What Eupago does

Eupago is a Portuguese Payment Institution (legal entity: Eupago - Instituição de Pagamento, Lda.) that operates a unified payment gateway serving merchants in Portugal, Spain, and emerging markets including Brazil. Founded in 2014 in Porto by José Veiga and Telmo Santos, the company obtained its Payment Institution license from the Bank of Portugal in 2015 (registration number 8709) and has since become a regulated alternative to incumbent acquirers, particularly for SMB and mid-market merchants requiring access to local payment methods.

The company's core technology is a proprietary REST API-based payment gateway that consolidates more than twelve payment methods into a single integration point, including local Portuguese rails (Multibanco reference generation, MB WAY, Payshop, direct debit/SEPA), Spanish mobile payments (Bizum), cross-border instant payments (EuroPix for Brazil's Pix), card networks (Visa, Mastercard with 3D Secure), digital wallets (Apple Pay, Google Pay), prepaid (Paysafecard, Paysafecash), and BNPL (Cofidis Pay, FLOA). Eupago Eye extends the platform into Open Banking under PSD2 as both an Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP), making Eupago the first Portuguese payment institution to offer these capabilities. The gateway connects via native plugins to major e-commerce platforms (Shopify, WooCommerce, PrestaShop, Adobe Commerce, Jumpseller) and accounting/vertical software (InvoiceXpress, PHC, Moloni, Sage, Datalex, GESAutarquia, SolidSoft). Security is certified to ISO/IEC 27001:2022 by AENOR (certificate SI-0082/2026).

Eupago monetizes exclusively through per-transaction fees that vary by payment method (e.g., €0.20 + 1.5% for cards, €0.07 + 0.7% for MB WAY, 12% for Paysafecard, €0.45 for direct debit), with BNPL products priced via separate negotiation. Distribution is segmented by merchant size: direct field sales for enterprise, inside sales for SMEs, API/developer self-serve for technical merchants, and Pay-by-Link for unwebsited micro-merchants. In 2024, Eupago acquired PAGAQUI, adding a 2,500-point physical network for service payments with plans to scale to 8,000 points. Customer segments span e-commerce platforms (OLX, Prozis), software/vertical integrators (PHC), SMEs/local businesses, subscription/service providers, and institutional/government clients. The company is Portuguese-capitalized (€1 million share capital) with no disclosed external VC funding.

Name

Eupago

Legal name

Eupago - Instituição de Pagamento, Lda.

Website

https://eupago.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Eupago is a Portuguese Payment Institution operating a unified API-based payment gateway that consolidates 12+ local and international payment methods — including Multibanco, MB WAY, Bizum, cards, and BNPL — for merchants across Portugal, Spain, and Brazil, with €1M share capital and Bank of Portugal licensing.

Ownership category

akta.pro rank

Product category

Payment Processing and Gateway Services

NAICS

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

SIC

Finance Services (6199)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

International / Cross-Border BNPL & Multi-Currency POS Financing (FSAGAIAN), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)

Keywords

• Payment gateway services
• Online payment processing
• Open banking PSD2
• Multibanco mb way payments
• POS payment terminals

Headquarters

HQ city

Lisbon

HQ country

Portugal

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Transaction Fees: Eupago charges per-transaction fees comprising a fixed amount plus a percentage of the transaction value. Fees vary by payment method: credit/debit cards at €0.20 + 1.5%, MB WAY at €0.07 + 0.7%, Paysafecard at 12%, direct debit at €0.45, Payshop at €0.60, Bizum at 0.5% + bank commission, EuroPix at €0.15 + 1.8%, and digital wallets at €0.20 + 1.5%. BNPL options (Cofidis Pay, FLOA) have separate negotiated arrangements.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Eupago is a Portuguese Payment Institution that provides a unified API-based payment gateway enabling merchants to accept and process online and in-person payments through 12+ payment methods including local methods (Multibanco, MB WAY, Payshop), international cards (Visa/Mastercard), digital wallets (Google Pay, Apple Pay), regional methods (Bizum, EuroPix), prepaid options (Paysafecard), and BNPL solutions (Cofidis Pay, FLOA). The platform also offers Open Banking AISP/PISP services, Pay by Link for website-less merchants, and Smart TPA POS terminals, with native integrations into major e-commerce and accounting software ecosystems.

