Marqeta names Patti Kangwankij as new finance chief

Card issuing company Marqeta has appointed Patti Kangwankij as its new Chief Financial Officer, filling a key leadership role following the elevation of former finance chief Mike Milotich to Chief Executive Officer last year.

Kangwankij will oversee Marqeta's global financial operations and report into Milotich. The move completes a reshaping of the company's top executive team as it seeks a sharper focus on profitable growth and wider use of its card issuing platform.

She joins from US-based real estate technology company Roofstock, where she has served as CFO. Her appointment follows a period of leadership transition at Marqeta, which named Milotich as CEO after his time as CFO.

Kangwankij brings more than two decades of finance experience across technology, banking and payments. Marqeta said she will take responsibility for areas including financial planning, reporting, capital allocation and engagement with investors.

Payments background

Before Roofstock, Kangwankij held senior roles at Stripe, the privately held payments company. She served there as Head of Payments Finance and Strategy during a period when Stripe expanded its product portfolio and geographic reach.

She previously spent nearly 15 years at JPMorgan Chase. She started in the investment bank and later became Managing Director and CFO for the Co-Branded Credit Card business. She also held the CFO role for Merchant Services, giving her experience that spans issuing and acquiring activities.

This background gives Marqeta a finance chief who has worked within both large incumbent banks and newer payments firms. It also adds further payments expertise to an executive bench that already includes veterans from the sector.

Milotich said the appointment underlines the company's focus on execution and scale. He currently holds both the CEO and CFO titles until the transition completes.

"We are thrilled to welcome Patti to the Marqeta team," said Mike Milotich, CEO and CFO of Marqeta. "She brings deep payments industry expertise, and her leadership will be a critical asset as we continue to execute our strategy, scale our platform, and enable customer innovation in card issuing. Patti is the right leader to guide our finance organization and help accelerate our momentum and capture the significant opportunities ahead."

Leadership transition

The change in finance leadership follows a year in which Marqeta has worked to sharpen its strategy under Milotich. He joined the company as CFO before moving into the chief executive role.

The company positions its platform as a way for businesses to issue cards and embed financial services into their own products. It said its systems processed nearly USD $300 billion in annual payments volume in 2024 and that it is certified to operate in more than 40 countries.

Marqeta has sought to grow across segments such as digital banking, buy now pay later, on-demand services and expense management. Its technology enables customers to design card products that link to real-time data and configurable rules.

The appointment of a CFO with experience across public markets, fast-growing private firms and large banks comes as investors continue to scrutinise the path to sustainable profitability for payments companies.

Strategic focus

Kangwankij will take charge of Marqeta's financial discipline as it pursues expansion with digital-native customers and established financial institutions. Her remit is expected to cover cost management, investment priorities and risk oversight, alongside financial reporting and controls.

Her work at Stripe focused on aligning finance with product and market strategy in a high-growth environment. At JPMorgan Chase she supported mature, large-scale payments businesses subject to banking regulation and complex partnership structures.

This combination is likely to be relevant as Marqeta seeks deeper relationships with both fintech firms and banks. It has promoted its ability to support embedded finance models in which non-bank companies integrate payment cards and other services into their offerings.

Marqeta continues to face competition from both established processors and newer issuing platforms. It operates in a market shaped by evolving regulation, pricing pressure and shifts in consumer spending patterns.

Kangwankij said she sees opportunity in the company's existing position with customers and partners.

"I'm honored to join Marqeta at such a pivotal moment," said Ms. Kangwankij. "The Company is well positioned for continued success, with a clear customer-centric approach and strong relationships across a growing customer and partner ecosystem. I'm excited by Marqeta's vision, technology foundation, and talented team, and I look forward to advancing our shared goals to drive sustainable growth and deliver long-term value for shareholders."