Monavate

What Monavate does

Monavate is a UK-headquartered, regulated payments infrastructure platform that enables fintechs, Web3 wallets, and B2B businesses to issue cards, move money, and settle transactions globally through a single API and back-office console. Founded in 2020 in Cambridge and built on the MonavateOne orchestration layer, the company combines Electronic Money Institution licensing from the FCA (UK) and Bank of Lithuania (EEA, covering 30 markets) with principal membership in Visa, Mastercard, and Discover — a combination that supports BIN sponsorship, programme-as-a-service, card issuance and processing, multi-currency accounts, FX, and stablecoin (USDC/EURC) settlement. Its 6.3M+ issued cards and $13.5B+ in processed payments span 40+ active programmes across 50+ (and up to 150+) countries, with named customers including Zilch, HyperJar, hi.health, Baanx, Gnosis Pay, MetaMask, OKX, MiniPay, MoonPay, Conferma, ShipMoney, and Stables, and partnerships with Sumsub, Featurespace, and CYJAX for compliance and fraud.

The company earns revenue as a sponsor and programme manager, collecting interchange on issuer-side schemes, programme management fees per active programme, transaction and processing fees on card spend, FX margins on multi-currency conversion, and revenue share on stablecoin settlement and crypto-to-fiat point-of-sale flows — a take-rate model whose economics scale with cardholder growth on each programme. Growth has been fast and program-led: Deloitte Tech Fast 50 ranked Monavate at #23 with 1,314% three-year revenue growth, and 2025–2026 marquee launches include the OKX Card (Europe/UK), the MetaMask Card, the MoonAgents Card (with MoonPay, for AI agents), the Sumsub KYC integration, and the combination with W3C Corp/Baanx to consolidate Web3 issuance.

In May 2026 Monavate was acquired by Exodus Movement, Inc. (NYSE: EXOD) in a transaction ultimately valued at approximately $76.3M — integrating regulated issuing and stablecoin rails into a public self-custody wallet company. Management is led by CEO Michael Rolph, with Co-Founder Scott Lucas, CTO Mat Peck, COO Elizabeth Agricole-Barnes, CFO Lee Johnstone, CCO Craig Ramsay, GC David Nyamatore, and CMO Kurt Schröder rounding out the senior team; the broader company is described as an 11–50 employee infrastructure business (with conflicting 50–200 / 200–1,000 employee ranges appearing in third-party material).

Name

Monavate

Legal name

Monavate Limited

Website

https://monavate.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Monavate is a UK-regulated payments infrastructure platform enabling fintechs, Web3 firms, and B2B businesses to issue, move, and settle money globally. A principal member of Visa, Mastercard, and Discover with FCA and Bank of Lithuania authorization, it offers card issuing, BIN sponsorship, multi-currency accounts, and stablecoin settlement.

Ownership category

akta.pro rank

Product category

Payments Infrastructure

NAICS

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

SIC

Finance Services (6199)

akta.pro primary industry

Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Card-Based Cross-Border Payments & FX Settlement (FSAMAIAD)

Keywords

• Card issuing infrastructure
• BIN sponsorship services
• Payment programme management
• Stablecoin settlement rails
• Multi-currency accounts

Headquarters

HQ city

Duxford

HQ country

United Kingdom

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

Revenue model

1. BIN Sponsorship & Programme Management Fees: Monavate acts as principal scheme member and BIN sponsor for card programmes, charging fees for programme setup, BIN sponsorship, and ongoing programme management. The company offers both direct integration (for mature clients with own licences) and managed/co-branded programme models (for early-stage clients where Monavate acts as programme manager), suggesting a combination of setup fees and recurring programme management revenue.
2. Card Issuing & Processing Revenue: Revenue generated from physical and virtual card issuance, transaction processing through card networks (Visa, Mastercard, Discover), and authorisation services. The company processes over £6.5 billion in payments and has issued over 6.3 million cards, with transaction fees forming a core part of revenue.
3. Cross-Border Settlement & FX: Multi-currency accounts and cross-border settlement corridors generate revenue through FX conversion spreads and settlement fees on international transactions across the company's 50+ live countries.
4. Stablecoin Settlement: Settlement in USDC and EURC alongside fiat currencies for Web3 clients, providing a differentiated revenue stream from digital asset-native businesses using on-chain rails for faster, cheaper cross-border corridors.
5. Compliance & KYC Services: Embedded KYC/AML compliance frameworks and Sumsub integration provided within the regulated perimeter, generating revenue as part of the overall programme management service rather than as a standalone line item.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Monavate provides regulated card issuing, BIN sponsorship across Visa, Mastercard, and Discover, multi-currency accounts and virtual IBANs, cross-border settlement and FX, and stablecoin settlement in USDC and EURC, all delivered through its proprietary MonavateOne platform within a single regulated perimeter (FCA in the UK and Bank of Lithuania in the EU). The company offers both Direct Integration (API-first access for mature clients) and Managed & Co-Branded Programmes (where Monavate acts as programme manager for early-stage or growing organisations).

