Marqeta’s managing director is stepping down after 15 months with the card-issuing company.
“After an action packed, fun filled 15 months, fueled by amazing growth my time at Marqeta is coming to an end,” he wrote. “Despite my journey with Marqeta being relatively short I loved every minute.”
Parker wrote that his time with the company marked his introduction to the issuer processing/card payments world, where he discovered “that despite what some proponents would like us to believe the world of cards is going strong and some of the future innovation opportunities are huge.”
He said that the reason for his departure and what he plans to do next will be the subject of a future update.
Marqeta earlier this month released third quarter results that, as PYMNTS wrote, underlined the company’s momentum in buy now, pay later (BNPL) and accelerated wage access.
“We saw our business continue to build momentum, signing new embedded finance customers and expanding with our current customer base,” CEO Simon Khalaf said during an earnings call, adding that the company renewed the agreement for the Square debit card for five years, to run through June 2028.
In addition, the company extended its agreement with Cash App to run through June 2028, as well — cementing what he called a “baseline” of activity. Khalaf also noted that the company is “uniquely positioned” to help BNPL programs offer a consumer card.
“The rapid consumer adoption of several of our BNPL customers of ‘pay anywhere’ solutions, which deliver their BNPL value proposition on a card that can be used at any card accepting merchant on demand delivery growth accelerated this quarter,” CFO Mike Milotich added.
And last month Marqeta debuted a new credit card issuing platform that the company says provides a “one-stop shop” for rolling out consumer and commercial credit programs.
Khalaf says the platform is designed to help brands — who were already trying to reach customers via laptops and mobile devices — to “have the opportunity to be in their wallet, as the credit card becomes a new launchpad of the digital experience.”
“We believe this launch can help reimagine what a credit card can be, and show that beautifully designed, embedded credit cards can help innovative brands engage with customers in a whole new way,” Khalaf said.