FinCode

What FinCode does

FinCode is a London-headquartered fintech infrastructure provider founded in 2016 that builds digital finance back-end systems for African banks, micro-finance institutions (MFIs), and fintech startups. After operating in stealth mode for a decade, the company publicly launched in April 2026 with an explicit ambition to become the "AWS equivalent for African fintech infrastructure." Its platform addresses the operational and compliance burden of launching digital financial products in fragmented African markets by providing modular, white-label and API-embeddable solutions spanning payments, remittance, digital wallets, lending, electronic money, virtual accounts, and savings/investment. Named enterprise clients include First Bank of Nigeria (a seven-subsidiary intra-African platform), FCMB, Stern Bank, and CSL Pay; startup clients include KogoPAY, Rova, and Terapay.

The technology foundation rests on Songhai Exchange, a pan-African payment switching platform that connects to banks and mobile money operators across countries with transaction routing, FX margin management, and real-time settlement reconciliation, reporting millions of dollars processed annually at a 95% success rate. Remit Junction, an FCA-authorized wholly-owned sub-brand, extends this stack into regulated remittance-as-a-service. The platform is cloud-native, multi-tenant, and modular, with configurable compliance workflows covering AML, KYC, and sanctions screening across multiple jurisdictions. Architecture supports both full white-label deployment for institutions wanting branded fintech products and single-API embedding for developers building specific features into existing applications.

FinCode operates a hybrid revenue model combining infrastructure subscription and licensing fees, transaction processing fees on payment and remittance volume, and equity or revenue-share stakes taken through its co-investment model with portfolio startups. Go-to-market spans enterprise field sales for banks and MFIs (with a five-step process from demo through sandbox to launch), a self-serve Developer Hub at docs.fincode.technology, and a co-investor channel that pairs venture capital with infrastructure provision. Pricing is quote-based and undisclosed, structured around multi-year enterprise contracts, with flexible engagement models spanning white-label deployment, API embedding, and equity-aligned partnerships.

Name

FinCode

Legal name

FinCode

Website

https://fincode.co.uk

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

FinCode is a London-headquartered fintech infrastructure provider, founded in 2016, that builds white-label and API-embeddable payment, remittance, wallet, lending, and EMI systems for African banks, MFIs, and fintech startups, combining infrastructure licensing with a VC co-investment model.

Ownership category

akta.pro rank

Product category

Fintech Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

akta.pro secondary industries

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Tokenization, Network Vaults & Credential Management (FSAGABAF), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF), Credit & Overdraft Enablement (Credit Lines, Underwriting Integrations) (FSAGAAAJ)

Keywords

• Fintech infrastructure
• Payment switching
• Remittance services
• Digital wallet
• Embedded finance

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Infrastructure Subscription and Licensing: Revenue from licensing fintech infrastructure solutions (payment switch, remittance, wallet, lending, EMI) to banks, fintechs, and startups. Clients can white-label entire solutions or embed specific capabilities via APIs.
2. Transaction Processing Fees: Fees from processing cross-border payments, remittances, and digital wallet transactions through Songhai Exchange and related platforms.
3. Co-Investment and Equity Partnerships: FinCode takes equity stakes or revenue-share partnerships with startups they support. As technical co-founders, their equity and infrastructure are on the line, aligning incentives with investor partners and portfolio companies.
4. Remit Junction RaaS Platform Fees: Revenue from FCA-licensed Remittance-as-a-Service platform enabling businesses to launch remittance services, including technology, compliance, licensing, and operational support.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

FinCode provides digital finance infrastructure-as-a-service for African fintech startups, banks, and microfinance institutions (MFIs). Its platform delivers white-label and API-embedded capabilities spanning payment switching, remittance, digital wallets, digital lending, savings and investment, and electronic money issuance (EMI), allowing clients to launch and operate financial services without building the underlying stack themselves.

Product overview

FinCode is a fintech infrastructure-as-a-service platform offering a modular architecture of white-label solutions that can be deployed individually or as a full-stack ecosystem. The core platform is built on Songhai Exchange, the payment switching engine that handles cross-border transaction routing and settlement. Around this foundation, FinCode offers distinct product modules: Remittance-as-a-Service (including the FCA-licensed Remit Junction sub-brand), Digital Wallet, EMI Infrastructure, Digital Lending, and Savings & Investment. Additional modules include Virtual Account Management for pooled account issuance and Banking-as-a-Service for institutions wanting to offer fintech solutions on their licensed rails. All products share built-in compliance architecture, support API embedding or full white-label deployment, and connect to the broader partner ecosystem of banks, payout networks, and compliance providers.