Product overview

Monavate is a single, fully regulated global payments platform that enables ambitious companies to issue, move, and settle money globally at scale. The offering operates as a unified platform-plus-modules architecture built on the proprietary MonavateOne platform. The core portfolio includes card issuing (physical and virtual), BIN sponsorship (principal membership with Visa, Mastercard, and Discover), multi-currency accounts, virtual IBANs, cross-border settlement and FX, KYC/AML compliance frameworks, fraud prevention, reporting and insights, and stablecoin settlement (USDC and EURC). The platform manages the full payment lifecycle—value entry (fiat and digital asset on-ramps, virtual IBANs), movement (digital asset rails, cross-border corridors, card networks), and exit (scheme-backed card programs, wallet integrations including Apple Pay, Google Pay, Samsung Pay)—within one regulated perimeter. In 2025, Monavate integrated Baanx (acquired by parent company Exodus Movement) to strengthen its Web3 and crypto card issuing capabilities, enabling real-time on-chain transactions and stablecoin settlements. The platform is API-first, allowing modular engagement from direct integration to fully managed co-branded programs.

Differentiator

Problem solved

Functional benefit

Brands

• MonavateOne: Monavate's proprietary full-service program management and payments processing platform.

Products and services

• MonavateOne Platform Proprietary cloud-based, API-first platform that manages the full lifecycle of payments (entry, movement, exit) for fintechs, Web3 platforms, embedded finance providers, and B2B operators, all within a single regulated perimeter (FCA in UK and Bank of Lithuania in EU).
• Card Issuing (Physical & Virtual) Physical and virtual card issuing capabilities enabling businesses to issue branded cards under all three major card schemes for neobanks, prepaid solutions, and crypto-backed spending programmes, with configurable spending controls, real-time authorisation, and dynamic card-to-jar linking.
• BIN Sponsorship In-house BIN sponsorship under Monavate's principal membership with Visa, Mastercard, and Discover, removing licensing roadblocks and providing direct access to scheme partnerships to launch branded cards faster.
• Multi-Currency Accounts Multi-currency account management supporting USD, EUR, GBP, and emerging market currencies for seamless international growth and cross-border payment operations.
• Virtual IBANs Virtual IBAN solutions in GBP, EUR, USD, and emerging market currencies enabling efficient payment routing and simplifying cross-border transactions for fintech operations.
• Cross-Border Settlement & FX Cross-border settlement corridors with FX conversion across GBP, EUR, USD, and emerging market currencies enabling real-time funding and reconciliation for international operations across 50+ countries.
• Sumsub KYC/AML Compliance Integration Natively integrated KYC/AML compliance capabilities powered by Sumsub within the MonavateOne platform; supports 220+ countries with biometric liveness checks, PEP/sanctions screening, adverse media checking, and ongoing monitoring via API-driven onboarding.
• Stablecoin Settlement (USDC & EURC) Settlement capabilities supporting USDC and EURC stablecoins alongside traditional fiat currencies, enabling Web3 businesses to settle natively on-chain without conversion to fiat; includes real-time crypto-to-fiat conversion at point of sale.
• Digital Wallet Tokenization (Apple Pay, Google Pay, Samsung Pay) Wallet tokenization enabling cardholders to pay with cards issued on the MonavateOne platform via Apple Pay, Google Pay, and Samsung Pay.
• Managed & Co-Branded Programme Service Fully managed programme engagement model under which Monavate acts as programme manager within its regulated perimeter for early-stage or growing organisations, handling compliance, scheme connectivity, and processing so clients can launch card programmes without their own licences.
• Direct Integration (API Access to Regulated Payments Stack) Full API access to Monavate's regulated payments stack for mature fintechs, Web3 platforms, and established B2B operators, enabling these clients to integrate MonavateOne directly into their own platforms under multi-year contracts.

