EST. 2012 CODEGO GROUP LTD · MALTA BANKING AS A SERVICE EU IBAN · 6 COUNTRIES SEPA · SEPA INSTANT · SWIFT PCI DSS CERTIFIED 2025 API FIRST · WEBHOOKS 79 COUNTRIES DEPOSITS MULTI-CURRENCY · EUR · GBP · USD $1.1BN PROCESSED 2025 EST. 2012 CODEGO GROUP LTD · MALTA BANKING AS A SERVICE EU IBAN · 6 COUNTRIES SEPA · SEPA INSTANT · SWIFT PCI DSS CERTIFIED 2025 API FIRST · WEBHOOKS 79 COUNTRIES DEPOSITS MULTI-CURRENCY · EUR · GBP · USD $1.1BN PROCESSED 2025
Codego · Banking infrastructure · est. 2012 Comparison · Vol. XII · Issue 04/2026 ● Live · 12 countries · Malta HQ
CMP

Codego vs Lithic.
An honest comparison
of card issuing and banking infrastructure.

Lithic built a deservedly respected card-issuing API in the United States, with sub-second virtual card creation and a developer experience that set the bar for modern programme management. Codego is a European banking infrastructure provider offering native EU IBAN issuance, dual-scheme BIN sponsorship, and first-class crypto card programmes across 12 countries. For fintechs targeting European markets, Codego's end-to-end onboarding delivers virtual cards on day one and a fully live programme within 15 days — compared to 6 to 10 weeks via Lithic's European partner arrangements.

Talk to Codego Comparison table
01
At a glance

At a glance

  Codego Lithic
Headquarters Malta, EU New York, USA
Founded 2012 2014
Regulatory framework NBB EMI distribution licence; Codego Europe SIA EMI in process; pan-EU passporting US banking partners (programme manager model); EU via third-party partners only
Card schemes Visa and Mastercard, both with native BIN sponsorship Visa-primary; Mastercard available in select programmes
White-label crypto cards Yes — stablecoin and crypto-funded, on-the-fly conversion No native crypto card programme
EU IBAN issuance Native, 6 countries — SEPA, SEPA Instant, SWIFT Not offered natively
Time-to-launch (EU) ~15 days (virtual day 1, physical day 15) 6 to 10 weeks via European partner arrangements
Self-service portal Yes — full programme configuration Yes — developer dashboard, strong API tooling
Apple Pay / Google Pay Provisioned within 24 hours Supported; provisioning timeline varies by programme
Pricing model Volume-based; transparent interchange pass-through Monthly platform fee plus per-transaction fees; interchange revenue share
02
Where Codego is the stronger choice

Where Codego is the stronger choice

Native EU regulatory infrastructure

Codego operates under an NBB electronic-money distribution licence, with Codego Europe SIA progressing through full EMI authorisation and pan-EU passporting already in place. That means client programmes sit on a directly regulated European entity — not routed through a US-centric structure that must contract local partners for each jurisdiction. For fintechs that need to satisfy MiCA, PSD2, or national regulatory requirements, having a single European counterparty simplifies due diligence and ongoing compliance reporting considerably. Learn more about the underlying model at Banking-as-a-Service and our core banking capabilities.

Dual-scheme BIN sponsorship — Visa and Mastercard

Codego holds BIN sponsorship on both Visa and Mastercard, giving programme operators genuine flexibility to choose the scheme best suited to their customer base, acceptance geography, or interchange economics — and to switch or run parallel programmes without renegotiating the entire stack. Lithic is Visa-primary; Mastercard access depends on programme configuration and is not universally available. For European issuers where Mastercard acceptance is often commercially preferable, this matters from day one of programme design.

15-day end-to-end launch for European programmes

Codego's card issuing infrastructure is built for speed in Europe. Virtual cards go live on day one of onboarding; physical card production and personalisation completes by day 15. Lithic's European programmes require coordination with local EMI partners, meaning the same outcome takes 6 to 10 weeks. For a fintech racing to market — whether launching expense cards, gift cards, or a full consumer proposition — that difference in launch velocity is material to product roadmaps and fundraising timelines.

Native EU IBAN issuance and SEPA connectivity

Codego issues EU IBANs natively across six countries, with full SEPA, SEPA Instant, and SWIFT connectivity baked in. This allows clients to build a genuinely complete white-label bank experience — card spend, incoming transfers, outgoing payments, and account statements — all from one provider and one contract. Lithic has no native IBAN product; clients building European account-and-card propositions must source IBAN infrastructure separately, adding integration complexity and a second regulated counterparty.

First-class crypto and stablecoin card programmes

Codego's white-label crypto cards are a core product, not a bolt-on. Cards can be funded directly from stablecoin or cryptocurrency balances with on-the-fly conversion at point of sale, enabling crypto-native fintechs and wallets to issue spendable cards without building conversion infrastructure themselves. Lithic has no equivalent native offering. For the growing segment of European fintechs building around digital assets — including MiCA-regulated asset managers and crypto exchanges — this is a meaningful architectural difference that avoids months of custom integration work.

