Eupago - Instituicao De Pagamento, Lda

What Eupago - Instituicao De Pagamento, Lda does

Eupago is a Portuguese payment institution, registered with Banco de Portugal (number 8709) and additionally licensed by Banco de España, that operates a unified payment gateway for online, in-person, and pay-by-link transactions. Founded in 2014 and headquartered in Porto, the company aggregates the full stack of locally preferred payment methods — Multibanco references, MBWAY, Payshop, direct debit (SEPA), Pagaqui, and Bizum — alongside international options (Visa, Mastercard, paysafecard, paysafecash, Apple Pay, Google Pay) and Buy Now Pay Later through partnerships with Cofidis and Floa. Its API-first architecture exposes REST and SOAP endpoints with callback/webhook notifications, a sandbox environment, split-pay for marketplaces, a failover system for failed payments, and recurring payments; ISO/IEC 27001:2022-certified and PSD2-compliant, Eupago was the first Portuguese payment institution to launch Open Banking operations (Eupago Eye). Native plugins cover Shopify, WooCommerce, PrestaShop, Adobe Commerce/Magento, Jumpseller, OpenCart, CS Cart, WHMCS, Joomla/VirtueMart, and ToWeb, with deep integrations into Portuguese accounting (PHC, Sage, InvoiceXPress, Moloni), education (Educabiz, F3M), public administration (Decimal, freSoft, GESAutarquia), and vertical software (SolidSoft, EmJogo).

The company earns primarily through per-transaction commissions auto-deducted from each payment (e.g., Multibanco at €0.22 + 1.5%, MBWAY at €0.07 + 0.7%, cards at €0.20 + 1.5%, direct debit at €0.45, paysafecard at 12%, with Smart TPA at €0.07 + 0.8% subject to a €13/month minimum), supplemented by credit-intermediation commissions from six partner banks (BNI, Banco BPI, Cofidis, Santander Consumer Finance, Novo Banco, ABanca) and Smart TPA hardware/service fees. Revenue was €5.9M in 2021 with €450M of intermediated volume; the company stated a target of surpassing €700M in volume in 2023. GTM is primarily self-service via the website and platform plugins, complemented by integrations with vertical software resellers; named enterprise customers include OLX, Prozis, PHC Software, Imovirtual, and Insania, with a stated merchant base of ~15,000 and a Commercial Director mandate to double that to 30,000 within two years.

Name

Eupago - Instituicao De Pagamento, Lda

Legal name

Eupago - Instituição de Pagamento, Lda

Website

https://eupago.pt

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Eupago is a Banco de Portugal-supervised Portuguese payment institution operating a unified payment gateway for online, in-person, and pay-by-link transactions, aggregating Multibanco, MBWAY, cards, SEPA direct debit, Open Banking, BNPL, and Smart TPA terminals for ~15,000 merchants.

Ownership category

akta.pro rank

Product category

Payment Gateway / Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Mortgage and Nonmortgage Loan Brokers (52231)

akta.pro primary industry

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

akta.pro secondary industries

Marketplace / Platform Acquiring (PayFac & Sub-Merchant Management) (FSAMABAF), Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA), Payment Gateways & API Connectivity (FSAGABAB)

Keywords

• Payment gateway services
• Online payment processing
• Open banking APIs
• Credit intermediation
• Point of sale terminals