Quantifiable outcome

• Over 6.3 million cards issued across Monavate-powered programmes globally
• +6 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability1 record

Feature11 records

Partnerships

16 partnerships are on record, tiered major, core, flagship and minor.

• MiniPay (Opera)majorTechnology or Integration · 23 June 2026Monavate issues the MiniPay Visa debit card for Opera's self-custodial stablecoin wallet built on the Celo blockchain, enabling users across Europe, Africa, Latin America, and Southeast Asia to spend stablecoins at 175+ million merchant locations worldwide.
• MoonPaymajorStrategic or Co-development Partner · 1 May 2026Expanded partnership to issue the MoonAgents Card, a virtual Mastercard debit card enabling AI agents to spend stablecoins directly from on-chain wallets. Monavate provides regulated card issuing infrastructure on the Mastercard network as part of the broader card issuance agreement with Exodus Movement.
• MetaMask (Consensys)coreStrategic or Co-development Partner · 27 February 2026Monavate provides the card issuing infrastructure for MetaMask's Mastercard-backed self-custodial crypto payment card, enabling on-chain stablecoin-to-fiat conversion at point of sale across 49 US states (expanded from UK/EU pilots). Card offers up to 3% cashback in mUSD tokens.
• OKXmajorTechnology or Integration · 28 January 2026Monavate powers the OKX stablecoin payment card across the European Economic Area under the EU's MiCA regulatory framework. Card enables spending USDC and Payless Global Dollar at Mastercard merchants with automatic euro conversion, no transaction fees, and Apple Pay/Google Pay integration.
• Exodus MovementflagshipStrategic or Co-development Partner · 24 November 2025Exodus Movement, Inc. (NYSE: EXOD) acquired Monavate Holdings Limited and Baanx from W3C Corp's receivers for approximately $76.3 million (reduced from an originally planned $175 million deal). The acquisition closed on May 1, 2026. Monavate now operates as part of Exodus Movement's payments infrastructure, enabling Exodus Pay to own regulated card issuing and processing rails across Visa, Mastercard, and Discover networks in the US, UK, and EU.
• SumsubcoreTechnology or Integration · 16 April 2025Full-cycle identity verification and anti-fraud partner. Sumsub's KYC, document verification, biometric liveness checks, PEPs/sanctions screening, and adverse media checking are natively integrated within MonavateOne's API-driven onboarding flow. Covers 220+ countries and territories. Reduces onboarding time from 3 days to 45 minutes. Live across UK and EEA.
• VisacoreTechnology or IntegrationPrincipal member of Visa card scheme providing direct BIN sponsorship and scheme connectivity. Monavate issues Visa-branded cards and processes transactions through the Visa network, enabling clients to launch card programmes under Monavate's regulatory perimeter without independent Visa membership.
• MastercardcoreTechnology or IntegrationPrincipal member of Mastercard providing direct BIN sponsorship, scheme connectivity, and co-marketing through Mastercard's Crypto Partner Program. Monavate issues Mastercard-branded cards and has partnered on multiple world-first crypto payment milestones including the MetaMask card and Gnosis Pay.
• DiscovercoreTechnology or IntegrationPrincipal member of Discover Global Network providing direct BIN sponsorship and scheme connectivity for card issuing across the Discover network alongside Visa and Mastercard.
• Gnosis PaycoreStrategic or Co-development PartnerMonavate provided BIN sponsorship enabling Gnosis Pay to issue the world's first decentralised payment card linked to blockchain wallets, accepted globally at traditional card-accepting merchants. Monavate delivered regulatory compliance, cloud-based processing, and the MonavateOne platform for streamlined operations.
• Cross River BankcoreTechnology or IntegrationCard issuing bank partner for MetaMask's US debit card programme. Cross River Bank issues the physical and virtual cards while Monavate provides the infrastructure layer and scheme connectivity on the Mastercard network.
• FeaturespacemajorTechnology or IntegrationAward-winning fraud prevention and risk management partner integrated into Monavate's infrastructure for Baanx's crypto and blockchain services, providing advanced fraud detection to protect customer assets and build trust in the crypto ecosystem.
• CYJAXmajorTechnology or IntegrationMonavate partners with CYJAX to power next-generation payment fraud protection across its platform, enhancing security capabilities for programme managers using Monavate's infrastructure.
• ConfermaminorChannel Partner/ Reseller/ DistributorMonavate added to Conferma's issuer network, unlocking global multi-currency virtual cards for travel payments. The partnership expands global payment reach, improves reconciliation, and supports low-cost carrier acceptance for travel sector clients.
• Diners Club InternationalminorGTM or Marketing PartnerMonavate partnered with Diners Club International at the 2025 Pro-Am Classic, celebrating partnership in travel payments. Monavate's B2B travel platform continues to enable seamless experiences across the UK, Europe, and beyond.
• BaanxcoreTechnology or IntegrationBaanx (now integrated into Monavate following the Exodus acquisition) was a modular banking-as-a-service platform bridging traditional banking and DeFi. Prior to the acquisition, Baanx operated as part of W3C Corp and was a key client of Monavate's infrastructure, using MonavateOne for BIN sponsorship, programme management, IBAN issuance, and crypto-to-fiat conversion. Baanx's acquisition by Exodus was completed alongside Monavate for $76.3 million on May 1, 2026.

