Dive Brief:

• Card issuing platform Marqeta appointed Stripe alum Patti Kangwankij to the role of CFO, effective Feb. 9, with the goal of aiding the business by enhancing profitability and driving growth, according to a Wednesday press release and securities filing.  
• The appointment comes several months after the Oakland, California-based company announced it was beginning a search for a new CFO in September, following the appointment of finance chief Mike Milotich as its CEO, according to a press release at the time. Milotich has held the dual position of CFO and CEO since assuming the top executive seat on an interim basis last February. The appointment was made permanent in September.   
• Kangwankij’s expertise in the payments space and financial leadership will be a “critical asset as we continue to execute our strategy, scale our platform, and enable customer innovation in card issuing,” Milotich said in a statement included in the Wednesday release. “Patti is the right leader to guide our finance organization and help accelerate our momentum and capture the significant opportunities ahead.”

Dive Insight:

Kangwankij will be joining the payments firm from Roofstock, a real estate technology business backed by venture firms including Softbank, Invesco and Bain Capital Ventures where she has served as CFO for about a year, according to her LinkedIn profile.

She logged a four-year span at Stripe in such roles as head of payments finance and strategy, as well as serving 14 years at JPMorgan, where she served in senior leadership positions that included managing director and CFO, merchant services and managing director and CFO, co-branded credit card business.

In association with the CFO appointment, Kangwankij is set to receive an annual base salary of $475,000, and will be eligible for a target bonus opportunity up to 75% of her base salary, according to the filing with the Securities and Exchange Commission. She is also eligible to receive a one-time discretionary sign-on bonus of $250,000, contingent on her being employed by Marqeta for at least a year.

Kangwankij will also receive a restricted stock unit award with an approximate value of nearly $6 million, set to vest over a three-year period, and will be granted performance stock units with an estimated value of $2.5 million.

The Stripe veteran is joining Marqeta at a “pivotal moment,” she said in a statement included in the Wednesday release. The company has taken several steps to foster continued growth over the past year amid stiff competition in the commercial credit card space, with analysts pointing to improving profitability and platform expansion as top priorities for Milotich — a Visa alum — when he stepped in as interim CEO last February, CFO Dive sister publication Payments Dive previously reported.

Among other moves, the business has honed its focus on embedded finance — tools which integrate payment options into other digital functions — and targeted expansion in key areas such as Europe. In February, the company announced it would be acquiring European money transfer business TransactPay for about $47 million, Payments Dive reported. Marqeta closed that acquisition in August, according to a company release.

Marqeta announced in November an expanded team-up with card network Visa and payment platform Klarna to help support the launch of Klarna’s debit card product in Europe.  

Milotich highlighted the company’s efforts during its earnings report for its most recent quarter ended Sept. 30, pointing to positive jumps in revenue, net processing volume and gross profit for the quarter, according to a press release. Marqeta reported $115 million in gross profit for its third quarter of 2025 — a 27% jump year-over-year, according to the Nov. 5 release. Its net loss also dropped by 87% YoY to approximately $4 million, compared to $28 million in the prior year period.

Marqeta did not immediately respond to requests for comment.