Differentiator

Problem solved

Functional benefit

Brands

• Songhai Exchange: Pan-African payment switching platform enabling cross-border payments, bank transfers, mobile money transfers, and bill payments across Africa through a single API integration.
• Remit Junction

Products and services

• Songhai Exchange
• Remit Junction
• Remittance-as-a-Service
• Digital Wallet
• Electronic Money (EMI) Infrastructure
• Virtual Account Management
• Digital Lending
• Savings and Investment
• Banking-as-a-Service

Quantifiable outcome

• Go-live timeline reduced from 18+ months to 6-10 weeks
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature10 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• CSL PaycoreStrategic or Co-development Partner · 11 July 2024CSL Pay partnered with FinCode to develop Songhai Exchange (SHE), a Pan-African payment switching platform. CSL Pay wanted a scalable cross-border switch to underpin its Pan-Africa payment service. FinCode built SHE as a state-of-the-art payment hub integrating seamlessly with banks, mobile money operators, and partners. SHE enables CSL Pay to facilitate bank transfers, cash pick-up, mobile money, and bill payments across Africa, processing millions annually with 95% success rate.
• LHVcoreTechnology or IntegrationLHV is an Estonian banking-as-a-service provider integrated with FinCode's infrastructure to enable KogoPAY to offer banking services such as virtual accounts, IBAN, real-time deposits, transfers, and multi-currency accounts. The synchronization ensures smooth API calls providing customers with deposit, transfer, and payment alerts.
• Ecosystem Partners NetworkcoreChannel Partner/ Reseller/ DistributorFinCode collaborates with system integrators, technology providers (payment gateways, reg-tech, compliance platforms, identity partners, risk-management tools), consultancies & advisory groups, and cloud service providers. Partners gain access to proven fintech infrastructure, senior specialists, and deep regulatory expertise.
• EMI License PartnerssupportingStrategic or Co-development PartnerFinCode enables clients like KogoPAY to secure Electronic Money Institution (EMI) licenses by providing documentation support, expert advice, and leveraging existing licensing frameworks for EU market compliance.

Scale indicators6 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Modulr: UK-based Payments-as-a-Service provider offering virtual accounts, embedded payments, and payment infrastructure to fintechs and platforms. Comparable to FinCode's Virtual Account Management, EMI, and embedded payments modules for regulated European/UK use cases.
• Flutterwave: Provides payment infrastructure for businesses to send and receive money across Africa, with APIs for payments, cross-border, and BaaS-style products. Direct competitor in African payment and embedded finance infrastructure for fintech startups and banks.
• Cellulant: Pan-African digital business platform offering payment aggregation, mobile money, and banking infrastructure (e.g., Tingg) across 35+ countries. Comparable as cross-vertical fintech infrastructure provider for banks and merchants in Africa.
• Onafriq (formerly MFS Africa): Pan-African mobile money and cross-border payment hub connecting wallets, banks, and mobile money operators across 40+ African countries. Directly comparable to FinCode's Songhai Exchange as a payments switch targeting African fintechs and banks.
• Mambu: Global cloud banking SaaS platform enabling banks, lenders, and fintechs to compose lending, deposit, and wallet products via API. Closest global white-label core banking/BaaS peer to FinCode's Lending, Wallet, and Savings modules.
• Interswitch: Nigerian-headquartered Pan-African digital payments and commerce company operating payment switching, processing, and BaaS-style infrastructure for banks and fintechs. Closest large-scale African analogue to FinCode's embedded finance and switching stack.

Broad incumbents

• Marqeta: Modern card issuing and payment processing infrastructure powering fintechs and banks globally. Adjacent incumbent where FinCode's wallet and virtual account modules overlap with modern card issuing rails.
• Thought Machine: Cloud-native core banking platform (Vault) used by global Tier-1 banks to run deposits, lending, and payments. A broader incumbent in the same white-label banking infrastructure category FinCode targets with its BaaS offering.
• Block (Square / Cash App): Global payments and financial services company with embedded finance APIs (Square APIs, Cash App) reaching African corridors via partners. Broader incumbent setting competitive benchmarks for embedded payment and wallet infrastructure pricing.

Emerging players

• Paystack: Nigerian-founded (now Stripe-owned) online payments and BaaS provider serving African businesses with payment APIs and basic BaaS rails. Overlaps with FinCode on embedded payments and developer-first distribution in West Africa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fincodehq

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 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 FinCode