as we build on TransactPay’s success to date and further accelerate our offerings for customers globally.
“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.”
The TransactPay acquisition is not the only high-profile news coming out of Marqeta. Mike Milotich will be stepping in as CEO on an interim basis, succeeding Simon Khalaf who decided to step down from his post.
With Milotich assuming the role as Interim CEO with immediate effect, Marqeta confirmed it has “initiated a comprehensive search process” for its next CEO.
Khalah commented on his departure from Marqeta, stating: “It has been a privilege to serve as Marqeta’s CEO. 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.”
