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 Modulr.
An honest comparison
of BaaS and payment account infrastructure.

Modulr has built a credible payments-account platform for UK and Irish fintechs, with genuine strength in Faster Payments and BACS. Codego approaches the same problem from a card-first, pan-European angle — native Visa and Mastercard BIN sponsorship, EU IBAN issuance across six countries, and first-class crypto card support. Where Modulr typically takes four to eight weeks to onboard a new programme, Codego delivers virtual cards on day one and a fully live physical programme within fifteen days.

Talk to Codego Comparison table
01
At a glance

At a glance

  Codego Modulr
Headquarters Malta (EU) London, UK
Founded 2012 2015
Regulatory framework NBB e-money distribution licence; Codego Europe SIA EMI application; pan-EU passporting FCA EMI licence (UK); CBI EMI licence (Ireland) via Modulr Finance Europe
Card schemes Visa and Mastercard, both with BIN sponsorship Visa (including Visa Direct); Mastercard coverage limited
White-label crypto cards Yes — stablecoin and crypto-funded with on-the-fly conversion No native support
EU IBAN issuance Native issuance in 6 EU countries; SEPA, SEPA Instant, SWIFT Euro IBANs via Irish entity; SEPA supported post-Brexit
Time-to-launch Virtual cards day 1; full physical programme in ~15 days 4 to 8 weeks for standard programmes
Self-service portal Yes — programme configuration without engineering tickets API-first; portal features vary by contract tier
Apple Pay / Google Pay Provisioned within 24 hours Available; provisioning timeline varies by programme
Pricing model Transparent per-programme; no hidden setup gatekeeping Volume-tiered; enterprise negotiation common
02
Where Codego is the stronger choice

Where Codego is the stronger choice

Dual-scheme BIN sponsorship from day one

Most BaaS providers offer one card scheme and require you to negotiate the second independently. Codego's card issuing infrastructure carries active BIN sponsorship on both Visa and Mastercard simultaneously, giving programme managers real scheme-routing flexibility from launch. That matters for partners targeting merchants with scheme-specific acceptance rules, or for programmes that need Mastercard's contactless rails alongside Visa Direct push-payment flows. Modulr's card capability leans Visa, which constrains scheme strategy. See our BIN sponsorship glossary entry for what this means operationally.

Native crypto and stablecoin card programmes

Modulr does not offer crypto card support. Codego treats it as a first-class product line: stablecoin balances and crypto wallets convert on the fly at point of sale, with full scheme-compliant card mechanics underneath. This is handled through Codego's dedicated white-label crypto card stack — not a bolt-on integration with a third-party processor. For fintechs building in the digital-asset space, or Web3 companies wanting to give users real-world spending power, this is a structural advantage rather than a feature checkbox.

15-day end-to-end programme launch

Time-to-revenue is a competitive differentiator for any fintech. Codego's Banking-as-a-Service platform issues virtual cards on day one of onboarding; physical cards follow within fifteen days. Modulr's standard programme timeline sits at four to eight weeks — a meaningful gap when you are racing to close a client or respond to a board deadline. Codego's self-service portal removes the back-and-forth of engineering-ticket configuration, so programme parameters can be adjusted without raising a support case.

Native EU IBAN issuance across six countries

Post-Brexit, Modulr's EU IBAN capability runs through its Irish subsidiary — a single node. Codego issues EU IBANs natively across six countries, with SEPA Credit Transfer, SEPA Instant, and SWIFT all available from a single API surface. That breadth reduces the correspondent-banking complexity your clients inherit. For a white-label bank programme targeting multiple EU markets simultaneously, native multi-country IBAN issuance removes a significant operational constraint.

Apple Pay and Google Pay within 24 hours

Digital wallet provisioning is increasingly a table-stakes requirement rather than a premium feature. Codego provisions Apple Pay and Google Pay within twenty-four hours of card issuance — a timeline that aligns with user expectations formed by consumer neobanks. For a partner building a B2B expense or card-issuing programme, rapid wallet provisioning reduces friction at employee or customer onboarding. Modulr supports digital wallets, though provisioning timelines are programme-dependent and less consistently documented in public materials.

