What NAKA does

NAKA is a blockchain-native payment infrastructure company headquartered in Ljubljana, Slovenia, founded in 2017 by Dejan Roljic and operating as part of the Tether Group. The company builds a programmable stablecoin settlement stack that bridges self-custody of digital assets with traditional EMV-compatible card acceptance, including the NAKA Card and NAKA+ Card (issued in association with the Visa Payment Network). Its modular platform encompasses a self-custodial wallet (NAKA Pay App), card-issuing infrastructure for partner programs, internal stablecoin settlement rails (NAKA Rail), Crypto QR Payments, NAKA POS Terminals, a Closed-Loop Retail System, and Web3 value-added services (yield, staking, tokenized loyalty, lending protocols). The company has raised approximately $46.4M across four funding rounds through 2022, with Tether as the lead investor in its most recent round.

NAKA's technology architecture is centered on keeping digital assets on-chain until the point of payment, integrating KYC/AML and transaction-monitoring infrastructure (Chainalysis, Crystal, RAALS, SumSub) at the core, and supporting USDT settlement on Polygon (and Ethereum for QR payments), plus BTC via the Lightning Network. The platform is certified to ISO/IEC 27001:2022, ISO 9001:2015, ISO 22301:2019, PCI DSS, and EMV standards, and holds regulatory registrations in Switzerland (SRO PolyReg) and El Salvador (Bitcoin License). NAKA currently operates through three regional entities (Slovenia, Switzerland, El Salvador) and maintains a presence in three "Bitcoin Cities" (Lugano, San Salvador, Ljubljana).

The company monetizes through subscription-based per-user pricing for partner card programs, transaction and FX fees on its settlement rails, and optional Web3 value-added services. Its go-to-market is primarily enterprise partner sales targeting fintech firms, retail chains, payment program operators, and closed-loop ecosystems (universities, gyms, resorts, campus networks), supplemented by consumer self-serve through the NAKA Pay App on iOS and Android. Named management includes Founder & CEO Dejan Roljic, Chief Growth Officer Anita Erker, and Regional Leader LATAM Miha Culiberg, alongside a broader executive bench covering security, product, legal, sales, and operations.

Name

NAKA

Legal name

NAKA GLOBAL, finančne tehnologije, d.o.o. (NAKA GLOBAL, financial technologies, Ltd.)

Website

https://naka.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

NAKA is a blockchain-native payment infrastructure company, part of the Tether Group, that provides self-custodial EMV-compatible payment cards, stablecoin settlement rails, and modular card-issuing programs for enterprise partners, fintechs, and closed-loop retail ecosystems across Europe and Latin America.

Ownership category

akta.pro rank

Product category

Blockchain Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Credit Derivatives & Structured Credit (On-Chain / Off-Chain) (FSADAFAL)

akta.pro secondary industries

Crypto Merchant Acquirers & PSPs (Payment Service Providers) (FSADAIAB), POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI), Crypto Payment Gateways & Checkout APIs (FSADAIAA)

Keywords

• Blockchain payment infrastructure
• Stablecoin settlement
• Self-custodial payment cards
• Crypto payment processing
• Digital asset payments

Headquarters

HQ city

Ljubljana

HQ country

Slovenia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Payment Card Programs: NAKA provides processing, acquiring rails, and stablecoin-fueled settlements for partner payment programs. Partners concentrate on delivering value to users while NAKA handles card management, compliance, and banking requirements.
2. Subscription Economics: Predictable per-user pricing replaces per-transaction volatility. Partners pay subscription fees for card programs, making every card profitable through predictable recurring revenue.
3. Settlement and Processing Fees: NAKA handles settlement engine operations with instant, final settlement across internal and external networks. Fees apply for network transactions and currency conversion.
4. Web3 Value-Added Services: Optional yield, staking, and tokenized loyalty modules generate additional revenue streams for partners. Partners unlock new revenue with minimal integration through these value-added services.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

NAKA provides a stablecoin-native payment infrastructure stack combining blockchain-based USDT settlement rails with EMV-compatible payment cards. The platform offers self-custodial wallets, virtual payment cards (NAKA Card and NAKA+ Card), POS terminals, and APIs that enable partners to launch co-branded or comprehensive payment card programs and accept both fiat and crypto payments with instant 24/7 settlement.

