Advapay

What Advapay does

Advapay OÜ is an Estonian-headquartered fintech infrastructure provider that combines a proprietary Digital Core Banking platform (Macrobank) with Banking-as-a-Service solutions and fintech licensing consultancy. Macrobank is a cloud-native, API-driven platform available as SaaS or on-premise deployment, featuring white-label front-end applications, a Partners Marketplace of pre-built integrations (including Currency Cloud, Wallester, and iSpiral), and connectivity to SEPA, SWIFT, and card networks (Mastercard, Visa, JCB, UnionPay). The company serves fintech startups, EMIs, payment institutions, crypto-fiat wallet operators, and digital banks, claiming 100+ clients and over 20 regulatory licenses secured across 13+ jurisdictions including the EEA, UK, Canada, Switzerland, USA, and Malta.

The business operates three revenue streams: subscription-based Core Banking software licensing (SaaS and on-premise), professional services for fintech licensing and regulatory consultancy (covering EMI, PI, MSB, CASP/MiCA, and SRO registrations), and managed BaaS solutions delivered through partnerships with EEA/UK-licensed EMIs and PIs. Pricing is quote-based with budget tiers ranging from under €25,000 to over €300,000, reflecting the enterprise and mid-market positioning. Distribution combines direct sales with an agent and advisory partner referral network, supported by extensive educational content marketing (blog, webinars, events, newsletter) and social channels.

Founded in 2018 and led by Founder & CEO Maxim Ivanchenko with a leadership team including CSO Ivan Aleksandrov and CBDO Andrey Borisenkov, Advapay operates from six offices (Amsterdam, Tallinn, Toronto, Belgrade, Madrid, Warsaw) and has grown to approximately 50 employees. The company is privately held with no disclosed institutional funding rounds, suggesting a bootstrapped growth model. The most recent strategic action is the Macrobank 3.1 platform upgrade, which added card-ready capabilities and improved scalability.

Name

Advapay

Legal name

Advapay OÜ

Website

https://advapay.eu

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Advapay provides a proprietary Digital Core Banking platform (Macrobank), Banking-as-a-Service connectivity, and fintech licensing consultancy to 100+ digital banks, e-money institutions, crypto-fiat wallet operators, and payment service providers across 13+ jurisdictions.

Ownership category

akta.pro rank

Product category

Core Banking Software

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Prepackaged Software (7372), Finance Services (6199)

akta.pro primary industry

Digital Banking & Neobank Platforms (BPAMAFAD)

akta.pro secondary industries

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

Keywords

• Core banking software
• Banking-as-a-service platform
• Fintech licensing consultancy
• White-label payment solutions
• Digital bank infrastructure

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Core Banking Software Licensing (SaaS & On-premise): Revenue from licensing the Macrobank Digital Core Banking platform. Clients can choose between cloud-based SaaS or on-premise deployment. The company offers tiered solutions for small businesses and growing midsize fintech companies.
2. Fintech Consulting & Licensing Services: Revenue from providing end-to-end consulting services covering business planning, regulatory communication, compliance documentation, licensing applications (EMI, PI, MSB, CASP/MiCA), and team formation across multiple jurisdictions (EEA, UK, Canada, Switzerland, USA).
3. BaaS Solutions: Revenue from Banking-as-a-Service solutions connecting clients to trusted payment service providers, enabling fintech companies to access payment infrastructure without obtaining their own license.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Advapay provides the Macrobank Digital Core Banking platform as SaaS or on-premise software, delivering full front-to-back banking infrastructure for fintech companies and digital banks. The offering is complemented by Banking-as-a-Service connectivity to licensed payment service providers and a suite of consulting services covering fintech licensing (EMI, PI, MSB, CASP/MiCA, SRO) across multiple jurisdictions including the EEA, UK, Canada, USA, Switzerland, and Malta. The combined software-plus-services model enables clients to launch digital banks, e-wallets, or crypto-fiat wallets in approximately two months.

Product overview

Advapay offers a unified platform-plus-modules architecture for fintech companies and digital banks. The core product is the Digital Core Banking Platform (Macrobank), a front-to-back banking system available as SaaS or on-premise deployment. This is complemented by Banking-as-a-Service (BaaS) solutions connecting to a network of payment services providers, plus specialized modules including Crypto & Fiat Wallet, Payment Gateway & E-wallet, Bank Accounts for Fintechs, Principal Membership for card network connections (Mastercard, Visa, JCB, Unionpay), and a Partners Marketplace for pre-built integrations. The company also provides a comprehensive suite of fintech consulting and licensing services (EMI/PI/Crypto/MSB licenses), ready-made financial businesses for fast market entry, and recruiting services—making Advapay unique in offering software, business infrastructure, and legislative consultancy as an integrated end-to-end solution.

