Giesecke+Devrient

What Giesecke+Devrient does

Giesecke+Devrient (G+D) is a Munich-headquartered SecurityTech company, founded in 1852, that organises its business into three segments: Digital Security (SIM/eSIM, payment cards, IoT connectivity and mobile authentication), Financial Platforms (cloud-based banking and transaction-processing software such as Convego and Netset), and Currency Technology (banknote substrates, production systems, currency management and central-bank digital infrastructure). The technology stack spans secure semiconductor design, secure operating systems for tamper-resistant elements, software platforms for financial services, and physical banknote production and personalisation lines. G+D serves 145 central banks, more than 700 commercial banks, and over 85 US federal agencies, and employs more than 10,000 people across approximately 32 countries.

The company generates revenue through a mix of hardware unit sales (security chips, card bodies, banknote substrates), recurring platform fees from licensed software, multi-year service contracts for currency issuance and personalisation, and joint-venture income — most notably through Veridos, its government-identity partnership with Bundesdruckerei. FY2025 revenue reached €3.2 billion with adjusted EBIT of €211 million, against order intake of €3.6 billion (up 8% year-on-year). Customers typically procure through long-cycle tenders and framework agreements, which lock in multi-year visibility.

The business model is anchored by high-assurance certifications that function as regulatory moats, switching costs in mission-critical sovereign infrastructure, and a globally distributed delivery footprint that smaller security vendors cannot easily replicate. R&D is concentrated in secure silicon, secure operating systems and, increasingly, AI-driven fraud and authentication workloads housed in the recently announced Montreal AI Hub. Go-to-market is primarily direct and tender-driven, supplemented by JV partners and selected integrators.

Name

Giesecke+Devrient

Legal name

Giesecke+Devrient GmbH

Website

https://gi-de.com

Company type

Private

Founded year

1852

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Giesecke+Devrient is a Munich-based SecurityTech company serving central banks, commercial banks and government agencies with digital security, financial-platform and currency-technology solutions, generating €3.2 billion in FY2025 revenue across more than 10,000 employees.

Ownership category

akta.pro rank

Product category

Security Technology

NAICS

Security Systems Services (except Locksmiths) (561621), Software Publishers (51321)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Developer Tooling & SDKs for Payments (Gateway Tooling) (FSAMACAL)

Keywords

• Security technology solutions
• Payment card issuance
• Central bank currency technology
• Digital identity verification
• IoT connectivity management

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Digital Security Solutions: Revenue from IoT connectivity solutions (SIM, eSIM, iSIM, asset tracking), identity technology (enterprise security, product/brand protection, health solutions), and digital infrastructures (post-quantum cryptography). Addresses security needs for governments, public authorities, and enterprises worldwide.
2. Financial Platform Products and Services: Revenue from trusted software (digital payments/wallets, authentication, digital commerce, wearable payment, mobile ticketing), payment technology (smart cards, card issuance services, digital-first solutions). Serves 700+ commercial banks globally.
3. Currency Technology: Revenue from banknote solutions (design, security technology, production), currency management (cash cycle solutions, intelligent automation), and digital currency ecosystem (retail CBDC, wholesale CBDC, offline digital payment). Trusted partner of 145 central banks worldwide.
4. Professional Services and Integrations: Implementation, integration, and consulting services supporting product deployments across all segments, including system integration for government identity programs, CBDC pilots, and enterprise security deployments.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Giesecke+Devrient (G+D) is a global SecurityTech company that designs, manufactures and operates physical and digital security technologies across three segments: Currency Technology (banknote design/production, cash cycle solutions, CBDC infrastructure), Financial Platforms (payment card issuance, digital wallets, authentication, card-as-a-service) and Digital Security (eSIM/IoT connectivity, identity and credential management, post-quantum cryptography). It sells primarily to central banks, governments, commercial banks, mobile network operators, automotive manufacturers and enterprises, supported by 170+ years of heritage and a developer portal exposing Convego APIs.

Product overview

Giesecke+Devrient (G+D) is a SecurityTech company organized into three main segments: Digital Security, Financial Platforms, and Currency Technology. The product portfolio centers on the Convego suite including Convego Service Market (card issuance platform), Convego CloudPay (mobile wallet), Convego SecureCode (payment cards with dynamic CVV), and Convego AI Card Designer API. The IoT division offers IoTgo platform, Smart Labels, and Track-Solar for asset tracking. Identity solutions include Veridos (joint venture with Bundesdruckerei), SmartTrust, Sm@rtSIM, and AUTH-U passkey authentication. The company provides post-quantum cryptography solutions and a comprehensive Digital Currency Ecosystem including retail/wholesale CBDC and offline digital payment capabilities. Currency technology products include Compass banknote processing equipment, NotaMaster sorting machines, and security features like ColorFlip, RollingStar, and Filigram. Subsidiaries include G+D Netcetera (digital payments/identity software) and secunet (cybersecurity).