Scale indicators14 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Revolut: Revolut offers multi-currency accounts, card issuing, crypto trading and cross-border payments through a single regulated platform, comparable to Monavate's full-lifecycle regulated perimeter vision. Both operate under e-money authorisation (Revolut via Bank of Lithuania too), targeting both consumer and B2B use cases, though Revolut is far larger and consumer-direct.
• Wise (formerly TransferWise): Wise operates multi-currency accounts and cross-border payment corridors serving both consumers and businesses, with deep FX and IBAN infrastructure. It overlaps with Monavate's multi-currency accounts and cross-border settlement offering but at much larger scale and with a more consumer-direct distribution model rather than B2B2B programme management.
• Galileo Financial Technologies (SoFi): Galileo, owned by SoFi, is a broader payments processing and card issuing platform serving banks, fintechs and corporates with debit, credit and prepaid programmes. Compared with Monavate, Galileo operates at greater scale across more programme types but lacks the same depth in Web3/stablecoin-native settlement rails.
• Nium: Nium is a global cross-border payments and card issuing platform offering multi-currency accounts, virtual cards and embedded payments APIs. It shares with Monavate the B2B go-to-market, programme management model and global settlement corridors, though Nium has a deeper traditional fintech/remittance footprint and less Web3/stablecoin emphasis.

Direct peers

• Wirex: Wirex is a crypto-friendly card issuing platform enabling users to spend Bitcoin, stablecoins and other digital assets at traditional merchants through Visa-branded cards. It competes directly with Monavate's Web3 customer programmes (MetaMask, OKX) on stablecoin-to-fiat spending at point of sale, though Wirex is more consumer-direct whereas Monavate serves as the B2B infrastructure provider.
• Marqeta: Marqeta is a card-issuing and processing platform whose core business — providing API-driven card issuing, BIN sponsorship and programme management for fintechs and digital banks — directly overlaps with Monavate's regulated programme management offering. Both target B2B fintechs and embedded finance platforms with tokenisation, real-time authorisation and scheme connectivity.
• Stripe Issuing: Stripe Issuing is Stripe's API-first card issuing product (also powering Coinbase Card), providing physical/virtual card creation and programme controls — directly comparable to Monavate's MonavateOne direct-integration model for fintechs, neobanks and crypto platforms seeking scheme-sponsored cards.

Emerging players

• Unit: Unit is an embedded banking-as-a-service platform offering business accounts, debit cards, lending and payments APIs to fintechs. It overlaps with Monavate on the multi-currency account, card issuing and embedded finance fronts, but is more consumer/business-deposit-focused and less entrenched in Web3/crypto settlement.
• Highnote: Highnote is a card issuing and embedded payments platform that powers debit, credit and commercial card programmes for fintechs and brands. It competes with Monavate's direct-integration model for B2B programme managers, with similar depth in physical/virtual card issuance and tokenisation but with a different go-to-market emphasis on credit-led programmes.
• BVNK: BVNK is a stablecoin and cross-border payments platform enabling businesses to send, receive and settle in both fiat and stablecoins (USDC, EURC). It overlaps with Monavate's Web3 and cross-border settlement capabilities but focuses more on the treasury and payment orchestration layer rather than direct card issuance.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/monavate
• Xx.com/Monavate_News

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors

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 Monavate