The card-issuing fintech has installed its long-serving finance chief at the helm as it pursues profitable growth following pricing resets and a push into Europe.
Marqeta has appointed Mike Milotich as chief executive officer and a director, effective immediately, ending a seven-month search that began when he took on the role on an interim basis in February.
Milotich, who has been chief financial officer since 2022, will remain CFO until a successor is named, the company said. Board chair Judson Linville praised Milotich’s role in “strengthening operations and financial foundation.”
Milotich succeeds Simon Khalaf, who stepped down as CEO after two years in the role on February 24; Marqeta did not give a reason at the time but a Form 8-K confirmed the transition. Khalaf has since joined the board at Tyrian.ai, a China-based fintech company builds AI agent systems for large organisations.
A finance operator by training, Milotich has overseen FP&A, corporate development and investor relations at Marqeta since 2022, after senior roles at Visa – where he ran corporate finance and IR – as well as PayPal and American Express. The board called out his customer relationships and “steady hand” during the interim period, attributes likely to be tested as Marqeta navigates renewals and integrates European operations.
Growth, profitability and the Block reset
In Q2 2025, Marqueta’s total processing volume rose 29% year on year and gross profit grew 31%, with management flagging improved profitability. Guidance pointed to mid-teens growth and double-digit adjusted EBITDA margins for the year.
That uptick follows a tougher 2024, when reported net revenue fell 25%, largely due to the Cash App (Block) contract renewal that reduced pricing and changed revenue presentation, underlining Marqeta’s exposure to a key customer even as the relationship was extended through 2027.
Management has also indicated that a couple of pending customer renewals could trim growth rates modestly, reinforcing the case for disciplined execution under a CFO-turned-CEO.
What the predecessor achieved
During Khalaf’s tenure (appointed January 2023), Marqeta leaned into embedded finance and credit, including its first acquisition – Power Finance – for $275 million, to accelerate its credit platform. He later set the stage for the TransactPay deal to strengthen European programme management.
His departure was presented as a straightforward step-down with a standard separation agreement. Milotich’s elevation formalises a strategy to protect margins while broadening beyond a single flagship client and scaling in Europe.