Differentiator

Problem solved

Functional benefit

Brands

• Convego: Payment card and financial platform solutions including Convego CloudPay, Convego Service Market, Convego Message Smart Interact
• Veridos
• G+D Louisenthal
• G+D Netcetera
• IoTgo
• SmartTrust
• secunet

Products and services

• Convego Service Market
• Convego CloudPay Turnkey mobile wallet solution that transforms mobile apps into fully functional digital wallets enabling Tap-and-Go payments on iOS and Android, supporting HCE and Secure Element implementations.
• validAIgent
• Convego SecureCode Payment Card Next-generation payment card featuring dynamic CVV technology that periodically changes its security code to combat card-not-present (CNP) fraud, evolving cards from payment instruments into authentication devices.
• IoTgo Connectivity Platform
• eSIM IoT Remote Manager Platform for managing eSIM profiles and connections across IoT devices, enabling over-the-air profile management and mobile network operator switching without hardware changes; supports GSMA SGP.32 standard and 5G connectivity.
• IoT Smart Label Location tracking device for IoT applications providing improved convenience and accuracy in asset and package tracking.
• IoTgo Track-Solar Solar-powered, maintenance-free telematics device for rail freight car tracking providing real-time location monitoring and IoT ecosystem connectivity. Deployed by DB Cargo following a tender process.
• SmartTrust
• AUTH-U
• Veridos Identity Solutions
• National Biometric ID System Comprehensive biometric identification system for national identity documents including ID cards, passports, permits, and residence cards compliant with EU legislation and ICAO standards; deployed for the Cyprus government with full implementation by August 2026.
• Post-Quantum Cryptography Solution
• Digital Currency Ecosystem
• Offline Digital Payment Solution
• NotaMaster Banknote Processing System
• NotaPack Banknote Packaging Solution
• CurrencyCycle Cash Management Solution
• RollingStar Banknote Security Thread
• ColorFlip Color-Shifting Security Feature
• Filigram Security Feature
• Convego Message Smart Interact

Quantifiable outcome

• Record order intake of €3.6 billion in FY2025, up 8% year-over-year
• +4 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability10 records

Feature7 records

Partnerships

19 partnerships are on record, tiered flagship, minor, core and strategic.