Product overview

NAKA is a stablecoin-native financial infrastructure platform providing programmable payment and settlement solutions. The product portfolio centers on the NAKA Pay App (self-custodial wallet), NAKA Card and NAKA+ Card (EMV-compatible crypto payment cards), and modular infrastructure services including Payment Card Programs, Stablecoin Network Design, Accepting Payments, Web3 Staking & Loans, Closed-Loop Retail System, Crypto QR Payments, NAKA POS Terminals, and NAKA Rail. The platform bridges digital assets with everyday commerce through blockchain-based settlement rails and global card acceptance, operating as part of the Tether Group. NAKA offers both custodial and self-custodial models with programmable stablecoin settlement (USDT on Polygon, Tron, and Ethereum networks) and BTC support via Lightning Network.

Differentiator

Problem solved

Functional benefit

Brands

• NAKA Card: Self-custodial payment card that links to user wallets and can be read by any POS terminal worldwide. Supports USDt on Polygon blockchain.
• NAKA+ Card
• NAKA Pay App

Products and services

• NAKA Pay App

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core.

• VisacoreTechnology or Integration · 20 October 2023NAKA+ Card operates in association with Visa Payment Network, providing global acceptance at millions of merchants worldwide. Visa rail enables out-of-loop spending while NAKA rail handles in-loop transactions.
• SumSubcoreTechnology or IntegrationThird-party identity verification service provider. SumSub handles KYC verification for NAKA Pay App users before they can access Crypto QR Payments. Part of NAKA's AML/CTF compliance infrastructure.
• ChainalysiscoreTechnology or IntegrationSoftware for analyzing crypto-asset transactions. Used for AML/CTF compliance and transaction monitoring within NAKA's compliance layer.
• Crystal (Crystal Intelligence)coreTechnology or IntegrationCrypto transaction analysis software used for blockchain intelligence and AML compliance within NAKA's transaction monitoring systems.
• RAALScoreTechnology or IntegrationSoftware for monitoring customer business activities. Part of NAKA's AML/CTF compliance toolkit for financial monitoring and reporting.
• Plan B ForumcoreStrategic or Co-development PartnerIndustry conference in Lugano, Switzerland where NAKA launched its groundbreaking blockchain-based payment system and EMV-compatible NAKA card. CEO Dejan Roljic performed first-ever NAKA card transaction during closing speech.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Crypto.com: Crypto.com operates a global crypto card program (Visa) plus an exchange and on-chain payment services. As a much larger and broader crypto platform, it competes with NAKA on cards and payments while offering a much wider portfolio.
• Circle: Circle is the issuer of USDC and operates payments and treasury infrastructure for businesses. It is a broader incumbent in stablecoin-based settlement, the same category NAKA's Stablecoin Network Design module targets.
• Coinbase: Coinbase issues the Coinbase Card (Visa) and operates Base and USDC rails. It competes with NAKA on crypto card issuance and stablecoin-based commerce at significantly larger scale.
• Binance: Binance offers the Binance Visa Card and Binance Pay for crypto payments globally. As the largest crypto exchange, it is an indirect but dominant incumbent on the same crypto card and payments value chain.
• Ripple: Ripple provides cross-border payments and stablecoin (RLUSD) infrastructure for financial institutions. It addresses the same enterprise settlement and remittance use cases NAKA targets with programmable USDT rails.
• PayPal (PYUSD / Crypto): PayPal's stablecoin (PYUSD) and crypto checkout features position it as a mainstream incumbent in stablecoin-based payments. It competes with NAKA for merchant crypto acceptance at far greater scale and brand recognition.

Direct peers

• BitPay: BitPay is a long-standing crypto payment processor and card provider (BitPay Card) integrated with NAKA's Crypto QR Payments. It competes head-on with NAKA on merchant acquiring and card issuance.
• Wirex: Wirex issues crypto-backed payment cards with multi-currency wallets and a payments network (WPay). It directly competes with NAKA Card and NAKA+ Card on the self-custodial / hybrid crypto card proposition targeting both consumers and partners.
• Paxos: Paxos issues regulated stablecoins (USDP, PYUSD) and provides crypto brokerage, settlement, and payments infrastructure for enterprises — directly comparable to NAKA's stablecoin settlement rails and enterprise payment infrastructure positioning.
• Alchemy Pay: Alchemy Pay is a crypto payment gateway that enables merchants to accept crypto and fiat via POS and APIs. It overlaps directly with NAKA's Accepting Payments, Crypto QR Payments, and NAKA POS Terminals modules.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors5 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 NAKA