Product overview

Eupago is a Portuguese Payment Institution offering a unified payment gateway platform with multiple integrated payment methods. The core offering consists of the Eupago Payment Gateway, which connects to e-commerce platforms (Shopify, WooCommerce, PrestaShop, Magento, Jumpseller) and invoicing software. The product portfolio includes national payment methods (Multibanco, MB WAY, Payshop, Direct Debit), international card payments (Visa/Mastercard), digital wallets (Google Pay, Apple Pay), buy-now-pay-later solutions (Cofidis Pay, FLOA), regional methods (Bizum for Spain, EuroPix for Brazil), and prepaid options (Paysafecard, Paysafecash). Additional offerings include Pay by Link for businesses without websites, Eupago Eye for Open Banking services (AISP/PISP), and the Eupago Smart TPA POS terminal hardware. The company was acquired in 2024 and is supervised by the Bank of Portugal.

Differentiator

Problem solved

Functional benefit

Brands

• Eupago Smart TPA: Smart TPA (Point of Sale terminal) for businesses, featuring CASTLES S1F2 hardware with 4G/3G/2G, Wi-Fi, Bluetooth, Android OS, 5.5" touchscreen, and built-in printer.
• Eupago Eye
• Eupago Now

Products and services

• Eupago Payment Gateway A comprehensive payment gateway platform that enables businesses to accept and manage online payments through multiple payment methods including Multibanco, MB WAY, credit cards, digital wallets, and buy-now-pay-later solutions. The gateway integrates with major e-commerce platforms and invoicing software.
• Eupago Smart TPA A POS (Point of Sale) terminal hardware product (CASTLES S1F2) with 4G/3G/2G, Wi-Fi and Bluetooth connectivity, Secure Android OS, 5.5" touchscreen, and integrated thermal printer. Supports contactless/NFC, magnetic stripe, and chip card payments including EuroPix for Brazilian customers.
• Pay by Link Solution enabling online payments without requiring a website. Merchants create payment links via back office or API that redirect customers to a secure checkout page to choose payment methods including Multibanco, MB WAY, Visa/Mastercard, and Cofidis Pay.
• Eupago Eye (Open Banking) Open Banking service offering AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider) capabilities under PSD2 regulation. Enables businesses to connect to bank accounts for financial overview and to initiate payments without direct bank interaction.
• Multibanco Payment Processing Generation of Multibanco payment references for online stores or client areas. Multibanco is Portugal's preferred payment method, allowing customers to pay at ATMs with references that cannot be cancelled.
• MB WAY Payment Processing Mobile payment method generating automatic MB WAY payment requests. Customers receive notifications and have 5 minutes to complete payment via smartphone, offering high conversion rates especially on mobile devices.
• Visa and Mastercard Card Processing Credit and debit card payment processing through Visa and Mastercard networks, enabling international payments with 3D Secure protection and SSL 128-bit encryption.
• Payshop Cash Payment Cash payment solution with over 7,000 agent locations across Portugal including CTT posts. Customers receive a code to pay in cash at authorized agents.
• SEPA Direct Debit Automated recurring payment collection service valid across the SEPA zone. Ideal for subscriptions, monthly fees, condominium dues, and other recurring payments with predictable cash flow management.
• Paysafecard Prepaid Payments Prepaid card payment method allowing online purchases without credit cards. Customers use 16-digit PINs from prepaid cards purchased at 600,000+ locations in over 45 countries, providing anonymity and security.
• Cofidis Pay BNPL Buy Now, Pay Later (BNPL) solution in partnership with Cofidis. Allows customers to pay in up to 12 interest-free installments without fees or bureaucracy. Merchant receives full payment immediately while Cofidis assumes credit risk.
• Bizum (Spain) Spanish mobile payment method with over 27 million users in Spain. Enables instant payments via smartphone with PIN confirmation, ideal for Portuguese merchants selling to Spanish customers.
• EuroPix (Portugal-Brazil) Cross-border payment solution connecting Portugal and Brazil via Pix. Brazilian customers can pay in reais while merchants receive euros with automatic currency conversion at real-time exchange rates.
• Google Pay Digital wallet integration for Android and Chrome users. Enables one-tap or NFC payments using stored cards with biometric authentication, available in over 95 countries.
• Apple Pay Digital wallet for Apple devices enabling Face ID or Touch ID authentication for payments. Available on iPhone, iPad, Apple Watch, and Mac, reaching customers in nearly 100 countries.

