Baanx Group

What Baanx Group does

Baanx Group (legal entity Baanx.com Ltd) is a UK-based, FCA-registered (Registration No. 927401) B2B fintech infrastructure provider founded in 2018 that enables self-custodial crypto spending for end users via white-label and embedded partnerships with crypto wallets, DeFi platforms, and exchanges. Its proprietary "OpenFi" technology stack supports non-custodial, on-chain payment products — most notably real-time stablecoin-to-fiat conversion (USDC, USDT, WETH) at the point of sale via smart contracts — and its card-issuing infrastructure operates on the Visa, Mastercard, and Discover networks through sponsor-bank relationships. The company is the embedded card-issuing and processing layer behind flagship partner products including MetaMask Card, Exodus Pay, 1inch Card, and Ledger Card.

Baanx monetizes primarily through transaction-based revenue streams: interchange fees captured when users spend on Baanx-powered cards, card-issuing and processing fees charged to fintech partners, and managed B2B infrastructure services covering issuing, processing, KYC (via Veriff), and regulatory compliance. Pricing is not publicly disclosed and is negotiated enterprise-style with each partner, consistent with its white-label go-to-market. The company sells exclusively to enterprises (crypto platforms, fintechs, payment networks) and has no direct consumer motion; end users are acquired through the partner brands' existing distribution. Geographic reach spans the UK, EU, the US (via Baanx US Corp.), and 17+ Latin American markets, with the MetaMask Card program alone covering more than 50 countries.

Baanx.com Ltd raised $20 million in Series A funding in March 2024 (Ledger, Tezos, Chiron, British Business Bank) and reported total disclosed funding above $30 million. In April 2026 the parent company W3C Corp defaulted on a $70 million secured loan, triggering UK receivership; on May 1, 2026, Exodus Movement, Inc. (NYSE:EXOD) acquired Baanx.com Ltd (with Monavate Holdings) for $76.3 million and Baanx US Corp. for up to $30 million, absorbing Baanx into a publicly traded payments-infrastructure operator.

Name

Baanx Group

Legal name

Baanx.com Ltd

Website

https://baanx.com

Company type

Private

Founded year

2018

Operating status

Acquired

Headcount range

51–100 employees

Short description

Baanx Group is a UK-based, FCA-registered B2B fintech that provides white-label, non-custodial crypto card-issuing and processing infrastructure on the Visa, Mastercard, and Discover networks to crypto platforms and fintechs including MetaMask, Exodus, 1inch, and Ledger. Acquired by Exodus Movement (NYSE:EXOD) in May 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Card Issuing and Processing Fees: Revenue generated from card issuing infrastructure services provided to fintech partners. Baanx operates as a program manager working with sponsor banks to enable crypto-native payment card issuance.
2. Interchange Revenue: Baanx captures interchange income when users spend using Baanx-powered crypto cards. The company brings end-to-end infrastructure in-house through its acquisitions to capture this revenue stream.
3. B2B Infrastructure Services: Revenue from providing card and payments infrastructure to fintech and crypto clients, including issuing, processing, and regulatory capabilities.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Baanx provides B2B crypto payment infrastructure including white-label card issuing on the Visa, Mastercard, and Discover networks, payment processing, and KYC/regulatory services for fintech and crypto clients. Its proprietary OpenFi technology enables non-custodial, on-chain transactions where users buy, spend, and borrow directly against digital assets, with real-time stablecoin-to-fiat conversion at point of sale. Baanx partners (MetaMask, Exodus, 1inch, Ledger) deliver branded crypto debit cards powered by this infrastructure.

Product overview

Baanx Group is a fintech company specializing in crypto payment infrastructure and digital banking solutions. The company operates a platform-plus-partner model, providing its OpenFi self-custody technology, Cryptodraft services, and crypto payment card infrastructure (integrated with Visa and Mastercard) to partner brands including MetaMask, Exodus, 1inch, and Ledger. Baanx functions as a B2B payments infrastructure provider offering card issuing, processing, and regulatory capabilities to fintech and crypto clients, enabling self-custodial payments at scale.

Differentiator

Problem solved

Functional benefit

Products and services

• OpenFi Proprietary technology platform enabling self-custody transactions that allow users to buy, spend, and borrow directly against digital assets, with real-time stablecoin-to-fiat conversion at point of sale. Licensed and integrated by crypto wallet, DeFi, and fintech partners to power their branded card and payment products.
• Crypto Card Issuing Infrastructure Full-stack white-label card issuing and processing service for fintech and crypto clients, enabling crypto-native card issuance via the Visa, Mastercard, and Discover networks with embedded KYC, regulatory, and stablecoin settlement capabilities. Delivered as embedded infrastructure to partners such as MetaMask, 1inch, Ledger, and Exodus.

Quantifiable outcome

• Crypto card transactions have grown 2.7-fold with no correlation to BTC price, signaling sector transition from speculative novelty to daily-use infrastructure.

Named customers4 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Ten partnerships are on record, tiered former, core, flagship and supporting.

