Codego

What Codego does

Codego is a Malta-headquartered Banking-as-a-Service (BaaS) provider that supplies white-label banking, card issuing, and payment infrastructure to fintechs, financial institutions, and businesses. Founded in 2012 and operating as a group of independent entities across 12 countries under Codego Group LTD, the company operates a shared real-time multi-currency ledger and authorisation engine that powers all of its product lines, including card issuing via 15 active Visa and Mastercard BIN programmes, virtual IBAN accounts in 15 countries with SEPA/SEPA Instant/SWIFT rails in 21 currencies, white-label neobank mobile applications for iOS and Android, crypto card programmes supporting 500+ assets, EMV-certified POS terminals, and KYC/AML-as-a-service. The platform is PCI DSS Level 1 certified (2025 by Adsigo) and built on PSD2-native architecture, enabling partners to launch white-label programmes in under 15 days without holding a banking licence or principal Visa/Mastercard membership.

Codego monetises through a hybrid model combining tailored programme setup fees, recurring platform/SaaS fees, and transaction-based revenue from card issuing, processing, IBAN, and payment rails. Pricing is quote-based rather than publicly disclosed, with the company targeting enterprise clients through a 7-step onboarding form and 24-hour tailored proposals. It also operates a reseller programme and a self-service portal (WhiteLabelCard) for smaller customers. Named sub-brands including Codegopay, CoxiWallet, CodegoLab, CodegoKYC, WhiteLabelCard, and Codego Europe (Latvia) function as both product showcases and operating businesses demonstrating the platform's capabilities across business banking, crypto-fiat wallets, cloud hosting, compliance-as-a-service, self-service card issuing, and European payment acquiring. The customer base is heavily oriented toward fintechs and neobanks seeking to avoid the 12-24 month build cycles and US$500K-2M+ initial investment of in-house development.

The company is founder/management controlled with no disclosed external funding rounds and a headcount of 51-100, indicating a lean, bootstrapped operating model relative to its twelve years of operation and global footprint. Codego Europe (Latvia SIA) is progressing through its own EMI licence onboarding, which would shift the group from a partner-licence model toward direct regulatory standing in the EU. Strategic emphasis is on geographic expansion through IBAN coverage, vertical diversification via crypto and embedded finance products, and regulatory certification (PCI DSS Level 1, PSD2-native) as primary competitive differentiators.

Name

Codego

Legal name

Codego Group LTD

Website

https://codegotech.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Codego is a Malta-headquartered Banking-as-a-Service provider supplying white-label card issuing, virtual IBAN infrastructure in 15 countries, and a shared multi-currency ledger to fintechs, financial institutions, and businesses globally. The platform enables partners to launch branded banking products in under 15 days without their own banking licence.

Ownership category

akta.pro rank

Product category

Banking-as-a-Service Infrastructure

NAICS

Credit Card Issuing (52221), Commercial Banking (52211)

SIC

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

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Cards & Issuing Management (Debit/Prepaid/Credit, Program Management) (FSAGAAAE), Card Issuing & Program Management Platforms (BPAMAFAH), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Neobank Core Platform (Retail/SME Digital Bank) (FSAGAAAA)

Keywords

• Banking as a service
• Card issuing infrastructure
• White label banking
• Virtual IBAN services
• Embedded finance platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Banking-as-a-Service Platform Fees: Codego provides BaaS infrastructure to fintechs and financial institutions. Revenue derived from programme setup fees and ongoing platform/SaaS fees tailored on volume and scope. White-label banking platform launch without requiring a banking licence or principal Visa/Mastercard membership.
2. Card Issuing Services: Card issuance fees for prepaid, debit, corporate, expense, gift, and crypto cards across physical (plastic, metal, wood, transparent) and virtual formats. Includes Apple Pay and Google Pay provisioning.
3. Virtual IBAN & Payment Rails: Local IBAN issuance in 15 countries with SEPA, SEPA Instant, SWIFT rails supporting 21 currencies. Multi-currency account management with real-time balances.
4. Processing & Acquiring: Card processing for virtual and physical acquiring. Chargeback handling, scaling, and certified rails for merchants and partner programmes.
5. KYC/AML Services: CodegoKYC provides face biometrics, document OCR, PEP & sanctions screening as a service via API.
6. POS Terminal Hardware: EMV-certified card-present acceptance terminals. Branded terminals with contactless, chip-and-PIN, and daily reconciliation.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Codego provides Banking-as-a-Service (BaaS) and white-label card-issuing infrastructure that enables fintechs, financial institutions, and businesses to launch branded banking products under their own logo. Core deliverables include a shared real-time multi-currency core banking ledger, white-label prepaid/debit/corporate cards across 15 BIN programmes (Visa and Mastercard), local virtual IBAN in 15 countries with SEPA/SEPA Instant/SWIFT rails in 21 currencies, embedded KYC/AML, and POS terminals, all exposed through a single REST API and live in under 15 days.

