Incore

What Incore does

Incore is an owner-managed Swiss holding company (Incore Holding AG) that operates as a B2B financial and technology infrastructure provider, comprising three wholly-owned subsidiaries: Incore Bank AG (FINMA-regulated B2B transaction bank), Incore Technology AG (ICT platforms for banks), and Incore Asset Management Solution AG (securities business platform). The group employs over 190 banking and IT specialists across Switzerland, Germany, and Spain, and serves approximately 300 banks, asset managers, financial intermediaries, and corporates. Incore Bank offers a modular Bank-as-a-Service platform with seven core service lines — Bank as a Service, Accounts & Payments, Brokerage & Custody, Treasury Services (including Direct FX), Digital Asset Banking, Paying Agent Services, and Banking Process Outsourcing — delivered via APIs and the open, modular Incore Banking Platform.

Underlying technology includes low-latency trading infrastructure (SIX Order Management System adoption, first Swiss institution to deploy), automated FX/precious-metals execution via API, global custody connections, and digital asset custody and staking in a FINMA-regulated environment. The MyWebDepot platform (ISO/IEC 27001:2022 certified) provides omnichannel portfolio management with connections to 70+ custodian banks, investment companies, and fund platforms in the DACH region and exceeds EUR 20 billion in assets under control.

The business model combines recurring subscription and ASP/ISP revenue (Incore Banking Platform, MyWebDepot SaaS), transaction-based fees (brokerage, FX, payments), custody and safekeeping fees, professional services for banking process outsourcing, and treasury services for corporates and financial institutions. Go-to-market is direct B2B enterprise sales supplemented by API-first embedded integration (BaaS) and relationship-driven channel partnerships with Swiss private banks and fintechs. Recent strategic emphasis includes digital asset custody, tokenized securities infrastructure (Backed Finance xStocks), and participation in the Google Cloud Universal Ledger payment-infrastructure pilot with Crypto Finance and AMINA Bank.

Name

Incore

Legal name

Incore Bank AG

Website

https://incore.ch

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Incore is a Swiss owner-managed group operating a FINMA-regulated B2B transaction bank (Incore Bank AG) alongside ICT and asset-management software subsidiaries, serving approximately 300 banks, asset managers, financial intermediaries, and corporates across Switzerland, Germany, and Spain with modular banking-as-a-service, custody, brokerage, and digital-asset infrastructure.

Ownership category

akta.pro rank

Product category

B2B Transaction Banking and Banking-as-a-Service

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ), Bank Connectivity & Channels (Host-to-host, SWIFT, APIs, EB portals) (FSABAIAF), Reconciliation, Ledgering & Money Movement Ops (Sub-ledgers, Settlement, Reporting) (FSAGALAL)

Keywords

• B2B transaction banking
• Banking as a service
• Asset management software
• Digital asset custody
• Modular banking platform

Headquarters

HQ city

Schlieren

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. B2B Transaction Banking Services: Revenue from providing transaction banking services to other banks, financial intermediaries, and corporates for both traditional and digital financial solutions including payments, securities processing, FX transactions, and custody.
2. Application Service Providing (ASP): Incore Technology operates IT infrastructure and specific banking software on its own servers, making it available to clients online. Clients do not need to maintain their own complex server infrastructure.
3. Infrastructure Service Provider (ISP): Incore manages the entire IT infrastructure for banks including hardware and secure connections, enabling financial institutions to use applications stably and securely without maintaining their own data centers.
4. Brokerage & Custody: Revenue from execution of buy/sell orders for all asset classes combined with safekeeping and administration of purchased securities.
5. Banking Process Outsourcing: Outsourcing of back-office services including tax and regulatory reporting, corporate actions, and security administration.
6. Software Licensing (MyWebDepot): SaaS solution for portfolio management offered to financial institutions including asset managers, banks, financial distributors, and insurance companies. Revenue model based on subscription or usage.

