What Serquo does

Serquo (legal entity: SERQUO SOFTWARE S.A.) is a privately held Spanish software company headquartered in San Sebastián de los Reyes, Madrid metropolitan area, with 51-100 employees and approximately 30 years of operating history (founded in the mid-1990s from the merger of legacy entities Cashware and Aurigae). The company specializes in ATM software testing, XFS-based financial device connectivity, and payment solutions for banks, ATM manufacturers, ATM network operators, and payment processors globally.

The company's core product portfolio centers on the ATM software lifecycle: Atmirage is a web-based ATM simulator that emulates XFS devices and EMV chip cards to enable automated testing without physical hardware; Dwide is a lightweight XFS middleware that abstracts the XFS layer so development teams can build on modern architectures without XFS expertise; Qarterback is a QA assistant that guides testers, captures evidence, and validates XFS responses on physical ATMs; and Atmosphere is the orchestration platform offering Virtual Multi-Labs, CI/CD integration, and centralized configuration. Adjacent products include J/XFS, Xpeak, and CEN/XFS for branch and ATM connectivity. The company is also building an AI solutions line (Galtea, AI Agents, AI-based audio validation) and offers web/mobile development, QA/testing, specialized training, and Talent as a Service.

Serquo operates a hybrid revenue model combining proprietary software licensing (Atmirage, Dwide, Qarterback, Atmosphere) with custom development and consulting services delivered either from Serquo offices or embedded in client teams. Products are sold via direct enterprise sales to financial institutions and ATM industry players, with pricing undisclosed and engagement initiated through the company website. The company holds ISO 27001 certification (since May 2022), has an Official Google Partner designation, and serves named customers including BBVA, Santander, Caixabank, Garanti BBVA, JP Morgan, Euronet, Hyosung, Glory, Redsys, and Pagonxt across Europe, Turkey, Latin America, and South Africa.

Name

Serquo

Legal name

SERQUO SOFTWARE S.A.

Website

https://serquo.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

Serquo (SERQUO SOFTWARE S.A.) is a private Spanish software company near Madrid providing proprietary ATM testing and XFS middleware products (Atmirage, Dwide, Qarterback, Atmosphere) to global banks, ATM manufacturers, and payment providers, supplemented by custom development, training, and talent recruitment services.

Ownership category

akta.pro rank

Product category

ATM Testing and Simulation Software

NAICS

Testing Laboratories and Services (54138), Testing Laboratories and Services (541380), Custom Computer Programming Services (541511), Computer Systems Design and Related Services (54151), Other Computer Related Services (541519), Computer Training (611420)

SIC

Services-Testing Laboratories (8734), Services-Computer Programming Services (7371), Services-Prepackaged Software (7372)

akta.pro primary industry

Quality Engineering & Test Automation (QE/QA) (BPAEAFAJ)

akta.pro secondary industries

Testing, QA & Release/Deployment Enablement (BPAEAAAN), Model Testing, Validation & Quality Assurance (HDAAABAH), Software Engineering & Application Development Training (Languages, Frameworks, Testing) (BPAEANAI)

Keywords

• ATM testing software
• XFS middleware
• Financial device connectivity
• ATM simulation software
• Payment solutions

Headquarters

HQ city

San Sebastián De Los Reyes

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Proprietary Software Products: Sale and licensing of proprietary ATM testing and simulation products including Atmirage, Dwide, and Qarterback. Products are sold as licenses to financial institutions, ATM manufacturers, and software companies.
2. Custom Software Development Services: Bespoke web and mobile development services delivered through consulting engagements. Teams work either from Serquo's offices or integrated into client teams, covering all phases of digital product development.
3. Training Services: Specialized technical training for clients including internal and external technical talks and specialized courses.
4. Talent as a Service: Technology talent recruitment and placement services for high-level technology profiles.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Serquo develops and licenses proprietary ATM testing and simulation software — Atmirage (web-based ATM and self-service machine simulator), Qarterback (QA assistant for physical ATMs), and the Atmosphere testing platform — along with Dwide XFS middleware that abstracts the XFS device layer for application developers. The company also delivers XFS connectivity solutions for branches (J/XFS, Xpeak, CEN/XFS), AI solutions (Galtea, AI Agents), and professional services including custom web and mobile development, Testing/QA, specialized training, and Talent as a Service.

Product overview

Serquo offers a comprehensive portfolio of ATM testing and simulation products centered around the Atmosphere platform, which includes Atmirage (web-based ATM simulator), Qarterback (QA assistant for physical ATMs), and Dwide (XFS middleware). The company also provides XFS connectivity solutions (J/XFS, Xpeak, CEN/XFS) and AI solutions including Galtea and AI Agents. Beyond its core ATM solutions, Serquo delivers web/mobile development services, QA/testing services, specialized training, and Talent as a Service recruitment solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Atmirage: ATM simulator for automated testing and development of ATM applications
• Dwide
• Qarterback
• Atmosphere
• Galtea
• Xpeak
• J/XFS
• CEN/XFS