Headquarters

HQ city

Porto

HQ country

Portugal

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Payment Transaction Fees: Eupago charges commission on each payment transaction processed through its gateway. Fees vary by payment method: Multibanco (0.22€ + 1.5%), MBWAY (0.07€ + 0.7%), Payshop (0.60€ fixed), credit card (0.20€ + 1.5%), direct debit (0.45€), paysafecard (12%), and paysafecash (0.25€ + 3%). Physical TPA terminal transactions cost 0.07€ + 0.8%. Commissions are deducted automatically from each transaction.
2. Cofidis Pay - Buy Now Pay Later: Partnership with Cofidis for installment payments. Eupago receives commission for processing BNPL transactions while Cofidis assumes the credit risk and handles the installment financing.
3. Credit Intermediation: Eupago acts as a linked credit intermediary registered with Banco de Portugal, earning commissions from financial institutions (BNI, Banco BPI, Cofidis, Santander Consumer Finance, Novo Banco, ABanca) for intermediating credit contracts with consumers.
4. Smart TPA Hardware and Services: Rental and service fees from Smart TPA payment terminals. Minimum monthly charge of 13€/month with no initial payment, no loyalty period, and free withdrawals.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Eupago operates a unified payment gateway that aggregates Portuguese local payment methods (Multibanco references, MBWAY, Payshop, Pagaqui, direct debit, Europix for Portugal-Brazil), international methods (Visa/Mastercard with 3D Secure, paysafecard, paysafecash, Bizum, SEPA, Apple Pay, Google Pay), and Buy Now Pay Later (Cofidis Pay). Merchants integrate via ready-made plugins for major e-commerce platforms or directly through a REST/SOAP API. The gateway also offers Pay by Link, Split Pay for marketplaces, recurring payments, a Smart TPA physical point-of-sale terminal, and PSD2-compliant Open Banking payment authorization. Eupago additionally operates as a registered Linked Credit Intermediary presenting consumer credit contracts from partner banks.

Product overview

Eupago is a Portuguese payment institution (registered with Banco de Portugal under nº 8709) offering a unified payment gateway platform that aggregates a comprehensive suite of payment methods for e-commerce, institutions, and businesses. The product portfolio is organized into three main pillars: Eupago Way (core payment acceptance covering all methods), Eupago Eye (Open Banking via PSD2-compliant API), and Eupago Now (credit intermediation and Buy Now Pay Later via Cofidis). The gateway supports national payment methods (Multibanco references, MBWAY, Payshop, direct debit, Bizum, Pagaqui, Europix/PIX Portugal-Brazil, SEPA), international methods (Visa/Mastercard, paysafecard, paysafecash, Apple Pay, Google Pay), and Buy Now Pay Later through Cofidis Pay. Merchants can integrate via ready-made plugins for major e-commerce platforms (Shopify, WooCommerce, Adobe Commerce/Magento, PrestaShop, Jumpseller, OpenCart, CS Cart, WHMCS, Joomla/VirtueMart, ToWeb) or via the Eupago REST/SOAP API. Additional products include Pay by Link (for businesses without websites), Split Payments (for marketplaces), Recurring Payments, a Smart TPA physical point-of-sale terminal, and credit intermediation services. Eupago also serves specialized vertical segments including e-commerce, schools and education, clubs and sports associations, public institutions, condominiums, and non-profit organizations.

Differentiator

Problem solved

Functional benefit

Brands

• Europix: Instant payment system for transfers between Portugal and Brazil
• Pay by Link
• Split Pay
• Eupago Smart TPA

