Every European card issuing platform reviewed
Estonia, Estonia
White-label pricing on request; business account has a free start tier
Demo on request
Best for: Branded card launches by fintechs and software products in the EEA and the UK
Wallester is the Estonian option for teams that want the BIN sponsor and the platform from one company. Wallester AS is a payment institution supervised by the Finantsinspektsioon and an official Visa Principal Member, so a programme runs under its own issuer and scheme framework. A dedicated BIN can be set up where programmes need separate reporting.
The company is registered in Estonia under code 11812882. Its site counts more than 10 million virtual and physical cards issued and names a Latvian national postal service and consumer lenders among its customers, which are vendor statements. Accounts can hold ten currencies, and a white-label app and a back office portal come with the offer.
What Wallester does well
- Principal membership with Visa, licensed in Estonia
- Optional dedicated BIN for programme separation
- Accounts and cards in ten currencies
- App and back office portal in the offer
- A retail business account on the same stack
Where Wallester falls short
- White-label price list must be requested
- Stated reach ends at the EEA and the UK
- No self-hosted deployment
- Credit programme described only in marketing terms
Standout feature. Wallester runs a free-to-start business account for companies on the same infrastructure that carries its white-label card programmes.
Paris, France
Swan on demand from EUR 2,990 per month; Swan Enterprise is custom
Demo on request
Best for: Business banking inside accounting, HR or treasury software
Swan sells embedded banking to software vendors, with cards as one part of a business account. SWAN SAS is registered in Paris under number 853 827 103, and its legal notice calls it an electronic money institution under French law. Local IBANs start with FR, DE, ES, NL or IT.
The pricing page shows Swan on demand from EUR 2,990 per month, while enterprise terms are custom and can include interchange revenue sharing. Programmes cover expense and employee benefit cards with a company logo, in physical, virtual and wallet versions. The sandbox is free and ships with an event simulator and a Postman collection.
What Swan does well
- Monthly starting price shown on the site
- E-money licence under French law
- IBANs for five countries on the cards' accounts
- No-cost sandbox with an event simulator
- Revenue sharing from interchange on enterprise terms
Where Swan falls short
- Floor of EUR 2,990 per month
- Cards without an account are not described
- Built for business customers only
- IBAN coverage limited to five countries
Standout feature. Swan is the only embedded banking vendor here whose public pricing page states a monthly starting fee in euros.
Paris, France
Pricing on request
Demo on request
Best for: Banks, neobanks and benefit-card operators that keep their own licence
Treezor splits card issuing into pieces a regulated institution can rent separately. TREEZOR SAS in Paris (SIREN 807 465 059) lists issuing, processing, tokenisation and printing, to be used under the client's own licence, with its BIN sponsor available if wanted. Its site states an ACPR e-money licence and DORA readiness.
The vendor says it serves more than 150 clients with over 8.5 million cards issued across Europe, and it lists PCI DSS and ISO 27001. A multi-criteria dynamic card selects the funding account per transaction, and external authorisation hands the decision to the client's system. A homepage banner announces that Treezor joins Shares, with no detail on the effect for clients.
What Treezor does well
- E-money licence from the ACPR
- Card machinery can run under your own authorisation
- BIN sponsor offered as an extra
- Funding account chosen per transaction
- PCI DSS and ISO 27001 stated by the vendor
Where Treezor falls short
- No price list on the site
- Announced change of ownership
- Four product routes make the offer hard to scan
- Many pages in French first
Standout feature. Treezor lets a bank hand each purchase to its own system through external authorisation while Treezor handles tokenisation and printing.
Helsinki, Finland
Founded 2016
Pricing on request
Demo on request
Best for: Larger programmes replacing a legacy processor, including fleet and benefit cards
Enfuce is the Nordic issuer processor on this list and the one built for programmes of some scale. Enfuce Financial Services Ltd was founded in 2016 in Helsinki, holds an e-money licence from the FIN-FSA passported across the EEA, and is a principal member of Visa and Mastercard. Its UK operations are authorised separately by the FCA.
The vendor states 29 million cardholders, 99.999 percent uptime and an average response of 160 milliseconds, with infrastructure separated per programme. Customers named include Pleo, Swile, Avida, SEB Embedded and Porsche. Investors include Vitruvian Partners, Maki.vc, Tencent and Visa. No price or minimum programme size is published.
What Enfuce does well
- FIN-FSA licence valid across the EEA
- Membership with both Visa and Mastercard
- EV charge, fuel and multi-PAN cards listed
- Separate infrastructure for each programme
- Licensing, ledger and disputes in one stack
Where Enfuce falls short
- Neither price nor minimum is published
- Suits larger programmes more than small launches
- Non-European investors in the cap table
- Little developer material in public
Standout feature. Enfuce lists EV charge and fuel cards next to the usual card types, which matters to mobility and fleet programmes.