03
Where Modulr is the stronger choice

Where Modulr is the stronger choice

Honesty matters. There are scenarios where Modulr is the better answer, and we would rather you make the right decision than the wrong one.

UK-first programmes requiring Faster Payments and BACS

Modulr was built around UK domestic payment rails. If your programme is anchored in the UK — payroll disbursement, insurance payouts, or domestic expense management — Modulr's native Faster Payments and BACS integration is deep, well-tested, and production-hardened across a large client base. Codego's strength lies in EU rails; UK domestic payment schemes are not its primary focus. A UK-only programme with heavy BACS volume is a scenario where Modulr's infrastructure edge is real.

Established UK enterprise client references

Modulr has been live in the UK market since 2016 and counts a number of recognisable UK fintechs and payroll platforms among its public clients. If your procurement process requires established UK enterprise references or a lengthy UK FCA-regulated track record, Modulr's profile may be easier to present to risk committees. Codego's regulated history is robust but primarily EU-anchored, which can matter in UK-specific regulatory due-diligence contexts.

Payment-account-only programmes with no card requirement

If your product is purely a payment account — IBANs, inbound and outbound transfers, reconciliation webhooks — with no card issuance requirement now or on your roadmap, Modulr's account-centric architecture is a natural fit. Codego's platform is optimised for programmes that include cards; its account infrastructure is strong but the product philosophy centres on card-plus-account rather than account-only delivery.

04
Frequently asked questions

Frequently asked questions

Q1.Can Codego support a programme that needs both EU IBANs and physical cards?
Yes. This is Codego's primary use case. EU IBAN issuance across six countries and physical card programmes on both Visa and Mastercard run on the same core platform, connected through a single API and managed through one self-service portal. There is no need to integrate a separate card processor alongside a separate account provider. Modulr can do IBANs and cards, but the two capabilities sit on architecturally distinct layers and card support is secondary to the account product.
Q2.How does Codego handle crypto-to-fiat conversion at point of sale?
Codego's white-label crypto card infrastructure converts the relevant crypto or stablecoin balance to fiat at the moment of authorisation, using real-time pricing feeds. The issuing bank and the merchant see a standard card transaction denominated in the settlement currency; the crypto mechanics are fully abstracted. This is handled natively within Codego's stack — not via a third-party off-ramp bolt-on. Modulr has no equivalent capability.
Q3.What does "BIN sponsorship on both Visa and Mastercard" mean in practice?
A BIN sponsor is a principal scheme member that holds the Bank Identification Number range and accepts liability for transactions on your programme. Having sponsorship on both Visa and Mastercard means you can issue cards on either scheme — or both — without independently negotiating membership or finding a separate sponsor for the second scheme. Codego provides this dual-scheme access directly, reducing counterparty complexity and giving programme managers genuine routing flexibility.
Q4.Is Modulr suitable for a business operating across five EU countries?
Post-Brexit, Modulr's EU operations run through Modulr Finance Europe, its Irish CBI-licensed entity. EU passporting from Ireland is available, but the infrastructure was originally UK-designed and the EU entity is younger and less operationally established than the UK parent. For a programme genuinely spanning multiple EU markets with SEPA Instant requirements in each, Codego's native multi-country EU IBAN issuance and pan-EU regulatory footprint is a more direct fit.
Q5.How long does it realistically take to launch a card programme with Codego versus Modulr?
Codego issues virtual cards on day one of programme onboarding; physical cards with full BIN configuration are live within approximately fifteen days. Modulr's published and commonly reported timelines for standard card programmes run from four to eight weeks, with enterprise customisation extending further. The gap is structural: Codego's self-service portal removes configuration bottlenecks that generate much of the elapsed time in competitor onboarding flows.
Q6.Does Codego offer a glossary or technical documentation for due diligence?
Yes. Codego maintains a public BaaS glossary covering core concepts including card issuing, IBAN issuance, SEPA Instant, and BIN sponsorship. These are intended to support procurement teams, compliance officers, and technical evaluators conducting structured due diligence. For programme-specific questions, the qualification form routes enquiries to the relevant infrastructure specialist.