Products and services

• Eupago Payment Gateway (Eupago Way) Unified online payment gateway aggregating all major Portuguese local payment methods (Multibanco, MBWAY, Payshop, direct debit), international methods (Visa/Mastercard, paysafecard, paysafecash, Bizum), and Buy Now Pay Later (Cofidis Pay) into a single integration for merchants, with automatic invoicing integration and API or e-commerce plugin onboarding.
• Eupago Eye (Open Banking) Open Banking product line making Eupago the first Portuguese payment institution to offer PSD2-compliant API-driven payment authorization and direct debit management, with two-factor authentication.
• Eupago Now (Credit & BNPL) Credit and Buy Now Pay Later product pillar covering credit intermediation with partnered financial institutions (BNI, Banco BPI, Cofidis, Santander Consumer Finance, Novo Banco, ABanca) and BNPL installment solutions such as Cofidis Pay.
• Multibanco Payment References Generation of Multibanco entity and reference codes for payments at any Multibanco ATM or home-banking channel in Portugal, with optional expiration dates, automated reminders, and failover for expired references; commission €0.22 + 1.5% per transaction.
• MBWAY Payment References Mobile payment references through the MBWAY app in Portugal (over 5 million users), with instant push-notification approvals within a 5-minute window; commission €0.07 + 0.7% per transaction.
• Visa and Mastercard Payments Credit and debit card processing for Visa and Mastercard with 3D Secure authentication, SSL 128-bit encryption, immediate confirmation, and simplified refund management; commission €0.20 + 1.5% per transaction.
• Direct Debit (Débito Direto) SEPA-compliant direct debit collection for recurring payments such as subscriptions, tuition, condominium fees, and insurance premiums, with mandate management, customer notification, and automatic retries; €0.45 per transaction.
• Payshop Cash payment method at over 7,000 CTT and Payshop agent locations across Portugal, with instant merchant confirmation and a flat €0.60 commission per transaction.
• Cofidis Pay (Buy Now, Pay Later) Buy Now Pay Later solution enabling customers to split purchases into 3, 6, or 12 interest-free installments; Cofidis guarantees full immediate payment to the merchant, with documented 20–30% sales uplift and 30–50% increase in average order value.
• Paysafecard Prepaid Mastercard voucher payment method purchased at over 600,000 points of sale globally, paid via 16-digit PIN without sharing card data; 12% commission per transaction.
• Paysafecash Online-to-cash payment method where customers receive a barcode and pay at CTT, Payshop, and Pagaqui agents; available across Europe, Canada, the US, and Mexico; commission €0.25 + 3% per transaction.
• Split Payments (Split Pay) Marketplace split-payment engine that automatically distributes a single customer payment across multiple merchants or suppliers, retaining platform commission and transferring each vendor's portion to a specified IBAN; supports Multibanco, MBWAY, and card payments.
• Pay by Link Shareable payment link that routes customers to a secure checkout where they choose their preferred method (Multibanco, MBWAY, Visa/Mastercard, Cofidis Pay), enabling businesses without a website to accept online payments via email, SMS, or messaging apps.
• Recurring Payments (Pagamentos Recorrentes) Platform to configure automated recurring charges for subscriptions, tuition, condominium fees, club dues, insurance premiums and donations via credit card, direct debit, Multibanco, or MBWAY, with configurable start/end dates, periodicity, retry attempts, and automatic payment confirmations.
• Smart TPA (Smart Point of Sale Terminal) Android-based smart point-of-sale terminal (CASTLES S1F2) accepting card payments (contactless/NFC, magnetic stripe, chip) and MBWAY with 4G/Wi-Fi/Bluetooth connectivity, integrated thermal receipt printer, 5.5-inch touchscreen, 6000 mAh battery and GPS; commission €0.07 + 0.8% per transaction; €13/month minimum; no commitment, no setup fee, next-day settlement.
• Eupago API (REST/SOAP Gateway) REST and SOAP-based developer API integrating every Eupago payment method (Multibanco with expiration, MBWAY, Visa/Mastercard, SEPA direct debit, Payshop, paysafecash, paysafecard, Cofidis Pay BNPL) with callback/webhook notifications, automatic refunds, split payments, sandbox testing, and PSD2-compliant Open Banking authorization.
• Credit Intermediation (Intermedia\u00e7\u00e3o de Cr\u00e9dito) Bound Credit Intermediary service registered with Banco de Portugal (registration 8709), presenting credit contracts, providing pre-contractual assistance, signing contracts on behalf of lenders, and offering credit advisory services for partner lenders including BNI, Banco BPI, Cofidis, Santander Consumer Finance, Novo Banco, and ABanca; free for consumers.
• Apple Pay and Google Pay Mobile-wallet payment acceptance enabling customers to pay with Apple Pay or Google Pay directly from their phone for a frictionless contactless checkout experience.
• Bizum Spanish instant mobile payment method enabling merchants targeting the Spanish market to accept payments from Bizum-using Spanish customers through the Eupago gateway.
• Europix (Portugal-Brazil Instant Payments) Instant cross-border payment system enabling real-time fund transfers between Portugal and Brazil for remittances and e-commerce payouts.
• Pagaqui Payment References Physical payment references allowing customers who prefer in-person cash settlement to pay online purchases at Pagaqui agent locations, reaching Portuguese consumers without bank accounts or those preferring cash.

