Marqeta Acquires Power Finance, Names Todd Pollak as CRO, Simon Khalaf as CEO
Marqeta, a leading global modern card issuing platform, has announced a series of executive changes and its first acquisition. The company will acquire Power Finance, a cloud-native credit card program management platform, for $275 million in an all-cash deal. The acquisition, expected to close in the first quarter, will strengthen Marqeta's platform with best-in-class technology. Additionally, Todd Pollak, a former Google executive and Ancestry's chief commercial officer, will join Marqeta as chief revenue officer alongside Simon Khalaf, who will become CEO on January 31.
Simon Khalaf, the incoming CEO, previously led the launch of Marqeta for Banking, a portfolio of seven banking products, in October. This move follows the transition of Jason Gardner to the role of executive chairman. Khalaf has held the CEO position four times in his 30-plus year tech career, most notably at mobile app analytics platform Fluffy, which was acquired by Yahoo in 2014.
Todd Pollak, who will become Marqeta's chief revenue officer, brings extensive experience from his role as chief commercial officer at Ancestry and his tenure at Google. The acquisition of Power Finance, led by CEO Randy Fernando, will see Fernando join Marqeta to lead product management of the company's credit card platform. A portion of the acquisition price, roughly $52 million, is subject to an unspecified milestone within the next 12 months.
The acquisition of Power Finance and the appointment of Todd Pollak as chief revenue officer, alongside Simon Khalaf's promotion to CEO, signal Marqeta's commitment to growth and strengthening its platform. The company continues to see ongoing interest from both new and existing customers since the launch of Marqeta for Banking.
Read also:
- Germany's Social Workers in High Demand Despite Salary Disparities
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
