What Xoala does

Xoala is a Stockholm-headquartered fintech that provides global multi-currency banking, FX, payment acquiring, card issuance, and crypto services to businesses. Customers range from SMEs, freelancers, and marketplaces up to proprietary trading firms, holding companies, subscription businesses, and global enterprises, with e-commerce flagged as the primary use case. Xoala distributes through both a self-serve website portal (Xoala Business, Xoala Treasury) and a unified Core API aimed at developers and platform-integration customers.

The underlying infrastructure is multi-rail and multi-jurisdictional. The platform offers multi-currency accounts in 26 currencies with dedicated and virtual IBANs and sub-accounts, real-time FX, batch transfers, a Payout API, virtual and physical card issuance via the Issuing API (Xoala Card on Mastercard, available with Apple Pay/Google Pay), payment acquiring covering cards, wallets, and 180+ local payment methods (SWIFT, SEPA, BACS, CHAPS, iDEAL, MB Way, Multibanco, MyBank, Neteller, Paysafecard, Rapid Transfer, Skrill), crypto-fiat exchange with dedicated hardware wallets and a crypto checkout page, and a Treasury / multi-currency investment product built on Alchemy Markets and Alchemy Prime. Visa Principal Member and Mastercard direct-participant status underpin card economics. The legal entity stack is led by Steven AB (EMI authorized by Finansinspektionen, ID 48004) with regulated entities, branches, or MSB registrations in the UK (Steven FS Limited), Poland (Xoala Digital sp. z o.o), New Zealand (Steven AB Branch, FSP1007245), Canada (Primewave Payments Limited, FTRAC C100000799), Mauritius (Xoala Asia), the US (Paycury LLC, STVN Finance LLC), and the Isle of Man (Xoala IOM Limited, Designated Business ID 332 for Convertible Virtual Currency).

Xoala monetizes primarily on a transaction-fee basis: FX conversion spreads, payment acquiring take-rates, card issuance / interchange / ATM and FX fees on the Xoala Card, and crypto on/off-ramp spreads. Subscription and recurring fees apply to business accounts and dedicated IBAN administration. Founded around 2018, the company employs 11-50 people, has raised approximately $19.96M across four disclosed funding rounds between mid-2018 and late 2022, and acquired UK peer-to-peer FX platform WeSwap in November 2021.

Name

Xoala

Legal name

Steven AB

Website

https://xoala.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Stockholm-based fintech delivering multi-currency business accounts, FX, payment acquiring, card issuance, and crypto services through a unified API across 26 currencies and 180+ local payment methods, primarily serving SMEs and cross-border enterprises.

Ownership category

akta.pro rank

Product category

Cross-Border Business Banking and Payments

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), Cross-Border A2A & Bank Transfer Networks (FSAMAIAF), Cross-border Payments & FX for E-commerce (CRAFALAF), Invoice, Billing & Subscription Payments (Crypto) (FSADAIAG)

Keywords

• Multi-currency business accounts
• Cross-border payment processing
• Foreign exchange services
• Payment acquiring solutions
• Card issuing API

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. FX Conversion and Currency Exchange: Revenue generated through foreign exchange conversions when customers exchange currencies through the platform. Xoala offers competitive FX rates with transparent pricing and real-time FX tools.
2. Payment Processing and Acquiring: Fees earned from processing card payments, wallet transactions, and local payment methods through the acquiring infrastructure.
3. Card Services: Fees charged for Xoala Card issuance, administration charges, and transaction fees including ATM withdrawals and foreign currency transactions. The company charges monthly administration fees for card facilitation and account servicing.
4. Multi-Currency Account Services: Fees for business account services including dedicated IBANs, virtual IBANs, and batch transfer capabilities for managing international transactions.
5. Crypto Trading Services: Revenue from crypto on-ramp and off-ramp services through the integrated crypto platform, including spreads on buy/sell prices of supported cryptoassets.
6. Investment Products: Interest earned on idle balances through partnership with Alchemy Markets and Alchemy Prime, offering multi-currency investment options with immediate yield.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

Xoala provides an all-in-one global financial infrastructure platform for businesses, combining multi-currency accounts with dedicated and virtual IBANs across 26 currencies, real-time FX conversions, payment acquiring across 180+ local payment methods, virtual and physical card issuance, batch transfers, mass payouts, and crypto-fiat exchange services. The platform is delivered through a self-serve client portal and a single Core API that integrates SWIFT, SEPA, BACS, CHAPS, Visa, and Mastercard rails, with Xoala Business and Xoala Treasury portals serving operational and treasury needs respectively.

Product overview

Xoala is an all-in-one global financial platform built for businesses, combining international transaction management, multi-currency account management, secure payment processing, cryptocurrency services, and FX capabilities into a unified offering. The platform consists of Xoala Business (client portal for account management) and Xoala Treasury (treasury management), supplemented by modular services including Global Accounts with 26 FX currencies and 180+ local payment options, FX & Transactions, Batch Transfers, Multi-Currency Investments, Acquiring, Issuing API, Payout API, Dedicated/Virtual IBANs, Multi-Currency Cards, Crypto Services, and the Xoala Card. The Core API powers developer integration for these capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Xoala Business Self-serve client portal for managing Xoala business accounts, providing access to multi-currency accounts, FX services, payments, and account management features for SMEs and enterprises.
• Xoala Treasury Treasury management platform for managing, scaling, and earning with cross-border financial solutions, including multi-currency investments and idle balance optimization.
• Global Accounts Multi-currency business accounts supporting 26 currencies with dedicated and virtual IBANs, sub-accounts, and global cash flow management for cross-border businesses.
• Acquiring Payment acceptance solution supporting cards, wallets, and 180+ local payment methods for online and in-person transactions worldwide, with fraud prevention tools.
• Multi-Currency Cards Physical and virtual Mastercard-branded cards enabling businesses and individuals to spend globally, available through the Xoala Card product with Apple Pay and Google Pay support.
• Crypto Services Integrated cryptocurrency platform enabling businesses to send, receive, convert, and manage crypto from the Xoala dashboard, including dedicated hardware wallets, multiple cryptocurrencies, and a crypto checkout page.
• FX & Transactions Currency exchange service offering competitive FX rates with transparent pricing and real-time FX tools for global transactions across 26 currencies.
• Batch Transfers Bulk payment capability for paying suppliers, employees, or partners in bulk, supporting payroll, vendor management, and mass payouts.
• Multi-Currency Investments Investment product offered via Alchemy Markets / Alchemy Prime allowing businesses to invest idle balances in multiple currencies with immediate yield, liquidity, and short- or long-term options.
• Issuing API API for launching and managing virtual or physical cards programmatically, enabling business expense management and flexible card payment controls.
• Payout API API for streamlining mass payouts to suppliers, employees, or partners globally with real-time tracking and low fees.
• Dedicated IBANs & Virtual IBANs Unique dedicated and virtual IBANs for easy reconciliation of incoming and outgoing payments across customer accounts or business transactions.
• Xoala Card Mastercard-issued prepaid business card available as physical or virtual card (with Apple Pay and Google Pay support), accepted worldwide, with multi-currency account access and monthly administration fees.
• Core API Single modular API exposing Xoala's full financial infrastructure, enabling developers to integrate multi-currency accounts, FX, batch transfers, card issuing, payouts, and acquiring into their own platforms.

Quantifiable outcome

• 26 supported FX currencies for multi-currency account management
• +2 more outcomes

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core.