Pricing tiers

Go-to-market motion4 records

Distribution channels3 records

Marketing channels5 records

Core offering

Incore operates a FINMA-regulated Swiss B2B transaction bank offering modular banking services including Bank as a Service, Accounts & Payments, Brokerage & Custody, Treasury Services, Digital Asset Banking, Paying Agent Services, and Banking Process Outsourcing. Services are delivered to other banks, financial intermediaries, asset managers, institutional investors, and corporates via APIs and through proprietary platforms including the Incore Banking Platform and MyWebDepot portfolio management SaaS. The group serves approximately 300 banks, asset managers, and financial intermediaries with more than EUR 20 billion in assets under control on the MyWebDepot platform.

Product overview

Incore is an owner-managed group of companies headquartered in Switzerland with operations in Germany and Spain, comprising three main business units: Incore Bank AG (B2B transaction bank), Incore Technology AG (ICT platforms), and Incore Asset Management Solution AG (asset management software). Incore Bank offers a modular BaaS platform comprising seven core service lines: Bank as a Service, Accounts & Payments, Brokerage & Custody, Treasury Services, Digital Asset Banking, Paying Agent Services, and Banking Process Outsourcing. Incore Technology operates the Incore Banking Platform (open, modular ICT platform for banks and asset managers) and hosts the MyWebDepot SaaS solution. Incore Asset Management Solution offers the MyWebDepot platform for digital onboarding, advisory solutions, portfolio management, and securities administration. The group employs over 190 banking and IT specialists and serves approximately 300 banks, asset managers, financial intermediaries, and corporates. Incore Direct FX (part of Treasury Services) provides automated FX and precious metals trading via API/web interface.

Differentiator

Problem solved

Functional benefit

Brands

• MyWebDepot: Omnichannel platform for digital onboarding, advisory solutions, depot management and portfolio management for financial institutions

Products and services

• Bank as a Service Modular, holistic banking offering providing a single point of contact and contractual partner for banks, financial intermediaries, asset managers, institutional investors, and corporates. Incore Bank serves as the FINMA-regulated backbone, enabling third parties to offer financial services via APIs without obtaining a full banking license.
• Accounts & Payments Multi-currency safeguarding, professional correspondent banking, and corporate accounts provided within a FINMA-regulated environment.
• Brokerage & Custody Specialized trading and execution services for multi-asset classes with global market coverage, combined with safekeeping and administration of purchased securities (custody).
• Treasury Services Banking services for managing, safeguarding, and optimizing liquidity, payment flows, and financial risks of corporations or financial institutions, including cash management, payment processing, liquidity management, FX and interest rate hedging, and trade financing.
• Digital Asset Banking Complete solution for trading, custody, and generating returns through staking of cryptocurrencies and other digital tokens, designed for demanding institutional investors within a Swiss bank environment.
• Paying Agent Services Support for the issuance and administration of securities (stocks, bonds, structured products) by coordinating key tasks behind the scenes and ensuring regulatory compliance throughout the payment process from subscription to repayment.
• Banking Process Outsourcing (BPO) Outsourcing of back-office services including tax and regulatory reporting, corporate actions, and security administration to reduce workload and increase efficiency for client banks.
• Incore Banking Platform An open, modular banking platform covering all ICT requirements for efficient and modern operations of banks, financial service providers, and asset managers. Achieves a high degree of digitalization of banking processes with mobile banking capabilities. Enables seamless integration of Incore Bank's modular banking services.
• MyWebDepot An all-in-one, flexible, and comprehensive portfolio management platform for small to medium-sized financial investment companies, asset managers, banks, financial distributors, and insurance companies. Covers the full securities business lifecycle from customer onboarding and product advice through sales to administration of client portfolios. Integrates regulatory requirements including MiFID II, FinVermV, Fidleg, and sustainability criteria. SaaS-based with over 70 bank, investment company, and fund platform connections in the DACH region.
• Incore Direct FX A fully automated trading platform that connects banks via API or web interface directly to global liquidity sources for foreign exchange and precious metals. Enables real-time trade execution without media breaks, integrating seamlessly into existing core banking systems and payment processes.

