Marqeta, Inc. - MQ STOCK NEWS

Marqeta has appointed Crystal Sumner as its new Chief Legal Officer, bringing over a decade of experience in legal and compliance roles. Sumner previously led legal and compliance functions at Blend and was involved in the company’s IPO in 2021. In her new role, she will oversee Marqeta's global legal and regulatory affairs, aiming to enhance the company's growth while ensuring operational efficiency. Sumner’s expertise in navigating complex regulations is expected to support Marqeta’s expansion in the financial services sector, aligning with its strategy to broaden platform capabilities.

Marqeta (NASDAQ: MQ) has completed its acquisition of Power Finance, Inc., a credit card program management platform. The all-cash deal, initially announced on January 30, 2023, aims to strengthen Marqeta’s credit capabilities and enhance its leadership in modern card issuance across various card types. Key personnel from Power Finance will enter into employment and retention agreements post-acquisition. Marqeta’s platform allows customers to create customized payment solutions, boosting flexibility and accessibility in card issuing technology.

Marqeta (NASDAQ: MQ) announced its agreement to acquire Power Finance, a credit card program management platform, in a transaction valued at $223 million. This acquisition aims to enhance Marqeta's credit capabilities and solidify its leadership in modern card issuing. Expected to close in Q1 2023, the deal includes a milestone payment of $52 million. Marqeta's incoming CEO, Simon Khalaf, emphasized the strong demand for innovative credit products and the synergy between the two platforms. Power's CEO, Randy Fernando, will lead Marqeta’s credit card platform post-acquisition, allowing for greater scalability in credit products.

Marqeta (NASDAQ: MQ) has appointed Simon Khalaf as its new Chief Executive Officer, effective January 31, 2023. Khalaf, who has been with the company since June 2022, will also participate on the Board of Directors. Jason Gardner, the company's founder, will transition to Executive Chairman. Khalaf aims to enhance Marqeta's reach in the embedded finance market through innovation. Additionally, Todd Pollak joins as Chief Revenue Officer following a tenure at Ancestry and over a decade at Google. The company will host a conference call on January 26, 2023 to discuss this leadership change.

Marqeta, Inc. (NASDAQ: MQ) announced a conference call scheduled for February 28, 2023, at 4:30 pm ET to discuss its fourth quarter and full year 2022 financial results. The call will be hosted by Jason Gardner, Founder and CEO, alongside Mike Milotich, CFO. A press release with financial results will be issued after market close on the same day. Marqeta's modern card issuing platform enables customers to create custom payment cards using open APIs, providing scalable, cloud-based infrastructure for launching and managing card programs globally. The company is headquartered in Oakland, California.

Marqeta, the modern card issuing platform, has launched a new web push provisioning product that allows companies to enable payments directly from mobile wallets without necessitating app downloads. This new capability aims to enhance user experience by reducing transaction friction, potentially increasing conversion rates. Notably, the product is currently in beta with general availability expected later in 2023. The global digital wallet market is poised for significant growth, with projections indicating a 60% increase in transaction values by 2026. Major brands, including Bread Financial, are partnering with Marqeta to leverage this technology.

Rakuten France has launched Club R Pay, an innovative integrated payment solution in partnership with Mastercard and Marqeta. This first-of-its-kind digital payment method enables Rakuten’s 12 million Club R loyalty members to make purchases across over 2,000 partner sites while earning rewards. With Club R Pay, users can enjoy a simplified payment process, enhanced security with single-use virtual cards, and an additional 5% discount on purchases. The initiative aims to boost purchasing power and reduce cart abandonment for partner brands.

Marqeta (NASDAQ: MQ) has announced its integration with Mastercard (NYSE: MA) to launch Track Instant Pay in the U.S., becoming the first processor to offer this service. This innovative solution allows customers to authorize supplier payments immediately upon invoice receipt, eliminating manual approval delays. By reducing costs associated with traditional payment methods, Marqeta aims to enhance cash flow management for businesses. The integration leverages machine learning and automation to improve payment efficiency and security, avoiding the need to share sensitive bank information.

Pelico, a factory operations SaaS platform, has raised $18M in funding led by 83North and Serena, aiming to enhance its technology and expand its team. The funding will support Pelico's goal to become the Operational Management System for modern factories amid rising complexity in supply chains. With prominent clients like Collins Aerospace and Safran, Pelico has demonstrated its impact by reducing logistical cycle times by 50% and parts shortages by 72%. The company plans to open 50 new positions in France and the US over the next 18 months.