Spell
Spell (SIA Spell) is a Latvian white-label PayTech platform offering payment gateway, orchestration, e-wallet, and billing modules to PSPs, fintechs, banks, and merchants across 14 countries, delivered as a PCI DSS Level 1 SaaS on AWS.
- Company typePrivate
- Founded2018
- HeadquartersRiga, Latvia
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Spell does
Spell (SIA Spell) is a Latvian private company founded in 2018 that operates a white-label Payments-as-a-Service (PaaS) platform enabling payment service providers, fintech startups, banks, payment facilitators, and merchants to launch or upgrade a payments business under their own brand. The offering is delivered as a multi-tenant SaaS platform on fault-tolerant AWS infrastructure, combining a payment gateway, payment orchestration layer, optional e-wallet and billing modules, with the platform split between a client-facing Front Office (Account, Feed, Billing, Links, Profile, Team, Contacts, Developers, Settings) and an administrative Wizard Back Office (Tickets, Dashboards, Feed, Clients, Pricings, Rules, Team, Settings, Updates). Spell holds PCI DSS Level 1 certification with ongoing third-party audits and is listed on the Visa Global Registry of Service Providers (spId: 584), supporting enterprise-grade operations and a 99.999% uptime SLA.
Core technology includes intelligent payment routing (across payment methods, geo, channels, amount, and buyer IP), automatic cascading for declined transactions via alternative channels, AI-based fraud scoring using machine-learning anomaly detection on real-time big data, multifactor pricing and reserve structures stored in presets, embedded KYC/KYB onboarding, and a RESTful API with Server-to-Server, Direct Post, and Redirect integration methods plus iOS/Android mobile SDKs and language libraries. Spell maintains 100+ pre-built free payment connectors spanning acquirers (MPGS, CyberSource, Stripe, Nuvei, TrustPayments, eMerchantPay, Intergiro, Decta, Flutterwave, Authorize.net, PayRetailers), account providers (ClearBank, Nium, IFX), KYC/fraud vendors (SEON.io, SumSub), e-commerce plugins (Shopify, Magento, WooCommerce, OpenCart, PrestaShop), and a Payment Bridge to gaming/betting platforms (DevCode/Payment IQ, Praxis, SoftGamings, Advabet, betB2B, TrueLabel, BetConstruct). The platform is localized in 13 languages and serves partners across 14 countries, processing 90M+ payments worth €10B+ annually.
The business model is SaaS subscription with pricing starting at €2,400 (annual cadence implied by platform display), and since 2023 all payment connectors are free of charge for partners. Go-to-market is dual: enterprise/mid-market consultative sales (demo tours, case studies, application review) targeting PSPs and banks, paired with self-serve PLG-style onboarding enabling 1-day to 1-week time-to-launch versus the 12–18 months cited for in-house builds. Named customers include Baltic financial institutions Luminor and Citadele, plus enterprises Xpate and Revio (South Africa). The company is founder-led by CEO Jevgenijs Novickis, is privately held with no disclosed funding rounds, and in 2024 entered a government talent-attraction agreement with Latvia's Investment and Development Agency (LIAA, agreement Nr.17.2-1-L-2024/4).
Spell firmographics
Firmographics- Name
- Spell
- Legal name
- SIA Spell
- Website
- https://wespell.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Spell (SIA Spell) is a Latvian white-label PayTech platform offering payment gateway, orchestration, e-wallet, and billing modules to PSPs, fintechs, banks, and merchants across 14 countries, delivered as a PCI DSS Level 1 SaaS on AWS.
- Ownership category
- akta.pro rank
Spell industry classification
Industry- Product category
- Payment Gateway Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Software Publishers (513210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)
- SIC
- Services-Prepackaged Software (7372), Services-Computer Processing & Data Preparation (7374)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Digital Wallet Infrastructure (Tokenization, Wallet-as-a-Service) (FSAMAEAI), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)
Keywords
Where Spell is headquartered
LocationHeadquarters
- HQ city
- Riga
- HQ country
- Latvia
- HQ region
- Europe
Offices1 record
Markets served
Spell business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- SaaS Subscription: Spell operates on a subscription basis, providing access to the white-label payment platform, similar to Netflix or Spotify models. Partners pay recurring fees for platform access, updates, and support. Starting from €2,400.00 as indicated on the platform.