Product overview

Codego provides a modular BaaS (Banking as a Service) and white-label card issuing infrastructure platform for fintechs, financial institutions and businesses. The platform is built around a shared Core Banking ledger and authorisation engine, with eight distinct product lines accessible via a single API: Core Banking (real-time multi-currency ledger, KYC/AML, transaction monitoring), white-label Card Issuing (prepaid, debit, corporate across 15 BIN programmes on Visa and Mastercard), Virtual IBAN (local IBAN in 15 countries with SEPA/SEPA Instant/SWIFT rails in 21 currencies), Crypto Cards (fiat-at-point-of-sale with 500+ crypto assets), POS Terminals (EMV-certified card-present acceptance), Expense Cards, Gift Cards, and Card Reveal SDK. Adjacent services include a self-service WhiteLabelCard portal, KYC as a Service (CodegoKYC), a Merchant Gateway, a Neobank Platform (iOS/Android white-label mobile app), and a cloud infrastructure product (CodegoLab). The platform operates across 12 countries and is certified PCI DSS Level 1.

Differentiator

Problem solved

Functional benefit

Brands

• Codegopay: Business banking application offering multi-currency IBAN, prepaid and debit cards, transfers and card controls.
• CoxiWallet
• CodegoLab
• CodegoKYC
• WhiteLabelCard
• Codego Europe

Products and services

• Banking as a Service (BaaS) White-label Banking-as-a-Service infrastructure enabling fintechs and financial institutions to offer banking products under their own brand without holding a banking licence. Covers card issuing, IBAN accounts, and payment rails via a single API partnership.
• Core Banking Real-time multi-currency ledger and central record system powering all Codego white-label programmes. Includes KYC liveness, AML screening, SCA, transaction monitoring, alert engine, and audit trail, exposed through a single REST API.
• White-label Card Branded card issuing programme enabling prepaid, debit, and corporate cards under partner branding. Supports plastic, metal, wood, transparent and virtual card formats with Apple Pay and Google Pay provisioning.
• Card Issuing Card issuance infrastructure covering the full lifecycle from BIN sponsorship through to settlement, including 15 active BIN programmes across Visa and Mastercard without principal membership.
• Neobank Platform End-to-end white-label mobile banking platform for iOS and Android, fully branded and customisable. Includes individual and business accounts, IBAN management, card controls, real-time notifications, and P2P transfers.
• Corporate vIBAN Virtual IBAN solution for corporate clients offering local IBAN in 15 countries, multi-currency accounts, SEPA, SEPA Instant and SWIFT rails in 21 currencies.
• Virtual IBAN Virtual IBAN issuance providing local IBAN in 15 countries across Europe, UK, North America and Oceania. Supports multi-currency real-time balances via dedicated IBAN per end user.
• Card Processor Virtual and physical card acquiring and processing with API-powered infrastructure, chargeback management, scaling capabilities and certified payment rails for merchants and partner programmes.
• Crypto Cards Fiat-at-point-of-sale card programmes with crypto balances and real-time conversion. Supports 500+ crypto assets with certified custodians for wallet and card integration.
• Expense Cards Branded expense card programmes for business use with spend controls, merchant-category restrictions and real-time transaction monitoring.
• Gift Cards White-label gift card programmes with branded physical and virtual card options and programmable spend rules.
• POS Terminal EMV-certified card-present acceptance terminals with contactless, chip-and-PIN support and daily reconciliation for merchants and partner programmes.
• KYC as a Service (CodegoKYC) Identity verification service providing face biometrics, document OCR, PEP and sanctions screening via API for cardholder onboarding and AML compliance.
• Merchant Gateway Payment gateway for merchants to accept card payments, manage transactions and handle settlement.
• WhiteLabelCard Portal Self-service white-label card issuing portal allowing partners to launch a branded prepaid or debit card programme online in days without technical integration.