Quantifiable outcome

• 70+ custodian banks and investment platforms connected via MyWebDepot
• +3 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Google CloudcoreTechnology or Integration · 9 April 2026Incore Bank participated in a payment infrastructure pilot with Crypto Finance and AMINA Bank on Google Cloud Universal Ledger (GCUL). The pilot demonstrated near-real-time settlement and interbank production validation, showcasing next-generation payment infrastructure with instant settlement and netting capabilities.
• SIX GroupcoreTechnology or Integration · 28 January 2026SIX partnered with Incore Bank to implement its Order Management System (OMS) in Switzerland. The OMS features low-latency BME technology, full back-office integration, and aims to enhance Swiss market trading capabilities. Incore Bank is the first Swiss institution to adopt the SIX OMS, with implementation already underway and a pilot client live.
• Crypto Finance GroupcoreStrategic or Co-development Partner · 9 November 2025Crypto Finance, AMINA, and Incore Bank completed second phase of payment infrastructure pilot on Google Cloud Universal Ledger. Crypto Finance acted as Currency Operator defining governance standards, onboarding criteria, and transaction rules while Incore and AMINA integrated new capabilities into their regulated banking environments.
• AMINA BankcoreStrategic or Co-development Partner · 9 November 2025AMINA Bank and Incore Bank collaborated on Google Cloud Universal Ledger pilot to demonstrate instant account-to-account transfers and production validation of payment infrastructure. Both regulated Swiss banks integrated the new capabilities directly into their regulated banking environments.
• Swiss Tennis Padel AssociationminorGTM or Marketing Partner · 1 January 2024Incore Padel Cup organized in cooperation with Swiss Tennis Padel Association. The partnership brings expertise, credibility, and commitment to developing padel sport in Switzerland. Teams compete in qualification rounds leading to grand final tournament.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AMINA Bank: Swiss FINMA-regulated bank specializing in digital assets and crypto-banking services. AMINA is a near-twin to Incore Bank: B2B regulated Swiss bank offering custody, trading, staking, and tokenization, and co-pilot with Incore on the Google Cloud Universal Ledger pilot.
• Sygnum Bank: Swiss FINMA-regulated digital asset bank offering B2B banking, brokerage, custody, tokenization, and BaaS-style services to financial institutions and corporates. Closely comparable product set and regulatory profile to Incore Bank.
• Hypothekarbank Lenzburg: Swiss regional bank notable for its 'Open Banking' platform and developer APIs, enabling third-party integration of banking services. Comparable to Incore in being a regulated Swiss bank providing API-first banking infrastructure to other financial institutions.
• Maerki Baumann & Cie. AG: Swiss private bank that is both an Incore client and a peer in regulated custody for tokenized securities (alongside Incore for Backed Finance's xStocks). Comparable as a Swiss-regulated private bank offering crypto-asset and tokenization services.

Regional players

• Bank Cler (formerly Bank Coop): Swiss retail and SME bank that has been an early adopter of digital and BaaS-style offerings within Switzerland. Comparable as a domestic Swiss bank pursuing digital and platform-based business models, though with a more retail-leaning mix.

Broad incumbents

• Bank Vontobel: Large Swiss private bank and asset manager with significant digital asset initiatives and custody offerings. Comparable as a broader Swiss financial incumbent with adjacent digital asset banking and custody capabilities that overlap with Incore's institutional client segment.
• Finnova: Swiss banking software vendor whose core platform is hosted by Incore Technology as an ASP. Comparable as a core-banking technology provider to Swiss banks; overlapping customer base and integrated technology stack.
• Avaloq: Swiss-headquartered core-banking software and BaaS provider serving private banks and wealth managers globally. Comparable to Incore Banking Platform and MyWebDepot in delivering technology infrastructure to banks and asset managers, though at much greater scale.

Emerging players

• Solaris SE: European Banking-as-a-Service platform providing regulated banking infrastructure (accounts, payments, cards, lending, KYC) to fintechs and corporates via API. Comparable to Incore Bank in delivering modular, regulated banking services to third parties, but at greater European scale and with external growth capital.
• Treezor: French-regulated BaaS provider (now part of Société Générale) offering payment accounts, issuing, and banking APIs to fintechs and corporates. Comparable to Incore's BaaS positioning for regulated modular banking services without holding a full banking license.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/incorepadelcup
• LinkedInlinkedin.com/company/incore-holding

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

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 Incore