EST. 2012 CODEGO GROUP LTD · MALTA BANKING AS A SERVICE LOCAL IBAN · 15 COUNTRIES SEPA · SEPA INSTANT · SWIFT · 21 CCY PCI DSS CERTIFIED 2025 API FIRST · WEBHOOKS 79 COUNTRIES DEPOSITS MULTI-CURRENCY · 12+ FIAT $1.1BN PROCESSED 2025 EST. 2012 CODEGO GROUP LTD · MALTA BANKING AS A SERVICE LOCAL IBAN · 15 COUNTRIES SEPA · SEPA INSTANT · SWIFT · 21 CCY PCI DSS CERTIFIED 2025 API FIRST · WEBHOOKS 79 COUNTRIES DEPOSITS MULTI-CURRENCY · 12+ FIAT $1.1BN PROCESSED 2025
Codego · Banking infrastructure · est. 2012 Comparison · Vol. XIII · Issue 06/2026 ● Live · 15 countries · Malta HQ
CMP

Codego vs ConnectPay.
An honest comparison
of white-label neobank and BaaS infrastructure.

ConnectPay is a well-regarded Lithuanian EMI offering white-label neobanking and embedded banking for fintechs and marketplaces across the EEA. Codego approaches the same infrastructure layer from a broader global position: local IBAN issuance in 15 countries including the UK, USA, Canada and Australia; dual Visa and Mastercard BIN sponsorship; first-class crypto card programmes across 7 regions; and a 15-day launch window that removes the months-long delay typical of managed-service BaaS providers.

Talk to Codego Comparison table
01
At a glance

At a glance

  Codego ConnectPay
Headquarters Malta (EU) Vilnius, Lithuania (EU)
Founded 2012 2018
Regulatory framework NBB EMI distribution licence; Codego's partner EMIs in EMI process; pan-EU passporting Bank of Lithuania EMI licence; EEA passported across all 30 EEA countries
Card schemes Visa and Mastercard, both with BIN sponsorship Visa (debit); Mastercard not offered
White-label crypto cards First-class: stablecoin and crypto-funded with on-the-fly conversion, 7 regions Not offered; fiat-funded cards only
Local IBAN reach 15 countries incl. UK, USA, Canada, Australia (not EU-only) EEA-focused; SEPA coverage via EU passporting
EU IBAN issuance Native in 15 countries; SEPA, SEPA Instant, SWIFT SEPA and SEPA Instant; strong EEA coverage
Time to launch Virtual cards day 1; physical cards by day 15 Weeks to months depending on programme scope
Self-service / API Full self-service portal + REST API + webhooks API available; some managed-service elements
Apple Pay / Google Pay Provisioned within 24 hours Available on issued cards
Pricing Transparent B2B infrastructure pricing; sandbox available Transparent tiered plans; minimum monthly commitment model
02
Where Codego is the stronger choice

Where Codego is the stronger choice

Local IBAN issuance beyond the EEA

ConnectPay's EMI licence, passported across the EEA, gives it solid European coverage — but Europe is not the full picture for many fintechs. Codego's local IBAN reach spans 15 countries including the UK, USA, Canada and Australia, giving programme managers the ability to offer domestic-sort-code accounts in markets that sit entirely outside SEPA. For any neobank or BaaS platform with international ambitions beyond the EEA, Codego's geography is a structural advantage that cannot easily be replicated by extending a Lithuanian EMI licence.

Dual-scheme access — Visa and Mastercard

Codego holds BIN sponsorship on both Visa and Mastercard. ConnectPay issues Visa debit cards and does not currently offer Mastercard as an alternative scheme. Single-scheme dependency becomes a commercial constraint as programmes scale: corporate clients, co-brand partners and certain acquiring markets may require or strongly prefer a specific scheme. Codego's card issuing infrastructure lets you run parallel programmes or choose scheme per market without renegotiating your foundational provider relationship.

First-class crypto and stablecoin card infrastructure

ConnectPay's card offering is fiat-funded. Codego's white-label crypto cards are a first-class infrastructure product, not an add-on: stablecoin and crypto-funded programmes run with on-the-fly conversion at point of sale across 7 regions, meaning the cardholder spends in fiat while the programme settles from a crypto balance. For any programme targeting crypto-native users, DeFi wallet holders or stablecoin treasury products, Codego's infrastructure is purpose-built for this use case in a way that ConnectPay's platform is not.

15-day time to launch with full self-service control

Codego's onboarding structure delivers virtual card issuance on day one and physical cards within 15 days. ConnectPay's launch timeline varies by programme scope and can extend to several weeks or months for complex white-label arrangements. Beyond speed, Codego's self-service portal allows programme managers to configure limits, fee schedules, velocity rules and card art without raising support tickets. For fintechs operating at commercial pace, the combination of fast launch and operational autonomy that Codego's core banking layer provides translates directly into earlier revenue and faster product iteration.

Apple Pay and Google Pay provisioned within 24 hours

Codego provisions Apple Pay and Google Pay within 24 hours of card issuance across both Visa and Mastercard programmes. This keeps the mobile wallet experience consistent with premium consumer fintech expectations from day one. ConnectPay's issued cards support digital wallets, but the provisioning timeline for white-label deployments is subject to the programme setup process. For programmes where immediate mobile wallet availability is a core UX requirement — particularly in competitive consumer-facing neobank launches — Codego's 24-hour provisioning is a meaningful operational guarantee.

