Marqeta, Inc. announced that Patti Kangwankij will assume the role of Chief Financial Officer effective February 9 2026, following the transition of former CFO Mike Milotich to the company’s CEO position.
Kangwankij brings more than two decades of finance experience in the technology and payments sectors. She previously led the finance and strategy functions at Stripe, served as CFO of Roofstock, and held senior roles at JPMorgan Chase, where she managed the Co‑Branded Credit Card and Merchant Services businesses. Her background in high‑growth payment environments aligns closely with Marqeta’s goal of scaling its card‑issuing platform while tightening financial discipline.
Marqeta’s recent financial performance underscores the urgency of the CFO appointment. In Q3 2025 the company reported a 33% year‑over‑year increase in total processing volume (TPV) to $98 billion and a 236% jump in adjusted EBITDA to $30 million. The company is targeting GAAP breakeven by the end of 2026, a milestone that requires disciplined capital allocation and cost management—areas where Kangwankij’s expertise will be critical.
Strategically, Marqeta is expanding its enterprise customer base, reducing concentration risk, and pursuing geographic growth in Europe, APAC, and Latin America. The acquisition of TransactPay has accelerated its international reach, while the company is developing credit‑issuing capabilities and a Banking‑as‑a‑Service (BaaS) offering to diversify revenue streams. Kangwankij’s experience in scaling finance operations will support these initiatives and help the company monetize new product lines.
Mike Milotich said the CFO appointment comes at a "pivotal moment" for Marqeta, emphasizing the need to focus on profitability as the platform scales. Kangwankij expressed excitement about joining the company and highlighted her commitment to driving financial discipline and capital efficiency to support Marqeta’s growth trajectory.
With Kangwankij at the helm of finance, Marqeta is positioned to strengthen its financial controls, optimize capital allocation, and accelerate progress toward GAAP breakeven. The appointment signals management’s confidence in the company’s ability to convert rapid TPV growth into sustainable profitability while expanding its global footprint and product portfolio.
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