Quantifiable outcome

• 20-30% increase in sales when offering installment payments (Cofidis Pay)
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration28 records

Feature7 records

Partnerships

21 partnerships are on record, tiered core, major and minor.

• CofidiscoreStrategic or Co-development Partner · 1 January 2022Partnership with Cofidis to offer Buy Now Pay Later (BNPL) installment payments in Portugal. Cofidis handles credit risk and financing while Eupago provides the merchant interface. Available in 3, 6, or 12 interest-free installments for customers. Eupago receives payment within 24 hours while Cofidis manages customer installments.
• Paysafe Group (paysafecard)coreTechnology or IntegrationIntegration with Paysafe Group services including paysafecard (prepaid card available in 45+ countries) and paysafecash (cash payment at local points). Paysafe Group, regulated by the Central Bank of Ireland, owns Skrill and Neteller alongside paysafecard.
• Visa and MastercardcoreTechnology or IntegrationIntegration enabling acceptance of Visa and Mastercard credit and debit cards for online payments. Uses 3D Secure technology for enhanced authentication and security.
• MultibancocoreTechnology or IntegrationIntegration with Multibanco payment network enabling reference-based payments at ATMs and online banking throughout Portugal. Most popular payment method in Portugal.
• MB WAYcoreTechnology or IntegrationIntegration with MB WAY mobile payment app enabling instant payments via smartphone. Over 5 million users in Portugal with 33% citing it as their preferred payment method.
• PayshopcoreTechnology or IntegrationIntegration with Payshop cash payment network with over 7,000 agents across Portugal (CTT shops and other agents). Enables cash payments for online purchases at physical locations.
• ShopifymajorTechnology or IntegrationOfficial plugin integration with Shopify e-commerce platform enabling Multibanco, MBWAY, Visa/Mastercard, and Cofidis Pay payments for Shopify merchants in Portugal.
• WooCommerce (WordPress)majorTechnology or IntegrationOfficial WordPress/WooCommerce plugin enabling Multibanco, MBWAY, Payshop, Visa/Mastercard, Cofidis Pay, and paysafecard payments. Plugin available in Portuguese, English, and Spanish.
• PrestaShopmajorTechnology or IntegrationOfficial PrestaShop module enabling Multibanco, MBWAY, Payshop, Visa/Mastercard, and Cofidis Pay payments for PrestaShop merchants.
• Adobe Commerce (Magento)majorTechnology or IntegrationOfficial Magento/Adobe Commerce module enabling Multibanco, MBWAY, Visa/Mastercard, and Payshop payments with features like callback notifications, dated references, and automated reminders.
• InvoiceXPress, Moloni, PHC, SagemajorTechnology or IntegrationIntegrations with Portuguese accounting software platforms enabling automatic Multibanco reference generation with invoices and automatic payment reconciliation.
• CASTLES TechnologycoreOEM/ Whitelabel/ Licensing PartnerCASTLES S1F2 smart payment terminal hardware provider for Eupago Smart TPA service. Terminal supports 4G/3G/2G, Wi-Fi, Bluetooth, contactless/NFC, magnetic stripe, chip, 5.5" touchscreen, and 6000 mAh battery.
• Bank of PortugalcoreStrategic or Co-development PartnerRegulatory supervisor and registration authority. Eupago is registered as Payment Institution (number 8709) and Linked Credit Intermediary under Bank of Portugal oversight.
• Bank of SpaincoreStrategic or Co-development PartnerRegulatory authority for Spanish market expansion. Eupago received Bank of Spain license enabling operations in Spain.
• BNI - Banco de Negócios InternacionalminorStrategic or Co-development PartnerOne of six financial institutions with credit intermediation contracts. Eupago intermediates consumer credit on behalf of this bank as a Linked Credit Intermediary.
• Banco BPIminorStrategic or Co-development PartnerOne of six financial institutions with credit intermediation contracts. Eupago intermediates consumer credit on behalf of this bank as a Linked Credit Intermediary.
• Santander Consumer FinanceminorStrategic or Co-development PartnerOne of six financial institutions with credit intermediation contracts. Eupago intermediates consumer credit on behalf of this bank as a Linked Credit Intermediary.
• Novo BancominorStrategic or Co-development PartnerOne of six financial institutions with credit intermediation contracts. Eupago intermediates consumer credit on behalf of this bank as a Linked Credit Intermediary.
• ABanca Corporación BancariaminorStrategic or Co-development PartnerOne of six financial institutions with credit intermediation contracts. Eupago intermediates consumer credit on behalf of this bank as a Linked Credit Intermediary.
• Israeli Payment ProcessorcoreTechnology or IntegrationStrategic partnership with Israeli technology company for card processing capabilities, enabling processing of 120 million euros in card transactions annually with global payment solutions.
• FixandominorGTM or Marketing PartnerJoint business conference organization (Salto para o Sucesso) in Lisbon and Porto focusing on innovation and sustainable business growth for SMEs.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• HiPay: European payment gateway offering local payment method aggregation and fraud management. Comparable to Eupago in European multi-method gateway focus, particularly for mid-market merchants.
• Mollie: European SMB-focused payment gateway offering a single-integration multi-method platform (cards, local European methods, BNPL). Closely comparable to Eupago in target customer (SMBs/e-commerce), API-first model, and European local-method coverage.
• SumUp: European payment acceptance company combining online gateway with mobile/POS terminals for SMBs. Comparable to Eupago in offering both e-commerce gateway and physical terminal (SumUp Air) plus payment method aggregation for European SMBs.

