Open API card issuing and processing platform Marqeta is on the hunt for a CEO after founder Jason Gardner decided to make the move to executive chairman.

Gardner founded Marqeta in 2010, building it into a multi-billion dollar outfit disrupting the multi-trillion dollar card issuing market before taking the firm public last year.

A hunt is now underway for his replacement.

On a conference call discussing the company's second-quarter results, Gardner said: "I have led Marqeta from zero to one, and soon it will be time to pass the baton to the best person to lead it from one to infinity."

In his new role, he will concentrate on "the three areas I can contribute the most: our people, our products, and our customers".

Marqeta recorded quarterly net revenue of $187 million, a 53% rise on Q2 2021, with gross profit of $78%, a 66% year-on-year rise. GAAP net loss was $45 million, and adjusted Ebitda loss was $10 million.

Despite this, the firm has not been immune to the latest market turmoil afflicting tech stocks. Over the past nine months, Marqeta has suffered a near-two-thirds drop in its share price from its market peak of $17 billion, to stand at just $6 billion.

Says Gardner: "Marqeta’s platform continues to enable customers across many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth.

"Our second quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally."