EVO DIGITAL SOLUTIONS LTD

What EVO DIGITAL SOLUTIONS LTD does

EVO Digital Solutions is a Libyan fintech infrastructure provider founded in 2024 and headquartered in Benghazi, operating under a license from the Central Bank of Libya. The company builds regulated digital payment rails for banks, financial institutions, merchants, and consumers across Libya, with a modular product stack spanning eight connected services. Its flagship platform, Swytch, is a proprietary event-driven switching and processing core powered by NCR Authentic that unifies ATM, POS, wallet, and digital channels into a single PCI-DSS compliant environment with real-time routing for On-Us, Off-Us, and International transactions. Surrounding modules include Card Issuing and Acquiring, EVO Wallet (consumer wallet with P2P transfers, virtual Visa, bill pay, eSIM, and KYC onboarding), EVO Cash QR (merchant acceptance with same-day settlement), API-first Banking Integrations to legacy core systems, Managed Operations (24/7 monitoring, incident management, contact center), and Data Center Development. The technology is differentiated by its API-first developer surface, including sandbox environments, signed webhooks, and live status monitoring.

EVO generates revenue through a combination of platform licensing or subscription contracts, transaction processing fees on routed switching volume, and managed services for operational support. Go-to-market is hybrid: direct enterprise sales to banks and FIs for switching, issuing, and integrations; product-led distribution via App Store and Google Play for the consumer EVO Wallet; and a cash-in/cash-out agent network for merchant and consumer touchpoints. Target customers split into two primary segments: Banks and Financial Institutions (where the company positions as an integration and operational partner for digital banking transformation) and Merchants and Consumers (where EVO Wallet and EVO Cash serve as the end-user payment experience). Strategic partnerships with NCR, Finastra, Tedmob, VMware, and BCD anchor the technology, implementation, and channel layers. Operational targets include 99.95% platform availability and sub-five-minute major incident detection, with PCI-DSS, GDPR, and CCPA compliance frameworks in place.

Name

EVO DIGITAL SOLUTIONS LTD

Legal name

EVO Digital Solution Co.

Website

https://evo-ly.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

EVO Digital Solutions is a Libyan fintech infrastructure provider building regulated digital payment rails for banks, merchants, and consumers. Its flagship Swytch platform unifies ATM, POS, wallet, and digital channels into a PCI-DSS compliant switching core, licensed under the Central Bank of Libya.

Ownership category

akta.pro rank

Product category

Payment Infrastructure

NAICS

Computer Systems Design and Related Services (54151), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210), Security Systems Services (except Locksmiths) (561621)

SIC

Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ)

akta.pro secondary industries

Digital Account Opening & Onboarding (eKYC, eSignature, Origination) (FSAGAAAB), Identity Verification & Digital ID (IDV, eIDAS, biometrics) (FSAGAFAA)

Keywords

• Payment switching platform
• Digital wallet services
• Card issuing acquiring
• Merchant QR payments
• Banking integration APIs

Headquarters

HQ city

Benghazi

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Platform Licensing / Subscription: EVO provides its modular fintech infrastructure stack (Swytch, wallet, QR, issuing/acquiring, integrations, managed ops) to financial institutions. Revenue likely derives from platform licensing fees, subscription contracts, or per-module pricing for institutional clients. Terms reference 'service charges' and account limits set by the company within CBL regulations.
2. Transaction Processing Fees: EVO processes real-time switching across ATM, POS, wallet, QR, and digital channels, generating transaction fees for routing, authorization, and settlement. The Swytch platform logs show transaction-level processing with settlement workflows (T+0). Cash-in/cash-out and payment services likely carry transaction-based charges.
3. Managed Services: EVO provides ongoing operational support including 24/7 monitoring, incident management, contact center services, reconciliation, and compliance reporting. This likely constitutes a recurring managed services revenue stream for financial institution clients requiring operational outsourcing.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

EVO Digital Solutions designs, builds, and operates regulated fintech infrastructure for the Libyan market, anchored by its proprietary real-time switching and processing platform (Swytch, powered by NCR Authentic). Its modular stack unifies card issuing, merchant acquiring, ATM/POS routing, a consumer digital wallet (EVO Wallet), merchant QR acceptance (EVO Cash), API-first core banking integrations, and 24/7 managed operations — all under Central Bank of Libya supervision within a PCI-DSS compliant environment.

Product overview

EVO Digital Solutions offers a modular fintech infrastructure platform comprising eight connected modules rather than a single monolith: Swytch (proprietary real-time switching core powered by NCR Authentic), Card Issuing & Acquiring, EVO Wallet (digital wallet with P2P transfers and virtual Visa), Merchant QR (EVO Cash for merchant acceptance), Banking Integrations (legacy core banking connectivity), Managed Operations (24/7 support and monitoring), and Data Center Development services. All modules operate on a shared regulated infrastructure licensed by the Central Bank of Libya with PCI-DSS compliant processing.