• W3C CorpformerOthers · 1 May 2026W3C Corp was the parent company of Baanx and Monavate. The company defaulted on a $70 million secured loan, leading to UK receivership and subsequent acquisition by Exodus Movement. Total deal value was approximately $175 million for the W3C Corp group.
• MonavatecoreOthers · 24 November 2025Monavate Holdings Limited and Baanx.com Ltd were acquired together by Exodus Movement for $76.3 million from UK-appointed Receivers. Both companies provide card and payments infrastructure serving fintech and crypto clients, with issuing, processing, and regulatory capabilities. The acquisition enables Exodus to issue payment cards via Visa, Mastercard, and Discover networks across US, UK, and EU.
• MetaMaskflagshipStrategic or Co-development Partner · 1 August 2024MetaMask partnered with Baanx to launch the first self-custodial, non top-up debit card for MetaMask users. Card issuance handled by Baanx. The card supports USDC, USDT, WETH and Linea tokens. Expanded to 17 Latin American markets by June 2026, with global coverage past 50 countries.
• LedgercoreStrategic or Co-development Partner · 5 March 2024Ledger partnered with Baanx to operate Ledger card products, enabling users of Ledger hardware wallets to spend their crypto assets. Ledger was also an investor in Baanx's Series A funding round.
• VeriffsupportingTechnology or Integration · 25 January 2023Veriff partnered with Baanx to provide identity verification services protecting against fraud and money laundering. Veriff's AI-powered technology enables Baanx to verify users from more than 190 countries using over 11,200 government-issued IDs in 47 languages.
• VisacoreStrategic or Co-development PartnerVisa partnership enables Baanx-powered cards to operate on Visa's global payment network. Baanx is a Visa Partner with the company stating 'Baanx is helping make stablecoins an everyday utility, transforming how value moves around the world.' Visa's Global Head of Crypto provided a testimonial endorsement.
• MastercardcoreStrategic or Co-development PartnerMastercard Engage Partner relationship. Mastercard states 'As Mastercard Engage partner, we share a common goal with Baanx of propelling blockchain innovation forward and making the world of digital assets more accessible to people around the world.' Baanx-powered cards operate on Mastercard network.
• ExodusflagshipStrategic or Co-development PartnerExodus partnered with Baanx for crypto card services prior to acquiring Baanx US and Baanx.com Ltd in May 2026. Exodus CEO JP Richardson stated 'Exodus is thrilled to offer our customers a streamlined way to spend their crypto in the real world, all thanks to our partnership with Baanx.' The acquisition, valued at up to $30M for Baanx US and $76.3M for Baanx.com Ltd, was completed May 1, 2026.
• 1inchcoreStrategic or Co-development Partner1inch partnered with Baanx to launch the 1inch Card, bridging crypto and traditional finance. 1inch Co-Founder Sergej Kunz stated 'Baanx has been an invaluable partner in bringing the 1inch Card to life. Together, we've bridged crypto and traditional finance, creating an easy entry point for anyone to use crypto in everyday life.'
• CirclesupportingStrategic or Co-development PartnerCircle is listed as a partner on Baanx's website, indicating integration with USDC stablecoin for Baanx-powered payment cards and services.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wirex: Wirex issues crypto-backed debit cards (Visa/Mastercard) and provides payments infrastructure to consumers and partners — directly overlapping with Baanx's crypto card issuing and processing model.
• Alchemy Pay: Alchemy Pay provides crypto on/off-ramp and fiat-crypto payment gateway services to merchants and platforms — a directly comparable B2B crypto payments infrastructure play to Baanx.
• Rain: Rain is a crypto card issuer and on-ramp provider targeting B2B platforms and emerging markets — directly competitive with Baanx's white-label crypto card and payments infrastructure offering.
• Gnosis Pay: Gnosis Pay is a self-custodial crypto debit card using Gnosis Chain stablecoins — directly competing in the self-custodial crypto card niche that Baanx's OpenFi technology targets.
• BitPay: BitPay provides crypto payment processing, card issuing and B2B infrastructure for merchants accepting digital assets — overlapping with Baanx's crypto payments and card issuing services.
• Zero Hash: Zero Hash is a B2B crypto infrastructure platform offering custody, on/off-ramps and card issuing APIs to fintechs and platforms — directly comparable to Baanx's embedded card issuing/processing model.

Emerging players

• MoonPay: MoonPay is primarily an on/off-ramp provider and has been expanding into cards and payments infrastructure — emerging as a comparable B2B crypto payments infrastructure peer to Baanx.

Broad incumbents

• Marqeta: Marqeta is a large, established modern card-issuing platform with broader fintech focus — comparable as the incumbent BaaS / card processing layer against which Baanx's crypto-native issuing competes.
• Stripe (Bridge): Stripe acquired Bridge (stablecoin infrastructure) and is rolling out stablecoin-based payment products — a broad incumbent whose moves into crypto payments directly threaten Baanx's positioning as a crypto-native payments layer.
• Crypto.com: Crypto.com is a major crypto exchange and card issuer with broad consumer reach — comparable incumbent offering crypto cards and payments infrastructure overlapping Baanx's space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/baanxcom

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds4 records

Investors11 records

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

M&A

Investments

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

Frequently asked questions about Baanx Group