Integrated card processing and POS terminal stack

Beyond card issuing, Codego provides acquiring-adjacent infrastructure including a card processor and POS terminal layer, meaning clients building merchant-facing or dual-sided fintech products can work within one ecosystem. The white-label card programme sits on the same infrastructure as processing and account management, reducing reconciliation overhead. Lithic's scope is issuing-focused; merchants and payment acceptance sit firmly outside its product surface, requiring clients to assemble separate acquiring partnerships.

03
Where Lithic is the stronger choice

Where Lithic is the stronger choice

Honesty matters. There are scenarios where Lithic is the better answer, and we would rather help you choose correctly than sell you the wrong fit.

US-market card programmes and developer experience

Lithic was built for the US market and it shows. Its API documentation, sandbox environment, and developer tooling are exceptionally mature, and its banking partner relationships cover US programme management comprehensively. Fintechs issuing cards to US cardholders, building privacy or virtual-card products in the American market, or staffing engineering teams accustomed to US-centric card issuing will find Lithic's developer experience and ecosystem depth hard to match. Codego's infrastructure is optimised for Europe; it is not the right tool for a primarily US-facing programme.

Sub-second virtual card creation at scale

Lithic's core technical differentiator is the speed and reliability of its virtual card creation API — cards can be provisioned in sub-second latency, making it well-suited to high-frequency use-cases such as single-use transaction cards, B2B accounts-payable automation, and privacy-focused consumer products where card creation happens at the moment of purchase. Codego's virtual card infrastructure is fast and production-ready, but Lithic's decade of optimisation in this specific workload gives it an edge for products where card creation speed is itself the product feature.

Established US fintech ecosystem integrations

Lithic has deep integrations with US payroll providers, expense management platforms, and banking middleware vendors built up over several years of operating in the American fintech ecosystem. Fintechs that need pre-built connectors to tools like Plaid, US-based accounting platforms, or domestic ACH networks will find that Lithic's existing partnerships shorten integration timelines meaningfully. These integrations are largely irrelevant in a European context, but for US-centric operators they represent real engineering time saved.

04
Frequently asked questions

Frequently asked questions

Q1.Can Lithic issue cards to European customers?

Lithic does not operate a directly regulated European entity. European card programmes through Lithic require engagement with local EMI partners, which typically extends the launch timeline to 6 to 10 weeks and introduces an additional contractual and compliance layer. Fintechs targeting EU cardholders will generally find Codego's directly regulated European infrastructure simpler and faster to go live with. See our card issuing glossary entry for a primer on how European programme structures work.

Q2.Does Codego offer the same API-first developer experience as Lithic?

Codego provides a self-service portal and API access for programme configuration, card controls, and transaction management. Lithic's API documentation and sandbox tooling are widely regarded as best-in-class for US-market issuing, and developers with prior Lithic experience may find the surface area more familiar. Codego's integration depth is optimised for European banking infrastructure — including SEPA, IBAN issuance, and dual-scheme BIN management — which adds scope that Lithic does not cover. For a technical overview of Codego's BaaS integration, speak to the team via the enquiry form.

Q3.How does BIN sponsorship differ between Codego and Lithic?

Codego holds native BIN sponsorship on both Visa and Mastercard, meaning client programmes are sponsored directly without an intermediary. Lithic is Visa-primary in the US, with Mastercard availability depending on programme configuration. In Europe, BIN sponsorship is sourced through partner EMIs, adding a layer of dependency. For European fintechs that need Mastercard — for acceptance reasons or interchange optimisation — Codego's direct sponsorship arrangement is cleaner and removes a potential point of programme instability.

Q4.Can I issue crypto-funded cards through Codego?

Yes. Codego's white-label crypto card programme supports stablecoin and cryptocurrency-funded cards with on-the-fly conversion at point of sale, so cardholders can spend digital assets anywhere Visa or Mastercard is accepted. This is a native, fully supported product — not a third-party integration. Lithic has no equivalent offering. For crypto exchanges, DeFi platforms, or MiCA-regulated asset managers looking to offer spendable cards to their users, Codego's crypto card infrastructure removes the need to build conversion and settlement logic from scratch.

Q5.What is Codego's typical onboarding timeline for a new card programme?

Codego's standard onboarding timeline delivers virtual card functionality on day one and a fully operational physical card programme by day 15. This includes KYB/AML checks, programme configuration via the self-service portal, BIN assignment, and Apple Pay / Google Pay provisioning — the latter available within 24 hours of card activation. The 15-day figure assumes timely document submission from the client side. Complex programmes with bespoke BIN configurations or multi-currency requirements may extend slightly, but Codego's team will confirm a realistic schedule at the scoping stage.

Q6.Does Codego provide EU IBANs, and how does that differ from Lithic's offering?

Codego issues EU IBANs natively across six countries, with full SEPA, SEPA Instant, and SWIFT payment rails included. This enables clients to offer their end users a genuine bank-account-equivalent experience — incoming and outgoing transfers alongside card spend — through one provider. Lithic offers no IBAN product. Fintechs that need to combine card issuing with account functionality for European users must source IBAN infrastructure from a separate provider when working with Lithic, whereas Codego's core banking stack covers both from a single contract.