Connor Allen

Connor Allen asked Patti Kangwankij about her decision to join Marqeta, highlighting her background in cards and payments. He also asked Mike Milotich about any shifts in the competitive environment, particularly regarding newer entrants competing for larger deals and new faces appearing in RFPs.

Answer

CFO Patti Kangwankij stated she was excited by Marqeta's status as a category creator, the team, 2025 growth, future opportunities, and the caliber of customers like DoorDash, Klarna, Uber, and Block, validating the platform's strength. CEO Mike Milotich noted no significant change in the competitive environment but observed a shift towards fewer, more substantial deals with established brands. These larger customers prioritize providers with substantial scale, experience, and a proven track record, which aligns with Marqeta's strengths.

Connor Allen inquired about CFO Patti Kangwankij's decision to join Marqeta, what stood out during her diligence, and any shifts in the competitive environment, particularly regarding newer entrants for larger deals.

Answer

CFO Patti Kangwankij highlighted her decade-plus experience in payments, Marqeta's category creator status, the strong team, impressive 2025 growth, and the caliber of its customers. CEO Mike Milotich stated the competitive environment is stable but deals are fewer, larger, and with more established brands, leading to competition with players who can handle significant scale, where Marqeta maintains agility advantages.