Marqeta Appoints Patti Kangwankij as CFO to Drive Growth and Profitability
Dive Brief:
Marqeta, a leading card issuing platform, has announced the appointment of Patti Kangwankij as its next CFO, effective February 9. The company aims to enhance profitability and drive growth with this strategic move, according to a press release and securities filing.
In September, Marqeta initiated a search for a new finance chief after Mike Milotich, the previous CFO, assumed the role of CEO. Kangwankij, with her expertise in the payments space and financial leadership, is expected to play a crucial role in executing the company’s strategy and enabling customer innovation in card issuing.
Dive Insight:
Kangwankij brings a wealth of experience to Marqeta, having served as CFO at Roofstock, a real estate technology company. Prior to that, she held key positions at leading organizations such as Stripe and JPMorgan, where she spearheaded financial operations and strategy.
As part of her compensation package, Kangwankij will receive a competitive salary, bonus incentives, and stock awards, totaling significant monetary value. Her appointment comes at a pivotal moment for Marqeta, as the company focuses on growth initiatives and expanding its platform.
Marqeta has been making strategic moves to drive growth, including targeting expansion in Europe and strengthening partnerships with industry leaders like Visa and Klarna. The company’s recent financial performance, including positive revenue growth and reduced net loss, indicates a strong trajectory for future success.
Overall, Kangwankij’s appointment as CFO underscores Marqeta’s commitment to driving innovation and profitability in the competitive commercial credit card space.