Quantifiable outcome

• Fast settlement timelines for merchants

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core.

• PAGAQUIcoreStrategic or Co-development Partner · 1 January 2024Acquired by Eupago in 2024 to expand payment capabilities and market presence.
• CofidiscoreStrategic or Co-development PartnerPartnership to offer Cofidis Pay BNPL (Buy Now Pay Later) solution to Eupago merchants, enabling installment payment options at checkout.
• ShopifycoreTechnology or IntegrationNative plugin integration enabling Shopify merchants to accept payments through Eupago gateway.
• WooCommercecoreTechnology or IntegrationNative plugin integration enabling WooCommerce merchants to accept payments through Eupago gateway.
• PrestaShopcoreTechnology or IntegrationNative module integration enabling PrestaShop merchants to accept payments through Eupago gateway.
• Adobe CommercecoreTechnology or IntegrationNative integration enabling Adobe Commerce (Magento) merchants to accept payments through Eupago gateway.

Scale indicators4 records

Recent moves5 records

Expansion highlights7 records

Broad incumbents

• Adyen: Global unified commerce PSP serving large enterprise merchants across Europe. Comparable as a competing acquiring+gateway provider increasingly serving Iberian omnichannel merchants that Eupago targets.
• Worldline: European payment processor with strong presence in Iberia via the former Ingenico and equensWorldline footprint. Comparable as a full-stack PSP acquiring merchants in Portugal and Spain and offering local payment methods including Bizum and MB WAY.
• Stripe: Global payment gateway serving online merchants with API-first card processing and expanding local payment method coverage in Europe. Directly comparable as an API-first PSP competing for the same Portuguese and Spanish e-commerce merchants (including those listed as Eupago customers).
• SIBS (Multibanco operator): SIBS operates the Multibanco network in Portugal, the rail through which Eupago generates Multibanco references. Comparable as the dominant Portuguese payment infrastructure provider and a de facto incumbent partner/competitor that could choose to bypass PSPs and serve merchants directly.

Direct peers

• Mollie: Dutch payment service provider focused on European SMBs and marketplaces, offering multi-method gateway integration (cards, local European methods, BNPL). Directly comparable to Eupago in scale, target segment (SMB/online merchants), and product breadth (multiple payment methods via single API).
• PAYCOMET: Spanish payment gateway (now part of the UniCredit/Nexi ecosystem) offering card processing and alternative payment methods to online merchants. Comparable as a similar-sized Iberian PSP targeting SMB and enterprise merchants with multi-method gateways.
• HiPay: European PSP offering a unified payment gateway covering local methods across multiple European countries, including a strong Iberian footprint. Comparable as a similar-sized European PSP competing for cross-border e-commerce merchants and offering local method aggregation.

Regional players

• PagBank/PagSeguro: Brazilian PSP providing acquiring, gateway, and Pix payment services in Brazil. Comparable as a regional payment player directly relevant to Eupago's Brazil expansion and EuroPix cross-border corridor opportunity.
• Redsys: Spanish payment processor owned by major Spanish banks that processes the majority of domestic card transactions and operates Bizum. Comparable as the dominant domestic Spanish PSP, a regional player relevant to Eupago's Spain expansion via Bizum acceptance.

Emerging players

• PPRO: Payment orchestration platform aggregating local payment methods globally, including Multibanco, MB WAY, and Bizum. Comparable as an emerging infrastructure layer in the same payment-method aggregation space where Eupago operates, particularly relevant for PSPs requiring local method coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCiKyJ7kPztqgag1FoPJjBbQ
• Facebookfacebook.com/eupago.pt
• LinkedInlinkedin.com/company/eupago
• Instagraminstagram.com/eupago.pt

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

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 Eupago