Differentiator

Problem solved

Functional benefit

Brands

• Swytch: Real-time switching and processing platform powered by NCR Authentic, consolidating ATM, POS, wallet, and digital channels into one switching layer.
• EVO Wallet
• EVO Cash QR

Products and services

• Swytch Proprietary event-driven real-time switching and processing platform that unifies card, ATM, POS, wallet, and digital payment channels into a single PCI-compliant environment for financial institutions, with On-Us, Off-Us, and International transaction routing.
• Card Issuing & Acquiring Full-lifecycle card program management covering card issuance, lifecycle management, merchant acquiring, On-Us/Off-Us/International routing, authorization logic, and unified settlement on a single operator surface for banks and payment service providers.
• EVO Wallet Consumer-facing digital wallet for end users and merchants in Libya, supporting KYC-driven onboarding, wallet-to-wallet transfers, wallet-to-account linking, virtual Visa cards, bill payment, top-ups, vouchers, eSIM, and connection to cash-in/cash-out agent networks.
• Merchant QR (EVO Cash) Merchant QR payment acceptance product enabling merchants to receive digital wallet payments via static or dynamic QR codes, with real-time confirmation, same-day settlement, and simplified retail checkout without heavy hardware dependency.
• Banking Integrations API-first middleware connectors that bridge legacy core banking systems with modern digital channels including mobile banking apps, online banking, smart branches, and partner APIs, enabling financial institutions to expand digitally without replacing existing core infrastructure.
• Managed Operations Operational support service combining 24/7 monitoring, incident management, reconciliation, reporting, CRM integration, IVR, omnichannel engagement, and workforce management to run live financial products on behalf of financial institution clients.
• Data Center Development Enterprise-grade data center design, build, deployment, and operational readiness services including disaster recovery, business continuity, and physical and cybersecurity infrastructure aligned with ISO standards.

Quantifiable outcome

• Transaction routing: 200 OK response in ~42ms with full ON-US routing in under 60ms end-to-end
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature9 records

Partnerships

Five partnerships are on record, tiered core, strategic and supporting.

• NCR (NCR Authentic)coreTechnology or Integration · 1 January 2024NCR Authentic is the engine powering the core of EVO's Swytch switching and processing platform. NCR provides the foundational technology that enables EVO's real-time transaction switching across ATM, POS, wallet, and digital channels in Libya.
• FinastrastrategicTechnology or Integration · 1 January 2024EVO supports Mediterranean Bank's Finastra Essence banking transformation project with technical and operational services under Finastra's supervision. EVO positions as a local integration and implementation partner in Libya for Finastra-based banking transformation initiatives.
• TedmobcoreTechnology or Integration · 1 January 2024Tedmob developed the EVO Wallet mobile application for Android (package: com.tedmob.evo.lybia), published on Google Play. Tedmob appears to be EVO's primary technology partner for mobile wallet app development and deployment in Libya.
• VMwaresupportingTechnology or Integration · 1 January 2024VMware is listed among EVO's trusted technology partners contributing to building Libya's payment rails alongside institutions and platforms that move global finance.
• BCDsupportingTechnology or Integration · 1 January 2024BCD is listed among EVO's trusted partners building Libya's payment rails alongside institutions and platforms that move global finance. Specific nature of partnership is not detailed.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Visa: Global card network enabling the virtual Visa card issuance within EVO Wallet. Comparable as the underlying network infrastructure provider supporting EVO's card programs and cross-border routing.
• Mastercard: Global payments network operator with significant African expansion focus and card-issuing/processing capabilities. Comparable to EVO's issuing and acquiring modules at the network and program-management layer.
• Interswitch: Pan-African integrated digital payments and commerce company offering switching, card issuing, acquiring, and digital banking infrastructure. Closely comparable to EVO's Swytch switching and issuing/acquiring modules across an African footprint.
• Network International (NGenius): Largest payment processor in the Middle East and Africa, offering merchant acquiring, card issuing, and switching across the region. Comparable to EVO as a multi-channel payment infrastructure provider, though operating across multiple MENA markets rather than concentrated in Libya.

Emerging players

• Flutterwave: African payment infrastructure provider enabling cross-border and domestic digital payments, card issuing, and merchant acceptance across multiple African markets. Comparable to EVO in building digital payment rails for African institutions and merchants.
• M2P Solutions (M2P Fintech): MENA-focused API-based digital banking and payment infrastructure platform offering card issuing, wallets, and core-banking connectivity. Comparable to EVO's modular fintech stack serving regional financial institutions.

Direct peers

• NCR Atleos: Provider of NCR Authentic — the very switching engine powering EVO's Swytch platform — and a global ATM and digital banking infrastructure operator. Directly comparable as the underlying technology vendor for EVO's core processing layer.
• Finastra: Global core banking and financial software vendor whose Essence platform is referenced in EVO's Mediterranean Bank transformation partnership. Comparable as the upstream core-banking vendor whose systems EVO integrates with.

Regional players

• Halan (formerly Mashroey / MNT-Halan): Egyptian fintech providing digital payments, wallets, and consumer lending via a super-app, with expanding North African footprint. Comparable to EVO's consumer wallet, QR merchant acceptance, and cash-in/cash-out agent network in a regional African context.
• Fawry: Leading Egyptian digital payments and fintech infrastructure provider offering e-payments, bill presentment, and merchant acceptance. Comparable to EVO Wallet and EVO Cash as a North African consumer-facing digital wallet and merchant QR platform.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/evo-digital-solutions-co

Compliance3 records

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 EVO DIGITAL SOLUTIONS LTD