- Payment Connections: As of 2023, all payment connectors are free of charge for Spell Partners. Previously, deposits and fees were associated with using connections including MPGS, CyberSource, Stripe, ClearBank, SEON.io, SumSub, and others.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Standard SaaS Platform Access |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels7 records
Spell product offering
Product offeringCore offering
Spell provides a white-label SaaS PayTech platform that combines a payment gateway, payment orchestration, e-wallet, and billing software, delivered via a RESTful API and accessible through front-office and back-office modules. The platform enables payment service providers, fintech startups, banks, and merchants to launch or scale branded payment businesses in 1 day to 1 week, with 100+ pre-built free payment connectors, intelligent routing, cascading, AI fraud scoring, and PCI DSS Level 1 compliance. The platform currently processes over 90 million payments worth more than €10 billion annually across partners in 14 countries.
Product overview
Spell is a white-label SaaS payment platform consisting of a core Payment Gateway and Payment Orchestration Platform, with optional add-on modules including E-Wallet and Billing. The platform is divided into two subsystems: the Front Office (Account, Feed, Billing, Links, Profile, Team, Contacts, Developers, Settings) for client-facing operations, and the Wizard Back Office (Tickets, Dashboards, Feed, Clients, Pricings, Rules, Team, Settings, Updates) for administrative management. Additional value-added tools include Links for marketing campaigns, Offers for sales tools, Payment Bridge for gaming platform integrations, and Embedded Onboarding for digital verification. The platform processes over 90M payments worth over €10B annually across 14 countries, with 100+ ready-to-go free connections and support for 13 languages.
Differentiator
Problem solved
Functional benefit
Products and services
- White Label Payment Gateway A white-label SaaS payment gateway that enables partners (PSPs, fintech startups, banks, merchants) to launch or upgrade their payments business under their own brand, with intelligent routing, cascading, multi-currency support, and PCI DSS Level 1 compliance. Available on partner-owned domains with 99.999% uptime on AWS infrastructure.
- Payment Orchestration Platform A software layer that sits between merchants and various payment service providers, managing payment routing, cascading, and multi-gateway orchestration from a single entry point. Enables intelligent routing based on payment methods, geography, channel availability, payment amount, and buyer's IP, with custom routing scenarios at global, client, brand, and terminal levels.
- E-Wallet A white-label digital wallet solution that can be united with the payment gateway within one platform, enabling multi-currency account balances and real-time tracking of client funds. Designed for PSPs and fintechs that want to offer branded wallet functionality alongside payment processing.
- Billing White-label billing software with one-time invoicing, subscription management, customizable templates, mobile-friendly payments, and automated billing via a Billing API. Designed for partners needing to monetize recurring or one-time charges alongside their payment gateway.
Quantifiable outcome
- 90M+ payments processed annually with €10B+ volume
- +3 more outcomes
Companies that use Spell
Customer profileNamed customers4 records
Segments5 records
Ideal customer profiles5 records
Spell technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration28 records
AI capability2 records
Feature11 records
Spell partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and minor.
- VisacoreSpell is listed in Visa's Global Registry of Service Providers and is PCI DSS Level 1 compliant, as confirmed by Visa. This regulatory certification is essential for operating as a payment service provider. Spell has renewed its presence in this registry, demonstrating ongoing commitment to security standards.
- AWS (Amazon Web Services)coreSpell platform is built on AWS infrastructure with fault-tolerant architecture, enabling 99.999% uptime and SLA guarantees. AWS provides the underlying cloud infrastructure for the SaaS payment platform.
- FintextraminorSpell is featured by Fintextra, a fintech industry media platform, providing visibility and credibility within the payment technology ecosystem.
- The PaypersminorSpell is featured by The Paypers, a leading payment industry news and intelligence platform, enhancing brand visibility among payment professionals.
- Fintech BalticminorSpell is featured by Fintech Baltic, a regional fintech industry organization, supporting visibility in the Baltic and Nordic payment markets.
- Mastercard (MPGS)coreMPGS (Mastercard Payment Gateway Services) connector available as one of 100+ free payment connections, enabling merchants to accept Mastercard transactions globally.
- StripecoreStripe connector available as one of 100+ free payment connections, enabling acceptance of Stripe-powered payments and integration with Stripe's merchant ecosystem.
- CyberSourcecoreCyberSource connector available as one of 100+ free payment connections, providing access to CyberSource's global payment network and fraud detection capabilities.
- FlutterwavecoreFlutterwave connector available as one of 100+ free payment connections, enabling African market coverage and multi-currency African payment processing.
- SEON.iocoreSEON.io KYC and fraud prevention integration available as part of the connection ecosystem, providing real-time fraud detection and compliance tools.
- SumSubcoreSumSub KYC verification integration available as part of the connection ecosystem, enabling automated identity verification and compliance onboarding.
- ClearBankcoreClearBank account provider connection available, enabling real-time payment capabilities and account services for Spell partners.
- NiumcoreNium account provider connection available, providing global account and payment infrastructure capabilities.