Products and services

• Atmirage Web-based ATM simulator that automates and streamlines testing of ATM and self-service applications by simulating all XFS devices and EMV chip cards under controlled, reproducible conditions without physical hardware. Targeted at banks, ATM manufacturers, and software companies seeking to reduce testing time and lab costs.
• Dwide Lightweight XFS middleware that abstracts the XFS layer, enabling developers to build ATM and self-service applications with modern architectures and technologies without requiring specialized XFS knowledge. Used by financial institutions and software development teams to accelerate ATM application evolution.
• Qarterback ATM QA testing assistant that guides testers step-by-step on physical ATMs, captures evidence, validates XFS responses, and generates detailed reports through a web interface for certification and field-testing processes. For QA teams within banks, ATM operators, and certification groups.
• Atmosphere Comprehensive testing platform for ATMs that enables CI/CD integration, isolated Virtual Multi-Labs work environments for development, QA, marketing, and commercial teams, visual documentation, and centralized configuration management. Targeted at banks, ATM manufacturers, and operators running distributed ATM software programs.
• J/XFS XFS connectivity solution for branch offices that enables management and connectivity of ATM and financial devices in bank branches. For financial institutions needing branch-level device integration.
• Xpeak XFS connectivity solution for branch offices, enabling integration and management of financial devices at the branch level. For banks deploying XFS-compliant device networks in branches.
• CEN/XFS Implementation of the European CEN/XFS standard for ATM and financial device connectivity, enabling interoperability across multi-vendor ATM hardware. For banks, ATM manufacturers, and integrators requiring standards-compliant device connectivity.
• Galtea AI platform for enterprise legacy transformation, cloud migration, and data fabric services, providing AI agents, data fabric, and validation capabilities for organizations modernizing legacy systems. For large enterprises undertaking digital transformation.
• AI Agents AI agents solution for enterprise automation and intelligent process handling, leveraging Serquo's AI capabilities to automate workflows. For enterprise clients seeking intelligent process automation.
• Web and Mobile Development Services Custom web and mobile application development services focusing on performance and usability, covering all project phases with continuous integration methodology. For enterprises seeking bespoke digital product development.
• Testing + QA Services Quality assurance services applying strong quality processes to client developments, including dedicated projects to automate quality control and functional testing. For enterprises augmenting internal QA capacity.
• Talent as a Service Technology talent recruitment and placement service providing high-level technological profiles to clients. For companies struggling to source qualified technology talent, exemplified by engagement with t2ó for senior technology profile recruitment.
• Specialized Training Technical training services including internal and external technical talks and specialized courses for client teams, covering ATM technology, XFS standards, and modern development practices. For enterprise teams seeking technical capability uplift.

Quantifiable outcome

• ATM testing time reduced from days to minutes with virtual lab access
• +4 more outcomes

Named customers21 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature9 records

Partnerships

Five partnerships are on record, tiered core and minor.

• EnquracoreStrategic or Co-development PartnerAI-driven financial technology company that partnered with Serquo for the Garanti BBVA project. Enqura helped identify ATM operational pain points and guided the bank toward adopting Atmirage for improved testing processes. The partnership enabled significant improvements in Garanti BBVA's customer experience through optimized ATM testing.
• BelltechcoreStrategic or Co-development PartnerPartnership to expand ATM simulation technology in Latin America. Belltech collaboration enables broader market reach for Serquo's Atmirage solution in the Latin American region.
• HPScoreStrategic or Co-development PartnerStrategic partnership with HPS (PowerCash) in Spain. HPS is a leading provider of payment solutions, and the partnership enables both companies to offer enhanced services to the Spanish financial market.
• Iliad SolutionsminorStrategic or Co-development PartnerPartnership where Iliad Solutions integrated ATM testing capability with Serquo's Atmirage, expanding both companies' offerings in the ATM testing space.
• Renovite TechnologiesminorStrategic or Co-development PartnerStrategic partnership aimed at boosting customers' ATM testing capability through combined solutions.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• NCR Atleos: NCR Atleos is the ATM-focused spinoff of NCR Corporation, providing ATM hardware, software, and ATM-as-a-Service offerings. Represents a broad incumbent competitor to Serquo's pure-play ATM software model.
• ACI Worldwide: ACI Worldwide is a large payments software vendor serving banks and processors globally. Overlaps with Serquo's payment solutions (Medios de Pago) and serves some shared banking customers across EMEA.
• Euronet Worldwide: Euronet operates one of the largest independent ATM networks and EFT processing businesses globally and owns Paragon Application Systems. A customer of Serquo but also a broad incumbent in ATM software and operations.
• Diebold Nixdorf: Diebold Nixdorf is a global ATM hardware manufacturer that also offers software, services, and Vynamic software suites for ATM channel management. Competes with Serquo indirectly via bundled ATM hardware-software-service contracts.

Direct peers

• KAL ATM Software: KAL provides ATM middleware and software solutions (including Kalignite and Multicash) that enable banks to run and integrate ATM networks. Directly comparable to Serquo's Dwide XFS middleware and J/XFS branch connectivity offerings.
• HPS (Hightech Payment Systems): HPS provides payment processing software (PowerCash) used by banks and processors. Already a strategic partner of Serquo in Spain, but also serves overlapping banking customers in payments and card processing.
• Iliad Solutions: Iliad Solutions provides XFS-based ATM testing software and has integrated with Serquo's Atmirage. Competes with Serquo in the ATM device simulation and testing market with its own TestArena suite.
• Auriga S.p.A. Auriga is an Italian software vendor specializing in ATM and self-service banking solutions, including its own ATM simulator (Auriga Runner) and middleware. Operates in the same niche as Serquo's Atmirage and Dwide, serving European banks.
• Paragon Application Systems: Paragon (now part of Euronet Worldwide) provides ATM testing and simulation software used by banks and ATM operators. Overlaps directly with Serquo's Atmirage simulator and Qarterback QA assistant product category.
• Renovite Technologies: Renovite provides ATM testing, XFS middleware, and payment switch solutions. Already a partner of Serquo, but also a partial competitor in ATM testing capability offerings for financial institutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Serquo_Software
• LinkedInlinkedin.com/company/serquo

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 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 Serquo