• Cyprus GovernmentflagshipStrategic or Co-development Partner · 19 June 2026Veridos (G+D/Bundesdruckerei joint venture) providing Cyprus with new national biometric identification system including identity cards, passports, permits, and residence cards compliant with EU legislation and ICAO standards. Full implementation by August 2026.
• GCC Computers LtdminorImplementation/ SI/ Consulting Partner · 19 June 2026Local technical support provider for Cyprus biometric ID document implementation, providing on-the-ground support for Veridos solution deployment.
• Mila (Quebec AI Institute)coreStrategic or Co-development Partner · 16 June 2026G+D established AI research lab at Mila in Montreal with $80M investment over 5 years. Collaboration aims to strengthen ties between AI research and industrial application, with first project focused on AI tools to detect eSIM anomalies. Part of broader Canada-Germany AI cooperation.
• DaoncoreStrategic or Co-development Partner · 27 May 2026Strategic partnership elevating identity security across industries. Companies advocating for multi-layered identity assurance combining cryptographic device binding, real-time device risk analysis, and continuous biometric verification for real-time payment fraud prevention.
• OraclecoreTechnology or Integration · 12 May 2026G+D (early adopter) leveraging Oracle AI Database@AWS service for data residency and sovereign deployment capabilities. Supports cloud-based security solutions with compliance requirements.
• Globalstar and TartabitcoreStrategic or Co-development Partner · 18 March 2026Collaborative multimode IoT connectivity platform unifying cellular and satellite networks. Won 2025 IoT Satellite Innovation Award. Enables enterprises to deploy IoT devices across terrestrial and non-terrestrial domains using one module, one SIM, one data flow.
• RiviancoreTechnology or Integration · 3 March 2026Partnership to equip Rivian R2 electric vehicle with GSMA SGP.32-enabled eSIM technology and 5G connectivity. R2 among first vehicles globally with SGP.32 technology enabling network operator switching without hardware changes.
• AT&TcoreTechnology or Integration · 3 March 2026AT&T serving as first mobile network operator in U.S. providing 5G connectivity for Rivian R2 in-vehicle services and OTA software updates, enabled by G+D's eSIM technology.
• XTec IncorporatedflagshipTechnology or Integration · 27 February 2026G+D acquired Miami-based XTec, the only FedRAMP High Impact authorized Identity and Credential Management ecosystem. XTec serves 85+ federal agencies with ~$53.5M trailing revenue. Integrated into Veridos for U.S. public sector expansion.
• Government of RwandastrategicStrategic or Co-development Partner · 2 December 2025Collaboration on CBDC pilot project starting 2026 with financial sector employees, expanding to public and traders. Project developed with Rwanda Finance Limited to improve cross-border transactions and foster financial innovation.
• German Government (EUDI Wallet)flagshipStrategic or Co-development Partner · 19 November 2025German government signed MoU with 75+ organizations including G+D to collaborate on EUDI Wallet launch in Germany and EU by 2027. G+D providing digital identity infrastructure.
• CBMT Working GroupstrategicStrategic or Co-development Partner · 18 November 2025G+D participating in CBMT Sandbox for tokenized bank money testing. Initiative aims to develop multi-issuer, multi-currency, multi-chain ecosystem for digitalized financial transactions.
• OMFIF (Digital Monetary Institute)strategicStrategic or Co-development Partner · 16 November 2025G+D co-hosting private roundtable with OMFIF exploring unified CBDC frameworks addressing wholesale and retail use cases while preserving monetary uniformity.
• European Central Bank (ECB)flagshipStrategic or Co-development Partner · 28 October 2025G+D led consortium with Nexi and Capgemini awarded ECB framework agreement to develop offline digital euro payment solution. First-ranked contractor position; solution enables privacy-resilient offline payments without internet connectivity.
• Nexi and CapgeminiflagshipStrategic or Co-development Partner · 28 October 2025Consortium partners in ECB framework agreement for offline digital euro development. G+D leads development while Nexi and Capgemini provide supporting capabilities for payment infrastructure.
• DB CargocoreTechnology or Integration · 25 July 2025DB Cargo adopted G+D's IoTgo Track-Solar rail tracking solution following tender process. Solar-powered, maintenance-free telematics device provides real-time location tracking for freight car optimization.
• AP+coreTechnology or Integration · 11 June 2025Partnership to integrate Click to Pay with eftpos and Least-Cost Routing, enabling improved payment options in Australia.
• GCT SemiconductorcoreTechnology or Integration · 22 May 2025Partnership to launch innovative eSIM solution for IoT devices using SGP.32 standard. Enables reliable and secure global IoT connectivity with multi-profile eSIM capabilities.
• Eczacıbaşı Yatırım Holding OrtaklığıcoreTechnology or Integration · 7 June 2023G+D acquiring remaining 50% of E-Kart Elektronik Kart Sistemleri for ~€4.5M, completing ownership consolidation under Giesecke+Devrient Mobile Security GmbH.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Visa: Visa's network, Click to Pay, and tokenization services overlap with G+D's Convego payment platform — both serve the same commercial bank and fintech customers.
• Mastercard: Mastercard is a broad incumbent in payment cards and increasingly in digital identity/credential services — competing with G+D for bank relationships and shaping card issuance specifications.
• NXP Semiconductors: NXP supplies secure elements and chips that compete with G+D's Sm@rtSIM/STARCOS-based smart card and eSIM offerings — both serve the same payment, identity, and IoT connectivity OEMs and MNOs.
• HID Global (Assa Abloy): HID Global is a broad incumbent in government identity, credentialing, and access management — competing with G+D/Veridos for national ID, ePassport, and secure credentialing programs globally.
• Infineon Technologies: Infineon is a leading supplier of secure elements and security controllers — competing with G+D's STARCOS and secure chip offerings for the same payment, identity, and IoT device manufacturers.

Others

• Bundesdruckerei: Bundesdruckerei is G+D's joint venture partner in Veridos but also operates independently in German government identity — making it both collaborator and partial competitor in European national ID programs.

Direct peers

• Thales Group: Thales' Digital Identity & Security (DIS) division directly competes with G+D in payment cards, identity documents, eSIMs, and government security — overlapping in central bank and commercial bank relationships across Europe and globally.
• IDEMIA: IDEMIA is a direct competitor in payment cards, eSIMs, biometric identity documents, and government identity programs — sharing many of the same central bank, government, and tier-1 bank customers as G+D.
• De La Rue: De La Rue is a direct peer in banknote production, security printing, and currency authentication — competing for the same central bank contracts as G+D's Currency Technology segment.
• Crane NXT: Crane NXT (formerly Crane Currency) competes directly in banknote security features and currency processing equipment, overlapping with G+D's NotaMaster/Compass and security feature (RollingStar, ColorFlip, Filigram) portfolios.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks2 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/gieseckeanddevrient

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Giesecke+Devrient