• VisacoreTechnology or IntegrationXoala is a Visa Principal Member and direct participant in the Visa payment network, enabling the issuance of Visa-branded payment cards and processing of Visa transactions globally.
• MastercardcoreTechnology or IntegrationXoala is a Mastercard member enabling the issuance of Mastercard-branded payment cards (physical and virtual) and processing of Mastercard transactions worldwide.
• SWIFTcoreTechnology or IntegrationXoala utilizes SWIFT payment network for international wire transfers enabling cross-border transactions and messaging between financial institutions globally.
• SEPA (Single Euro Payments Area)coreTechnology or IntegrationXoala supports SEPA payment options enabling efficient eurozone transactions within the Single Euro Payments Area.
• Alchemy Markets / Alchemy PrimecoreTechnology or IntegrationXoala partners with Alchemy Markets and Alchemy Prime for investment products. Alchemy Prime is authorized and regulated by the Financial Conduct Authority (FCA registration 612233) and Alchemy Markets is regulated by Malta Financial Services Authority (C 56519). Through this partnership, Xoala offers cross-border investment opportunities with immediate yield on idle balances in multiple currencies.
• SumSubcoreTechnology or IntegrationXoala uses SumSub for identity verification services as part of its KYC onboarding process. SumSub sets cookies on Xoala's website to facilitate secure and efficient identity verification for customer account registration.
• Local Payment Methods (iDEAL, MB Way, Multibanco, MyBank, Neteller, Paysafecard, Rapid Transfer, Skrill)coreTechnology or IntegrationXoala supports 180+ local payment options including specific integrations with iDEAL (Netherlands), MB Way (Portugal), Multibanco (Portugal), MyBank (Italy), Neteller, Paysafecard, Rapid Transfer, and Skrill, enabling localized payment acceptance across European and global markets.
• Steven ABcoreTechnology or IntegrationXoala operates as a trading name of Steven AB, an authorized Electronic Money Institution regulated by Finansinspektionen in Sweden. Steven AB provides the underlying e-money and payment services infrastructure for Xoala's platform, including E-Money Account services.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Revolut: Revolut Business offers multi-currency business accounts, FX, card issuing, and acquiring across 30+ countries. Directly competes with Xoala for SME cross-border wallet share, with a much larger customer base and broader product set including lending.
• Airwallex: Airwallex provides global business accounts, FX, payments, and card issuing via an API-first platform. Closest comparable to Xoala on API-first multi-currency infrastructure for SMEs and mid-market, with stronger Asia-Pacific presence.
• Wise: Wise is the leading multi-currency account and cross-border payments platform serving consumers and SMEs globally. Directly comparable to Xoala on multi-currency IBAN accounts, FX, card issuance, and acquiring, with deeper scale and broader brand recognition.
• Payoneer: Payoneer provides multi-currency receiving accounts, FX, and payouts to freelancers, marketplaces, and SMEs globally. Comparable to Xoala's freelancer and marketplace segments with deeper freelance and marketplace ecosystem penetration.
• WorldFirst: WorldFirst (Ant Group) offers multi-currency accounts and cross-border payments to SMEs and e-commerce sellers. Highly comparable to Xoala on multi-currency + e-commerce acquiring for SMEs, with particular strength in Asia.
• Paysera: Paysera is a European EMI offering multi-currency accounts, payments, and acquiring to individuals and SMEs across the EU. Comparable scale and regulatory model to Xoala, with similar geographic focus and licensing approach.
• Wallester: Wallester is a European EMI offering multi-currency business accounts, Visa card issuing, and payment infrastructure via API. Closely comparable to Xoala on European EMI licensing model, card issuing API, and SME targeting.

Emerging players

• dLocal: dLocal provides cross-border payment processing focused on emerging markets. Comparable to Xoala's emerging-market strategy via Mauritius and acquiring layer, with stronger Latin America/Africa focus.
• Modulr: Modulr is a UK-based Payments-as-a-Service platform providing accounts, payments, and card issuing via API. Comparable to Xoala's Core API architecture and B2B2C positioning, with primary UK/EU focus.

Broad incumbents

• Nuvei: Nuvei is a global payment acquirer offering card acquiring, alternative payment methods, and FX/risk management. Comparable to Xoala's acquiring and APM coverage, with stronger merchant-side focus and broader enterprise reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/xoalafs

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries7 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xoala