Emerging players

• Floa: BNPL provider (subsidiary of BNP Paribas) offering installment payments in Europe. Comparable to Eupago's Cofidis Pay BNPL offering; emerging player featured on Eupago's own homepage for 3X payments.
• Cofidis Pay: BNPL and consumer credit arm of Cofidis operating in Portugal and Iberia. Strategic partner of Eupago (Cofidis Pay is distributed through Eupago's gateway) and emerging player in merchant-integrated BNPL, comparable to Eupago's BNPL product line.

Broad incumbents

• Stripe: Global payment gateway and API-first processor serving e-commerce and platforms. Comparable to Eupago in API-driven payment orchestration, but operates at global scale and increasingly adds local European rails (Multibanco, MBWAY), directly threatening Eupago's differentiation.
• Adyen: Enterprise-grade global payment processor supporting hundreds of local methods and unified commerce (online + POS). Comparable to Eupago in offering a single integration for many payment methods, including European local rails, but at vastly larger enterprise scale.
• Worldline: Major European payment processor and acquirer offering gateway, acquiring, and POS services across multiple verticals. Comparable to Eupago in regulated payment institution status, multi-method aggregation, and European footprint, but at incumbent scale.

Regional players

• Redsys: Spanish payment processor and gateway operator owned by major Spanish banks. Direct regional peer to Eupago's Spanish expansion ambitions; comparable in domestic market dominance and card payment processing for e-commerce.
• SIBS: Portuguese payment network operator that runs Multibanco and MBWAY infrastructure. Adjacent incumbent to Eupago — not a direct competitor but a critical dependency and potential competitive threat if it moves downstream into merchant services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@eupago/featured
• Facebookfacebook.com/eupago.pt
• LinkedInlinkedin.com/company/eupago
• Instagraminstagram.com/eupago.pt

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

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 - Instituicao De Pagamento, Lda