- Investment and Development Agency of LatviaminorSIA Spell has entered into agreement Nr.17.2-1-L-2024/4 with the Investment and Development Agency of Latvia to receive support in attracting highly qualified employees dedicated to developing new features of the SaaS PayTech platform.
- Payment Bridge Partners (DevCode, Payment IQ, Praxis, SoftGamings, Advabet, betB2B, TrueLabel, BetConstruct)coreSpell's Payment Bridge enables routing payments from top gaming and betting platforms including DevCode/Payment IQ, Praxis, SoftGamings, Advabet, betB2B, TrueLabel, and BetConstruct. Spell covers connection fees, monthly fees, and maintenance costs for partners using this bridge.
Scale indicators7 records
Recent moves5 records
Expansion highlights6 records
Spell competitors and assessment
Company assessmentDirect peers
- Corefy: Corefy is a payment orchestration platform that lets merchants and PSPs route, cascade, and manage transactions across multiple acquirers and PSPs from a single API. Highly comparable to Spell's payment orchestration, routing, and cascading core.
- Cellpoint Digital: Cellpoint Digital provides a payment orchestration platform tailored to airlines, travel, and marketplaces with multi-PSP routing. Comparable in orchestration, multi-currency, and PSP integration capabilities.
- Paydock: Paydock is a payment orchestration and workflow platform for merchants, marketplaces, and PSPs, with multi-gateway routing and subscription management features that overlap with Spell's platform.
- Akurateco: Akurateco offers a white-label payment gateway and orchestration solution for payment service providers and PayFacs, closely mirroring Spell's PSP-in-a-box positioning.
- Spreedly: Spreedly is a payment orchestration and vault platform that abstracts connections to many gateways and PSPs. Comparable to Spell in addressing the same pain of multi-gateway connectivity and routing for digital businesses.
- IXOPAY: IXOPAY provides a payment orchestration platform with intelligent routing, cascading, and tokenization for merchants and PSPs. Directly comparable to Spell's orchestration and gateway offering for the same customer base.
Broad incumbents
- Stripe: Stripe is a global payments platform offering Connect, Issuing, and orchestration-adjacent capabilities for platforms and marketplaces. While much broader than Spell, it competes for the same pool of fintechs and PSPs building payment products.
- Adyen: Adyen is a unified global payments platform serving large merchants and platforms with processing, acquiring, and orchestration-like features. Competes with Spell for enterprise PSP, marketplace, and platform customers.
- Checkout.com: Checkout.com is a global payment processor serving PSPs, marketplaces, and large merchants. It overlaps with Spell at the orchestration, gateway, and multi-method acceptance layer but on a much larger scale.
- Rapyd: Rapyd is a Fintech-as-a-Service network offering payments, issuing, and acquiring infrastructure for platforms building financial products. Comparable to Spell's PaaS and white-label ambitions, but with a broader global acquiring footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Spell social profiles
Digital presenceSpell compliance and trust
Trust signalCompliance1 record
Spell financial estimates
Financial estimateRevenue estimate
Valuation estimate
Spell leadership team
Management profileNumber of profiles
Profiles1 record
Spell funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Spell M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Spell
What does Spell do?
Spell provides a white-label SaaS PayTech platform that combines a payment gateway, payment orchestration, e-wallet, and billing software, delivered via a RESTful API and accessible through front-office and back-office modules. The platform enables payment service providers, fintech startups, banks, and merchants to launch or scale branded payment businesses in 1 day to 1 week, with 100+ pre-built free payment connectors, intelligent routing, cascading, AI fraud scoring, and PCI DSS Level 1 compliance. The platform currently processes over 90 million payments worth more than €10 billion annually across partners in 14 countries.
Is Spell a public or private company?
Spell is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Spell founded?
Spell was founded in 2018. It employs 11 to 50 people.
Where is Spell based?
Spell is headquartered in Riga, Latvia, in the Europe region.
How does Spell make money?
Two revenue lines are on record. SaaS Subscription is the primary driver. The others are payment Connections.
Who are Spell's main competitors?
Direct peers on record are Corefy, Cellpoint Digital, Paydock, Akurateco, Spreedly and IXOPAY. Broad incumbents are Stripe, Adyen, Checkout.com and Rapyd.
Does Spell have an API?
Yes. RESTful API supporting Server-to-Server, Direct Post, and Redirect integration methods with Sandbox and Webhooks. Mobile SDKs for iOS & Android, alongside development libraries for dozens of coding languages. Billing API for connecting Spell to other payment, invoicing, taxation, and accounting systems.
What industry is Spell in?
Spell's product category is Payment Gateway Software. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAMACAE, Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods). Its NAICS code is 52232 and its SIC code is 7372.