What Treezor does

Treezor is a French-regulated Banking-as-a-Service provider that enables companies to embed white-label payment and account services through a modular, API-first platform. Incorporated as SAS TREEZOR in Paris and authorized as an Electronic Money Institution by the ACPR — the first French EME licensed for all payment services — Treezor holds passporting rights across 25 European countries. Its technology stack consists of a proprietary cloud-native platform covering core banking/account management (local and virtual IBANs, e-money, payment accounts), card issuing (physical, virtual, single-use, Multi-criteria Dynamic Card, External Card Authorization, X-Pay digital wallets for Apple Pay, Google Pay, Samsung Pay), card acquiring and check processing, SEPA payments (instant, credit, direct debit), KYC/KYB verification (including PVID-certified video, QES, and KYC Liveness through Ubble), and credit. The platform is exposed via REST and SOAP APIs with a public developer portal (docs.treezor.com) and complemented by TRZ Connect, an embedded finance marketplace. AI/ML capabilities are concentrated in AML and fraud surveillance, delivered through a partnership with SAS deployed on SAS Viya.

The company monetizes via a hybrid subscription-and-transaction-fee model priced on a quote basis for multi-year enterprise contracts, with revenue streams spanning BaaS platform fees, card issuing, KYC/KYB verification, SEPA processing, and account management. Distribution combines direct enterprise sales, an agent and distributor network operating under Treezor's regulatory license, and technology partnerships — most notably Mastercard as preferred partner for card issuing. Treezor serves approximately 150 clients including high-profile European neobanks and fintechs such as Qonto, Lydia, Swile, Shine, Coinhouse, Pixpay, Betterway, Cashbee, and Veracash, spanning B2B and B2B2C use cases in employee benefits, mobility, savings, cryptocurrency, teen banking, and precious metals payments. With 250+ employees of 20 nationalities, 8M+ payment cards issued, and €130Bn in processed transactions, Treezor operates as a wholly-owned subsidiary of Société Générale and, as of January 2026, is in exclusive negotiations to be acquired by Shares.

Name

Treezor

Legal name

SAS Treezor

Website

https://treezor.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Treezor is a French-regulated Banking-as-a-Service provider that enables European fintechs, neobanks, and regulated institutions to embed white-label payments, accounts, card issuing, and KYC via an API-first platform licensed across 25 European countries.

Ownership category

akta.pro rank

Product category

Banking-as-a-Service / Embedded Finance Platform

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Services-Management Services (8741)

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Banking-as-a-Service (BaaS) Neobanks / Neobank Enablers (FSABAFAL), Embedded Card Issuing & Card-as-a-Service (FSAGALAC), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

Keywords

• Banking-as-a-service platform
• Embedded finance solutions
• Payment processing services
• Card issuing infrastructure
• KYC compliance solutions

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Banking-as-a-Service Platform Fees: Treezor generates revenue through providing its BaaS platform to businesses, offering technology, licensing, and operations as a comprehensive white-label solution. Companies pay for access to the modular platform covering the full payment chain from acquiring to issuing.
2. Card Issuing Services: Revenue from card program management including physical and virtual card issuance, X-Pay digital wallet integration, and card-related features like Multi-Criteria Dynamic Card and External Authorization.
3. KYC/KYB Verification Services: Revenue generated from identity verification and compliance services including standard KYC, KYC Liveness, certified video (PVID), and Qualified Electronic Signature (QES) solutions.
4. SEPA Payment Processing: Fees from SEPA payment services including instant transfers, credit transfers, and direct debits across European markets.
5. Account Management Services: Revenue from providing core banking accounts, local IBANs, virtual IBANs, electronic money accounts, and payment accounts with associated management tools.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Treezor provides a regulated, white-label Banking-as-a-Service (BaaS) platform enabling businesses to launch and operate financial products (accounts, cards, payments, KYC, credit) via REST and SOAP APIs. Its modular offering is delivered through four tiers (BaaS, PaaS, CaaS, SaaS) plus the TRZ Connect embedded-finance marketplace, operating under a French Electronic Money Institution license with passporting across 25 European countries.