Sofia, Bulgaria
Pricing on request
Demo on request
Best for: Program managers and PSPs that prefer renting a sponsor to holding a licence
Paynetics is the Bulgarian sponsor for programmes that want a BIN without scheme membership of their own. Paynetics AD (company number 131574695) is licensed by the Bulgarian National Bank, passported across the EU, and a principal member of Visa and Mastercard. A UK subsidiary, Paynetics UK Ltd, holds an FCA e-money licence.
Its pages list prepaid, debit, credit, business, virtual and tokenised cards, and use cases such as gift cards, payroll incentives, government disbursement and cards for minors. Acquiring and open banking sit in the same company. Weavr names Paynetics as the issuer of its EU Mastercard cards. A homepage banner warns about misuse of the name by an unrelated lender.
What Paynetics does well
- Bulgarian National Bank licence passported in the EU
- Principal membership with both card schemes
- Many card types and programme use cases named
- Merchant acquiring offered by the same entity
- FCA-licensed UK subsidiary
Where Paynetics falls short
- Prices are not published
- Product pages read as marketing copy
- Warning about name misuse shown on the homepage
- Technical content outside the API docs is thin
Standout feature. Paynetics explains BIN sponsorship in plain terms and is the issuer behind another vendor on this list, Weavr.
London, United Kingdom
Pricing on request
Demo on request
Best for: Expense, benefit and supplier-payment cards inside B2B software
Weavr starts from the workflow instead of the card catalogue. Its site is organised around employee benefits, expenses, accounts payable, SaaS subscriptions, loyalty, gifting and travel, and delivers accounts, payments and cards as a headless layer. Weavr Ltd (England, 13433581) serves UK entities and Weavr (Europe) Ltd (Malta, C98895) serves EU entities.
Both companies are owned by Paystratus Group Limited in London. For EU programmes the account and Mastercard card come from Paynetics AD, with Weavr (Europe) acting as registered agent, so the regulatory chain has one more link than with a direct licence holder. The Embedder Portal sandbox and a public changelog are published, while prices are not.
What Weavr does well
- Packaged around business software workflows
- Sandbox and changelog open to read
- Contracting entities for the UK and for the EU
- Virtual cards for travel and loyalty cases
- Headless, so the interface stays in your product
Where Weavr falls short
- Price not shown anywhere on the site
- EU programmes rely on a partner issuer
- Consumer launches are outside the pitch
- Short list of card types
Standout feature. Weavr contracts UK programmes with Weavr Ltd and EU programmes with Weavr (Europe) Ltd, and states the split in its footer.
Berlin, Germany
Pricing on request
Demo on request
Best for: Software, travel and mobility brands that want a bank behind consumer cards
Solaris is the full bank among the dedicated issuers. Solaris SE, based at Cuvrystrasse 53 in Berlin, names BaFin and the European Central Bank as supervisory authorities in its imprint and calls itself a German technology company with a full banking licence. Cards run on Mastercard and Visa in physical, virtual, tokenised and metal formats.
Debit, prepaid and credit are offered, with credit as charge or revolving products based on scoring, and cards can be issued with or without an underlying account. Offers are grouped by industry, including SaaS, ERP, HR tech, travel and mobility, and a KYC and KYB platform is sold alongside. Ownership is not shown on the pages read.
What Solaris does well
- Banking licence with BaFin and ECB supervision
- Mastercard and Visa both available
- Debit, prepaid and credit under one roof
- Account optional behind the card
- Metal and eco materials for card bodies
Where Solaris falls short
- No public price list
- Onboarding is a project, not a signup
- Shareholders not visible on the pages read
- Wider than a card-only buyer needs
Standout feature. Solaris names BaFin and the ECB in its imprint, which no other dedicated card issuer on this list does.
United Kingdom, United Kingdom
Bundle plans from GBP 30 per month (Bronze), GBP 110 (Silver), GBP 500 (Platinum); platform pricing separate
Demo on request
Best for: UK company cards next to accounts, pay-outs and accounts payable
Modulr is a UK payment automation platform with company cards as one product beside accounts and pay-outs. Modulr Finance Limited (England, 09897957) acts as agent of Modulr FS Limited (09897919), which the FCA authorises as an electronic money institution. The site serves businesses buying plans and platforms using the API, in English, Spanish and French.
The pricing page lists Bronze at GBP 30 per month with 80 payments, Silver at GBP 110 with 500 and Platinum at GBP 500 with 3,000, plus per-payment fees above the allowance. Virtual and physical company cards are offered, with a sandbox for platform builders. An own-BIN programme, consumer cards and credit are not described.
What Modulr does well
- Bundle tiers priced on the website
- Regulated entity under the FCA
- Cards sold with accounts and pay-outs
- API with a sandbox
- Accounts payable and payroll tooling
Where Modulr falls short
- Prices in pounds, entities in England
- Own-BIN programmes not described
- Consumer and credit cards are absent from the list
- Platform pricing for enterprise is on request
Standout feature. Modulr publishes plan tiers with payment allowances, which makes cost forecasting possible before a sales call.