Quantifiable outcome

• 366,000 cards activated in 2025
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core.

• VisacoreTechnology or Integration · 1 January 2025Visa card network partnership enabling BIN sponsorship for prepaid, debit and corporate card programmes. Codego's 15 BIN programmes allow partners to issue Visa cards without principal membership.
• MastercardcoreTechnology or Integration · 1 January 2025Mastercard card network partnership enabling BIN sponsorship for prepaid, debit and corporate card programmes. Codego's 15 BIN programmes allow partners to issue Mastercard cards without principal membership.
• Apple PaycoreTechnology or Integration · 1 January 2025Apple Pay digital wallet integration enabling instant card provisioning to Apple Wallet within 24 hours of programme activation. Custom card art and branding carried through to Apple Pay.
• Google PaycoreTechnology or Integration · 1 January 2025Google Pay digital wallet integration enabling instant card provisioning to Google Wallet within 24 hours of programme activation. Custom card art and branding carried through to Google Pay.
• Licensed Partner InstitutionscoreOthersCodego works with licensed partner institutions that hold the necessary regulatory approvals across European jurisdictions. These partner institutions hold banking, e-money, or payment institution licences that enable Codego's white-label programmes. Codego provides the technology, compliance frameworks, and technical certifications while partners provide the regulatory framework. Codego Group is not itself a bank or licensed financial institution.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Marqeta: Marqeta is a leading card-issuing and BaaS platform powering fintech and enterprise card programmes globally. Both companies provide API-first card issuing infrastructure with BIN sponsorship, KYC/AML, and processing — Codego explicitly names Marqeta as a competitor on its comparison pages.
• Galileo Financial Technologies: Galileo (a SoFi company) provides a BaaS platform including card issuing, core banking, and payment processing for fintechs and banks. Both Codego and Galileo offer multi-product BaaS infrastructure with sponsor-bank enablement, and Codego names Galileo as a competitor.
• Stripe Issuing: Stripe Issuing lets platforms create and manage card programmes via API with built-in compliance and processing. Codego and Stripe Issuing both target fintechs seeking to issue branded cards without principal membership; Codego names Stripe Issuing as a competitor.
• Solaris SE: Solaris is a European Banking-as-a-Service platform offering IBAN accounts, card issuing, lending, and payment rails across the EEA. Both Codego and Solaris provide licensed-rail BaaS with card issuing and IBAN coverage; Codego names Solaris as a competitor.
• Wallester: Wallester is a European BaaS and white-label card issuing provider offering Visa and Mastercard programmes with multi-currency accounts. Codego names Wallester directly as a competitor on its comparison pages.
• OpenPayd: OpenPayd provides embedded finance infrastructure including multi-currency IBANs, payment rails, and card issuing for fintechs and platforms. Both Codego and OpenPayd offer local IBAN, SEPA/SWIFT connectivity, and card issuing — Codego names OpenPayd as a competitor.
• Banking Circle: Banking Circle provides payment and banking infrastructure for banks, fintechs, and corporates including accounts, payments, and card processing. Both companies serve fintechs with cross-border payment rails and card programmes; Codego names Banking Circle as a competitor.
• Swan: Swan is a European BaaS platform offering embedded banking, accounts, cards, and payment infrastructure via API for fintechs and businesses. Both Codego and Swan target European fintechs with white-label banking and card programmes — Codego names Swan as a competitor.
• Wirex: Wirex is a crypto-friendly payments platform issuing cards that allow spending of crypto and fiat balances with real-time conversion. Both Codego and Wirex offer crypto card programmes with fiat-at-point-of-sale; Codego names Wirex as a competitor.

Emerging players

• Striga: Striga provides crypto card issuing and banking infrastructure for crypto exchanges and fintechs. Both Codego and Striga focus on crypto-fiat card programmes with BIN sponsorship; Codego names Striga as a competitor in the crypto card segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CodegoCore
• Facebookfacebook.com/CodegoGroup
• LinkedInlinkedin.com/company/codegoltd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 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 Codego