Product overview

Treezor is a European Banking-as-a-Service (BaaS) provider offering a modular platform-plus-modules architecture. The core offerings are organized around four product tiers: Banking-as-a-Service (the all-in-one solution with technology, licensing, and operations), Platform-as-a-Service (Core Banking Platform for already-licensed institutions), Card-as-a-Service (launch card programs), and Software-as-a-Service (management interfaces). These are delivered via a proprietary REST and SOAP API, supplemented by TRZ Connect (an embedded finance 'marketplace' combining Treezor's own services with partner offerings). The service portfolio spans core banking/account management (local and virtual IBANs, electronic money and payment accounts), card issuing (physical, virtual, single-use, dynamic MDC, ECA, X-Pay/Samsung Pay), payment acquiring (card collection, check processing), SEPA payments (instant, credit, direct debit), KYC/KYB verification (standard, PVID-certified video liveness, QES, video conference), and credit. Industry-specific use cases include employee benefits cards, corporate mobility pass, student mobility, and precious metals payment. All services are white-label and API-first, allowing clients to embed individual or bundled services into their own applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Treezor Banking-as-a-Service (BaaS) End-to-end managed BaaS solution combining account management, card issuing, payment acquiring, SEPA payments, KYC/KYB, credit, and AML surveillance for fintechs and corporates that want a turnkey white-label banking product under their own brand.
• Treezor Platform-as-a-Service (PaaS) Modular platform tier that allows clients to leverage Treezor's regulated banking infrastructure, APIs, and compliance backbone while retaining control over their own customer-facing experience and operations.
• Treezor Card-as-a-Service (CaaS) Dedicated card issuance and program management tier, offering PCI-DSS compliant infrastructure with multi-criteria dynamic cards (MDC), External Card Authorization (ECA), and white-label debit/credit card programs for clients in partnership with Mastercard.
• Treezor Software-as-a-Service (SaaS) Software-only tier providing clients with access to Treezor's core banking, compliance, and orchestration software components to integrate into their own infrastructure, typically used by banks and regulated institutions needing modular components rather than a full managed service.
• TRZ Connect Embedded finance marketplace connecting Treezor's regulated banking infrastructure with technology partners and distribution channels, enabling clients to access value-added services and integrations beyond the core platform.
• Treezor API (REST & SOAP) Developer-facing REST and SOAP APIs exposing Treezor's regulated banking, card issuing, payment processing, KYC/KYB, AML, and core banking capabilities for integration by client applications and platforms.

Quantifiable outcome

• 8M+ payment cards issued through the platform
• +5 more outcomes

Named customers11 records

Segments11 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability5 records

Feature14 records

Partnerships

14 partnerships are on record, tiered core and supporting.