London, United Kingdom
Pricing on request
Demo on request
Best for: Processing and ledger for issuers that hold or arrange their own licence
Thredd sells the processing layer and is the one on this list that says so in its first line. Thredd UK Limited (company number 09926803) uses a Kingsway address in London and describes a bank-grade issuer processing platform for credit, debit and prepaid programmes, with virtual cards, a system of record, card controls, wallets and risk tools.
It lists PCI DSS, ISO 27001, ISO 22301, ISO 31000 and SOC 1 and SOC 2 Type II, and states B Corp certification. Investors shown include Advent, Viking, Temasek, MissionOG, Visa and Mastercard. The pages read name no regulator and give no prices, and the main domain sat behind a bot check, so facts come from thredd.ai and the documentation portal.
What Thredd does well
- Positioned as a processor first
- Documentation portal open to everyone
- Certifications named on the site
- Credit, debit and prepaid programmes
- Sponsorship option for clients without a licence
Where Thredd falls short
- Prices are not stated
- Regulators missing from the pages read
- Ownership split not shown
- Moved recently from thredd.com to thredd.ai
Standout feature. Thredd keeps its developer documentation, key concepts guide and getting started material open to read before any sales contact.
London, United Kingdom
Founded 2012
Custom flat-rate or interchange-plus pricing quoted per merchant; no setup, monthly or account fee; free processing for registered charities
Demo on request
Best for: Larger merchants wanting issuing beside acquiring under one contract
Checkout.com offers card issuing next to its acquiring product, on Visa and Mastercard. Checkout Ltd is registered in England and Wales (08037323), was founded in 2012 by Guillaume Pousaz, and is authorised by the FCA as an e-money institution. A French entity, Checkout SAS, holds a separate ACPR licence for EEA customers.
The pricing options are flat rate or interchange-plus, quoted per merchant, with no setup, monthly or account fee and free processing for registered charities. Card processing is PCI DSS Level 1 certified. Onboarding runs through a sales process, and the issuing-specific contracting entity is not stated on the pages read.
What Checkout.com does well
- Gateway, acquiring and issuing reachable through one API
- UK e-money licence plus a French licence for the EEA
- Level 1 PCI DSS certification
- Registered charities process free of charge
- No setup, monthly or account fee on either model
Where Checkout.com falls short
- Rates are quoted case by case
- Sales-led onboarding, no self-serve start
- Targets bigger merchants, not small ones
- Interchange-plus is harder to forecast than a flat rate
Standout feature. Checkout.com combines an FCA licence in London with a separate ACPR licence in France for its EEA customers.
Amsterdam, Netherlands
Founded 2006
Custom pricing
Demo on request
Best for: Global enterprises that want issuing on the platform that already acquires for them
Adyen puts issuing on the same platform as its acquiring and risk products. The Dutch company was founded in 2006, has been listed on Euronext Amsterdam since 2018, and holds a Dutch banking licence with funds held in segregated accounts. Its issuing offer lists integrated BIN sponsorship and spend rules on a single integration.
The platform supports over 250 payment methods and more than 175 currencies, and RevenueProtect fraud scoring runs inside the payment flow. Pricing is custom, interchange-plus and enterprise-oriented, with no self-serve signup. Which Adyen entity contracts for issuing in each region is not verified on the pages read.
What Adyen does well
- Online, in-store, risk and issuing share one data layer
- Dutch bank licence with segregated client funds
- 250+ payment methods in 175+ currencies
- Fraud scoring built into the payment flow
- Interchange-plus rates fall as volume grows
Where Adyen falls short
- Mid-market and enterprise focus, historic volume minimums
- Sales process instead of self-serve signup
- Interchange-plus pricing is hard to forecast
- More platform than a small programme needs
Standout feature. Adyen runs issuing, acquiring and fraud scoring on one platform with a shared data layer.
Milan, Italy
Founded 2017
Enterprise and SME pricing quoted per merchant or bank; no published rate card
Demo on request
Best for: Banks and large companies buying card issuing as infrastructure from a listed group
Nexi supplies card issuing to partner banks and companies from Milan. Nexi S.p.A. was formed in 2017 from ICBPI and CartaSi, grew through the combination with Nets and SIA, and listed on Borsa Italiana in April 2019. Its issuing page names credit, debit and prepaid cards and mobile wallets, and it also sells acquiring and digital banking.
Operations extend across a dozen European markets. No shareholder holds a majority: a vehicle linked to the US private equity firm Hellman & Friedman holds just over 20 percent, and Cassa Depositi e Prestiti close to 19 percent. Pricing is negotiated per bank or merchant, with no published rate card.
What Nexi does well
- Merger of ICBPI/CartaSi, Nets and SIA into one group
- Public company since 2019 without a controlling holder
- Acquiring, issuing and digital banking together
- Activity in about twelve European countries
- Provides infrastructure for banks as well as merchants
Where Nexi falls short
- Negotiated engagements only, with no self-serve route
- Rates are never published
- Poor fit for a merchant starting this week
- The biggest shareholder is tied to a US buyout fund
Standout feature. Nexi was assembled from three national payment infrastructures, Italian, Nordic and pan-European, into one listed group.