Broader programme types on a single infrastructure layer

Codego's platform supports expense cards, gift cards, POS terminals and white-label prepaid cards from a single card processing infrastructure, alongside full corporate virtual IBAN and Card Reveal SDK for PCI scope reduction. ConnectPay's product set covers accounts, cards and acquiring for online businesses, with a focus on the EEA payments space. If your programme roadmap spans multiple card types or requires a complete white-label neobank stack, consolidating onto Codego avoids the overhead of assembling those capabilities from separate vendors.

03
Where ConnectPay is the stronger choice

Where ConnectPay is the stronger choice

Honesty matters. ConnectPay is a credible platform and there are scenarios where it is the better answer.

EEA-only programmes that prioritise a direct EU EMI licence

ConnectPay holds its own Bank of Lithuania EMI licence, passported across all 30 EEA countries. For fintechs and marketplaces whose entire operation is within the EEA and for whom having a counterparty that directly holds an EU EMI licence — rather than operating through partner EMIs — is a contractual or investor requirement, ConnectPay's direct licensing relationship is a genuine strength. Codego's partner-EMI structure is functionally equivalent for most use cases, but ConnectPay's own-licence positioning may be preferable in regulated tenders or in jurisdictions where direct-licence counterparties are expected.

Online merchant acquiring alongside banking

ConnectPay offers card acquiring for online merchants — the ability to accept credit and debit card payments — as part of its all-in-one financial platform, alongside IBANs and card issuing. This means a marketplace or e-commerce operator can consolidate both the pay-in (acquiring) and pay-out (IBAN/card issuing) sides of their payments stack with a single regulated counterparty. Codego's core strengths are on the issuing and IBAN side; if your primary need is merchant acquiring integrated with banking accounts under one EU EMI relationship, ConnectPay's combined offering is worth evaluating directly.

Established white-label accounts for internet-based businesses

ConnectPay has built its market position specifically around serving internet-based businesses — e-commerce platforms, iGaming operators, marketplaces and SaaS companies — with multi-currency accounts, IBANs and compliance support tailored to that vertical. If your business is an established online platform in the EEA looking for a compliant banking partner that understands internet-business risk profiles and has a track record in that segment, ConnectPay's dedicated onboarding and account management for this customer type is a legitimate differentiator. Codego's white-label infrastructure is broader in scope but less vertically specialised for the internet-business segment.

04
Frequently asked questions

Frequently asked questions

Q1.Can ConnectPay clients migrate their programme to Codego?
Yes, migration is technically feasible. The primary workstreams are porting cardholder and IBAN account data under GDPR-compliant data transfer agreements, and — where card programmes exist — a BIN migration that requires advance scheme notice and a reissue cycle. Codego's onboarding team can scope the full timeline during initial discovery. Virtual card reissuance typically completes within the standard 15-day launch window; physical card reissue follows the replacement cycle you define.
Q2.Does Codego require me to hold my own EMI licence to launch a programme?
No. Codego's BaaS model is specifically designed to allow fintechs and programme managers to launch through Codego's partner EMIs while they build towards their own licence if desired. If you already hold an EMI licence, Codego can also serve as pure technical infrastructure beneath your own regulatory entity.
Q3.How does Codego's IBAN reach compare with ConnectPay's?
ConnectPay's EMI licence is passported across all 30 EEA countries, giving it strong SEPA coverage within Europe. Codego goes further geographically: local IBAN issuance is available in 15 countries including the UK, USA, Canada and Australia — jurisdictions outside the EEA that ConnectPay does not natively cover. Both platforms support SEPA and SEPA Instant for EU payments; Codego additionally supports SWIFT in 21 currencies, enabling multi-currency programmes with non-EEA settlement. See Virtual IBAN for programme detail.
Q4.Does Codego support crypto-funded cards?
Yes. Codego's crypto card infrastructure performs on-the-fly conversion at the moment of authorisation: the cardholder's crypto or stablecoin balance is converted to fiat in real time at point of sale. This is available across 7 regions and covers both Visa and Mastercard programmes. ConnectPay's card offering focuses on fiat-funded Visa debit cards and does not currently offer crypto-funded card programmes.
Q5.Is Apple Pay and Google Pay provisioning available on Codego programmes?
Yes. Codego provisions Apple Pay and Google Pay within 24 hours of card issuance. This applies to both Visa and Mastercard programmes across the supported regions, giving cardholders an immediate mobile wallet experience consistent with premium consumer fintech apps. This 24-hour SLA covers white-label programmes on Codego's neobank platform.
Q6.What card schemes does Codego support compared with ConnectPay?
Codego holds BIN sponsorship on both Visa and Mastercard, allowing programme managers to choose or run parallel programmes on either scheme. ConnectPay issues Visa debit cards and does not currently offer Mastercard as an alternative. Dual-scheme access is operationally significant for fintechs that serve markets or corporate clients with a scheme preference, or for programmes where fallback acceptance matters. Contact the Codego team to discuss scheme selection for your target geography.