• SAScoreTechnology or Integration · 23 January 2025Treezor became the first BaaS player to partner with SAS, deploying SAS Anti-Money Laundering solution. The AI-based platform provides integrated alert and case management, risk-prioritized alerts, and network analysis capabilities across a single audit-trailed platform powered by SAS Viya. This partnership enhanced Treezor's AML/CFT and fraud surveillance capabilities.
• MastercardcoreTechnology or Integration · 8 November 2022Mastercard is Treezor's preferred technology partner for card issuing. The partnership was expanded in November 2022 to include a strategic investment by Mastercard into Treezor. Mastercard serves as the card network technology provider enabling Treezor's physical and virtual card programs, X-Pay digital wallets, and international card acceptance across the globe.
• UbblesupportingTechnology or IntegrationUbble is Treezor's partner for certified video identity verification (PVID - Vidéo certifiée). Ubble was the first remote identity verification provider to obtain the ANSSI Security Visa in France. Treezor integrates Ubble's certified video technology into its KYC Liveness solution for identity verification.
• BetterwaycoreOEM/ Whitelabel/ Licensing PartnerBetterway leverages Treezor's regulated payment infrastructure to power its universal Mobility Pass for corporate employees. Treezor provides physical and virtual cards (Apple Pay, Google Pay compatible), dedicated IBANs, and KYC/AML compliance. Betterway serves 300+ corporate clients with 150,000+ beneficiaries across 18,000+ mobility merchants in France.
• ShinecoreOEM/ Whitelabel/ Licensing PartnerShine (acquired by Société Générale in 2020) uses Treezor's full BaaS infrastructure including core banking, card issuing, and regulatory management. Treezor supported Shine in obtaining its own ACPR Payment Institution authorization in 2021. Treezor remains Shine's main technology partner and card issuer.
• CoinhousecoreOEM/ Whitelabel/ Licensing PartnerCoinhouse operates euro payment accounts powered by Treezor with dedicated French IBANs for its cryptocurrency investment platform. Treezor provides the regulatory-compliant infrastructure enabling fiat-to-crypto transactions with over 130,000 accounts created. Treezor also deployed SAS Viya transaction monitoring for enhanced fraud detection.
• QontocoreOEM/ Whitelabel/ Licensing PartnerQonto uses Treezor's BaaS infrastructure for its SME-focused neo-account and payment services platform, one of the leading B2B payment solutions in France.
• SwilecoreOEM/ Whitelabel/ Licensing PartnerSwile, the digital employee benefits leader, uses Treezor's payment infrastructure for its employee benefit cards and financial services platform.
• LydiacoreOEM/ Whitelabel/ Licensing PartnerLydia uses Treezor's payment account infrastructure for virtual card issuance, XPay solutions, and IBAN issuing across 6 European countries, achieving 1st XPay offer in France.
• CashbeecoreOEM/ Whitelabel/ Licensing PartnerCashbee uses Treezor's payment account infrastructure for its savings application, enabling SEPA transfers (incoming and outgoing), KYC management, and account opening. Cashbee is ACPR-approved as a Payment Institution.
• VeracashsupportingOEM/ Whitelabel/ Licensing PartnerVeracash uses Treezor's infrastructure to enable precious metals (gold, silver, diamond) as payment methods via Mastercard cards backed by physically stored metals. Treezor provides KYC/KYB, IBANs, SEPA payments, and card issuing across 20+ countries.
• PixpaysupportingOEM/ Whitelabel/ Licensing PartnerPixpay uses Treezor's card issuing platform to provide teen banking with payment cards and parental control features. Treezor enables hyper-personalization of cards (e-One) and supports deployment across France, Spain, and Italy.
• HomepaysupportingOEM/ Whitelabel/ Licensing PartnerHomepay and Treezor partnered to revolutionize payments in the Italian real estate sector, providing payment solutions for property-related transactions.
• WITHLESSsupportingChannel Partner/ Reseller/ DistributorWITHLESS is Treezor's first partner on the Italian market, supporting Treezor's innovation in Italy as a local market entry partner.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Thought Machine: UK-based cloud-native core banking technology provider offering Vault, a modern core banking platform used by Tier-1 and Tier-2 banks. Comparable in providing next-generation core banking infrastructure to regulated institutions, overlapping with Treezor's PaaS offering.
• Banked: UK-based embedded payments infrastructure provider offering account-to-account payments and financial data connectivity. Adjacent peer competing for the same European fintech customers seeking embedded payment and account services.

Direct peers

• Unit: US-based BaaS platform providing embedded banking, payments, and card issuing via a single API. Directly comparable business model and product suite (accounts, cards, lending, KYC), with growing European footprint competing for the same fintech customer segments.
• Swan: Paris-based BaaS platform offering embedded banking accounts, cards, and payments via API. A direct French/European peer with comparable customer segments (fintechs, SMEs) and similar EME-licensed, API-first architecture.
• Galileo Financial Technologies: Salt Lake City-based BaaS platform (owned by SoFi) providing payment processing, card issuing, and core banking infrastructure via API. Closely comparable in product scope (issuing, acquiring, core banking, KYC) and customer base of fintechs and digital banks.
• Solaris: Berlin-based Banking-as-a-Service platform providing licensed banking, payments, and card infrastructure across Europe. Directly comparable as a European EME/BaaS player serving fintechs and corporates with embedded finance APIs, now owned by BBVA.

Broad incumbents

• Marqeta: Public US card-issuing platform providing single-API card processing at scale. Comparable in card issuing and program management but a broader, larger incumbent focused primarily on physical/virtual card processing rather than full embedded finance.
• Adyen: Amsterdam-based global payments platform offering unified acquiring, processing, and issuing for enterprise merchants. Comparable as a pan-European regulated payments incumbent with growing embedded finance and card issuing capabilities competing for enterprise wallet share.
• ClearBank: UK-based clearing bank and embedded banking infrastructure provider serving fintechs with accounts, payments, and bureau services. Comparable as a regulated, API-first BaaS-adjacent infrastructure provider in the European market.
• Stripe: Global payments and embedded finance incumbent (Stripe Issuing, Stripe Treasury). Comparable as a broad BaaS-adjacent player with stronger brand and capital base, increasingly competing for the same European embedded finance wallet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/treezorbanking
• LinkedInlinkedin.com/company/treezor

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

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 Treezor