What Papaya does

Papaya Ltd is a Malta-based Electronic Money Institution (EMI) regulated by the Malta Financial Services Authority (registration C55146) that provides B2B payment and embedded-finance infrastructure to fintech platforms, businesses offering financial services, and third-party providers. Founded in January 2012 and headquartered at 31 Sliema Road, Gzira, Malta, the company operates with a headcount of 11–50 employees and holds an EU-passportable Maltese EMI license covering e-money issuance, payment services, and PSD2 open-banking activities (AISP, PISP, PIISP).

Papaya's product stack is integrated and white-label-oriented: SEPA and international money transfers, IBAN account issuance, co-branded payment cards, automated KYC services, bonus/loyalty programs, and a PSD2 Open Banking API with sandbox and developer documentation. The architecture is built for partner integration rather than direct-to-consumer distribution — Papaya typically sits beneath partner brands, providing account, card, KYC, and open-banking rails via API. The most visible deployment is with Blackcat (formerly Blackcatcard), for whom Papaya powers a multi-wallet mobile app supporting EUR accounts, payment cards, crypto on/off-ramp flows, and IBANs.

The revenue model is a mix of transaction-based fees (e-money issuance, payment services), recurring subscription revenue (white-label platform access, Open Banking API access), and professional services revenue (KYC). Pricing mechanics and contract structures are not disclosed. Go-to-market is partner-led: Papaya sells to fintech platforms and embedded-finance operators rather than end consumers, with EU passporting of its Maltese license providing the geographic reach mechanism. Notable recent events include a 2025 FIAU administrative fine for AML/CFT compliance failures and a related court injunction against Times of Malta, both of which represent material regulatory and reputational exposures that should be weighed against the company's commercial validation milestones.

Name

Papaya

Legal name

Papaya Ltd

Website

https://papaya.eu

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Papaya Ltd is a Malta-regulated Electronic Money Institution providing B2B embedded-finance infrastructure — IBANs, payment cards, SEPA transfers, automated KYC, and PSD2 Open Banking APIs — to fintech platforms and third-party providers, most notably powering Blackcat's multi-wallet consumer app.

Ownership category

akta.pro rank

Product category

Electronic Money Institution / Payment Infrastructure

NAICS

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

SIC

Finance Services (6199)

akta.pro primary industry

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

akta.pro secondary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Electronic money institution
• Payment infrastructure
• PSD2 open banking
• White-label fintech
• SEPA payment services

Headquarters

HQ city

Sliema

HQ country

Malta

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Electronic Money Issuance: Issuance of electronic money and prepaid payment products, generating revenue through transaction fees and service charges on e-money accounts.
2. Payment Services: Payment processing services including SEPA transfers, international payments, and account services for platform clients.
3. White-label Solutions: Customized payment solutions, co-branded payment cards, and bonus programs for business partners seeking to offer financial services under their own brand.
4. Open Banking API Access: Providing PSD2-compliant API access to TPPs (Third Party Providers) for account information and payment initiation services, with production and sandbox environments.
5. KYC Services: Automated digital identity verification and KYC services for business clients to onboard their customers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Papaya Ltd is a Malta-regulated Electronic Money Institution (EMI) that provides B2B payment infrastructure enabling fintech platforms and businesses to offer regulated financial services. Its core offerings include payment services, SEPA and international money transfers, automated KYC verification, co-branded payment card programs, individual EUR IBAN accounts, bonus/cashback programs, white-label solutions, and PSD2-compliant Open Banking APIs supporting AISP, PISP, and PIISP roles.

Product overview

Papaya is an Electronic Money Institution (EMI) headquartered in Malta, regulated by the Malta Financial Services Authority (MFSA). The company provides a modular fintech infrastructure platform enabling business partners to offer financial services. The core offering consists of payment services, money transfers, KYC services, payment cards, and IBAN accounts, supplemented by a PSD2 Open Banking API for AISP/PISP functionality. Partners can also access white-label solutions and bonus/cashback programs. The platform is designed for B2B partnerships where companies integrate Papaya's regulated infrastructure to launch their own fintech products.

Differentiator

Problem solved

Functional benefit

Products and services

• Payment Services Enables fintech platforms and business partners to offer accounts and payment functionality to their end users, providing regulated payment infrastructure under Papaya's EMI license.
• Money Transfers Solution enabling SEPA and international payments for platform users, allowing businesses to provide money transfer capabilities through Papaya's regulated infrastructure.
• KYC Service Fully automated digital Know Your Customer verification solution for business clients to verify and onboard their end users as part of their payment services.
• Payment Cards Co-branded payment card programs allowing partners to issue cards with individual branding and design under their own brand identity.
• IBAN Accounts Individual SEPA accounts in European Financial Institutions providing EUR IBAN capabilities for businesses and their end customers.
• PSD2 Open Banking API PSD2-compliant REST/JSON API supporting AISP, PISP, and PIISP roles under PSD2 directive, following Berlin Group NextGenPSD2 specification, with sandbox and production environments for Third Party Providers.
• White-Label Solutions Customized white-label options allowing business partners to offer Papaya's financial services—including payment cards, accounts, and transfers—under their own brand identity.

Quantifiable outcome

• Support for multi-wallet euro accounts with personal EUR IBAN and SEPA transfers

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Blackcat (formerly Blackcatcard)coreTechnology or IntegrationBlackcat is an advanced payment service founded in 2019 that uses Papaya's regulated Electronic Money Institution infrastructure for fiat operations. The partnership enables Blackcat to offer multi-wallet euro accounts with personal EUR IBAN, SEPA transfers, and payment card services. Papaya provides the underlying payment infrastructure while Blackcat focuses on its consumer-facing fintech application.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Mangopay: EMI-regulated payment infrastructure provider for marketplaces and platforms, offering white-label wallets, IBANs, and card issuing — directly comparable to Papaya's licensed-rails-as-a-service model.
• Modulr: UK-based EMI providing payment accounts, APIs, and white-label payment infrastructure to fintechs and platforms — directly comparable core offering of accounts-as-a-service and PSD2-aligned APIs.
• Swan (formerly Treezor): European EMI-as-a-service platform enabling businesses to embed banking, payment, and card products via APIs — directly comparable to Papaya's white-label, API-first B2B fintech infrastructure.
• Banked: Payment infrastructure provider offering account-to-account payments, IBANs, and open banking APIs for platforms and fintechs — overlapping with Papaya's PSD2 API and payment-rail services.
• TrueLayer: European Open Banking API provider offering AISP/PISP connectivity and instant bank payments — directly comparable to Papaya's PSD2 Open Banking API offering.
• Wallester: EMI-licensed payment infrastructure provider offering white-label card programmes, IBANs, and APIs to platforms — directly comparable to Papaya's co-branded card and white-label infrastructure offering.

Broad incumbents

• ClearBank: UK clearing bank offering real-time payment infrastructure, accounts, and BaaS capabilities to fintechs — broader incumbent operating in adjacent EMI/regulated payment infrastructure space.
• Solaris SE: Berlin-based Banking-as-a-Service provider offering licensed accounts, cards, payments, and lending infrastructure — broader incumbent in European EMI-as-a-service with similar target customers.
• Stripe Issuing: Global payments giant whose Issuing product lets platforms create and manage co-branded cards — overlapping with Papaya's white-label payment card programmes at much larger scale.
• Tink (Visa): Visa-owned Open Banking platform providing AISP/PISP APIs across Europe — comparable API-first PSD2 connectivity but backed by a global payments incumbent.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

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 Papaya