Differentiator

Problem solved

Functional benefit

Products and services

• Macrobank Digital Core Banking Platform Proprietary Digital Core Banking platform providing full front-to-back system capabilities, customizable functionalities, and integration tools. Available as cloud-based SaaS or on-premise deployment, with white-label front-end applications for end-users. Designed for fintech companies, neobanks, PSPs, and EMIs seeking end-to-end banking infrastructure under their own brand.
• Banking-as-a-Service (BaaS) Solutions Banking-as-a-Service solutions that connect non-banking fintech companies to a network of trusted licensed payment service providers, enabling them to offer banking services without obtaining their own license. Provides access to global payment infrastructure including SEPA, SWIFT, and card issuing providers in approximately two months.
• Crypto & Fiat Wallet Solution White-label solution enabling management of both cryptocurrency and fiat currencies within a single platform. Targets crypto-fiat wallet operators needing integrated crypto and traditional currency holdings with licensing pathways such as CASP/MiCA, SRO, and MSB.
• Payment Gateway & E-wallet Solution White-label payment gateway and e-wallet solution designed for Payment Service Providers (PSPs) to facilitate payment processing for their end customers under the PSP's own brand.
• Bank Accounts for Fintechs Solution for opening bank accounts to hold client funds, enabling fintech companies to manage their financial operations and meet regulatory requirements for safeguarding client money.
• Principal Membership (Card Acquiring and Issuing) Principal membership services enabling direct connection to card networks including Mastercard, Visa, JCB, and UnionPay for both acquiring and issuing operations. Provides fintech clients with direct access to card scheme infrastructure.
• Fintech Licensing & Consulting Services Expert consulting services covering business planning, regulatory communication, compliance documentation, licensing applications (EMI, PI, MSB, CASP/MiCA, SRO), and team formation across multiple jurisdictions including the EEA, UK, Canada, Switzerland, USA, and Malta.
• Ready-made Financial Businesses Pre-established payment and e-money businesses available for immediate acquisition, enabling fast market entry for fintech companies that need a ready-licensed entity rather than building one from scratch.
• Fintech Recruiting Services Specialized recruitment services for hiring fintech professionals to build and manage licensed fintech operations, including compliance, operations, and technical roles.

Quantifiable outcome

• Connect clients to a global payment network and banking infrastructure in 2 months
• +2 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Currency CloudcoreTechnology or Integration · 12 August 2021Currency Cloud participated as a co-speaker in Advapay's 2021 webinar on launching a payment business in the EU. The partnership enables Advapay clients to access virtual named accounts for multi-currency management, cross-border payments, and FX functionality. Currency Cloud provides embedded cross-border payments infrastructure integrated with the Advapay Core Banking platform.
• WallestercoreTechnology or Integration · 12 August 2021Wallester participated as a co-speaker in Advapay's 2021 EU payment business webinar, covering card issuing processes including personalization, fraud monitoring, 3D Secure, payment processing, and tokenization. Wallester provides card issuing capabilities integrated with Advapay's platform for fintech clients issuing payment cards.
• Financial and Capital Market Commission (FCMC), LatviacoreStrategic or Co-development Partner · 12 August 2021The Financial and Capital Market Commission of Latvia served as a co-speaker in Advapay's 2021 EU licensing webinar, providing regulatory perspective on obtaining a payment institution license in Latvia. This collaboration positions Advapay as a trusted intermediary between fintech applicants and regulators, enhancing its licensing consultancy credibility.
• Advisory PartnersminorImplementation/ SI/ Consulting PartnerAdvisory firms providing consulting services to businesses planning to set up fintech companies. Advapay provides the technical solution and documentation, while advisory partners offer complementary business consulting. This creates a referral ecosystem for both parties.
• Agent NetworkminorChannel Partner/ Reseller/ DistributorAgents who have clients or partners looking for Core Banking providers. Agents join Advapay's network and earn commissions for each new client referred. Suitable for both clients with existing licenses and those in the licensing process. SaaS, BaaS, or on-premise solutions are offered based on the client's stage.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Temenos: Established global banking software vendor offering core banking, digital, and regulatory solutions. Represents the incumbent tier against which Advapay's cloud-native Macrobank competes for mid-market banks and fintechs.
• Marqeta: Public card issuing and payment processing platform serving fintechs and brands globally. Adjacent competitor through its partnership with Wallester (which also integrates with Advapay's platform) and a broader, better-capitalized infrastructure player.
• Solaris SE: Berlin-based Banking-as-a-Service platform with its own banking license, offering embedded finance, cards, payments, and lending. A more capital-intensive and broadly licensed European competitor to Advapay's BaaS offering.

Direct peers

• Thought Machine: Cloud-native core banking technology provider offering Vault, a smart contracts-based core banking engine. Competes head-to-head with Advapay in the digital bank and challenger bank segment, particularly for tier-1 enterprise deployments.
• Core10: US-based core banking-as-a-service provider offering account opening, ledger, and compliance infrastructure to fintechs and banks. Comparable mid-market competitor to Advapay's Macrobank platform.
• 10x Banking: Cloud-native core banking platform built for incumbent and challenger banks. Direct competitor to Macrobank, focused on retail and commercial banking transformation with deep UK and European market presence.
• Bankable: Banking-as-a-Service platform providing API-based core banking infrastructure and payment solutions for fintechs and corporates. Overlaps with Advapay's BaaS and digital banking offering in the European market.
• Mambu: Cloud-native SaaS core banking platform serving banks, fintechs, and lenders with composable banking services. Direct competitor to Advapay's Macrobank, competing for the same fintech and neobank customers globally but with significantly more capital and brand recognition.
• Treezor (Société Générale): French licensed payment institution providing BaaS and core banking infrastructure for fintechs across Europe. Comparable to Advapay's BaaS and EMI/PI licensing services with strong French/EEA presence.

Emerging players

• Currencycloud (Visa): Cross-border payments and FX infrastructure provider, now part of Visa. Cited as Advapay's strategic partner for multi-currency functionality, but its own BaaS-adjacent capabilities make it both ally and emerging competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/advapay_eu
• YouTubeyoutube.com/@advapay
• Facebookfacebook.com/advapay.eu
• LinkedInlinkedin.com/company/advapay

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Advapay