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. XIV · Issue 06/2026 ● Live · 15 countries · Malta HQ
CMP

Codego vs Swan.
An honest comparison
of BaaS, embedded banking and white-label infrastructure.

Swan has earned its place as Europe's most developer-friendly embedded banking API: clean GraphQL, a polished sandbox, and an EU EMI licence that eliminates the need for partners to hold their own. Codego approaches embedded banking from a broader infrastructure perspective — dual Visa and Mastercard BIN sponsorship, local IBAN issuance in 15 countries including the UK, US, Canada and Australia, crypto card issuing across 7 regions, and a 15-day launch window. If your programme stays inside the EU and prioritises developer experience, Swan is a serious option. If your programme needs geographic reach beyond Europe, crypto-linked card products, or dual-scheme coverage, Codego is the stronger infrastructure choice.

Talk to Codego Comparison table
01
At a glance

At a glance

  Codego Swan
Headquarters Malta (EU) Paris, France (EU)
Founded 2012 2019
Regulatory framework NBB EMI distribution licence; Codego's partner EMIs in EMI process; pan-EU passporting Own EU EMI licence (ACPR / Banque de France); Mastercard principal member; pan-EU
Card schemes Visa and Mastercard, both with BIN sponsorship Mastercard only
White-label crypto cards First-class: stablecoin and crypto-funded with on-the-fly conversion, 7 regions Not supported — Swan does not serve crypto or VASP businesses
Local IBAN reach 15 countries incl. FR, DE, ES, UK, US, CA, AU + more EU only: FR, DE, ES, IT, NL (5 countries)
EU IBAN issuance Native; SEPA, SEPA Instant, SWIFT, 21 currencies Native EU; SEPA and SEPA Instant (EUR-only accounts)
Time to launch Virtual cards day 1; physical cards by day 15 Free sandbox immediately; production timeline varies by integration scope
Self-service / API Full programme configuration portal + REST API + webhooks GraphQL API; strong developer docs; white-label UI components available
Apple Pay / Google Pay Provisioned within 24 hours Available on issued Mastercard cards
Pricing Transparent B2B infrastructure pricing; no consumer revenue share Usage-based; no setup cost; transparent per-transaction pricing (contact sales for tiers)
02
Where Codego is the stronger choice

Where Codego is the stronger choice

Local IBAN issuance beyond Europe — 15 countries including UK, US, Canada and Australia

Swan's local IBAN capability covers five EU countries: France, Germany, Spain, Italy and the Netherlands. That is a solid European footprint, but it stops at the EU border. Codego's virtual IBAN infrastructure extends to 15 countries, including the UK, United States, Canada and Australia. For any programme with a global client base — payroll platforms, expense management tools, cross-border marketplaces — receiving local-format account numbers in non-EU markets is not optional. Building those relationships separately with UK, US or Australian partner banks adds integration overhead, compliance cost and timeline risk that Codego's platform absorbs as a baseline capability.

Dual-scheme access — Visa and Mastercard

Swan is a Mastercard principal member and issues Mastercard cards exclusively. Codego holds BIN sponsorship on both Visa and Mastercard, which matters operationally when your programme spans multiple geographies or serves customers who have scheme preferences. Corporate expense programmes frequently carry Visa mandates. Co-brand and affinity card deals often require scheme exclusivity that the programme manager — not the infrastructure provider — negotiates. Locking your issuing infrastructure to a single scheme before you know your volume geography and co-brand strategy constrains that negotiation. Codego's card issuing platform keeps both options open from day one.

First-class crypto and stablecoin card infrastructure across 7 regions

Swan explicitly does not serve crypto businesses and is not registered as a virtual asset service provider. For any programme involving stablecoin funding, crypto rewards, DeFi wallet spend or USDC/USDT settlement, Swan is categorically unavailable. Codego's white-label crypto card infrastructure runs stablecoin and crypto-funded programmes with on-the-fly fiat conversion at point of sale across 7 regions. The cardholder spends in fiat at any Visa or Mastercard terminal; the programme settles from a crypto balance. Apple Pay and Google Pay provisioning completes within 24 hours, keeping the mobile wallet experience consistent with premium consumer fintech expectations.

Multi-currency accounts in 21 currencies, not EUR-only

Swan accounts are single-currency EUR. Every IBAN issued by Swan is a euro account. For programmes that need to hold and settle in GBP, USD, CAD, AUD or other currencies — cross-border payroll, international expense cards, multi-currency wallets — Swan's EUR-only constraint requires additional FX infrastructure to be assembled separately. Codego's Banking-as-a-Service platform supports 21 currencies natively, including SEPA, SEPA Instant and SWIFT rails, meaning multi-currency account management and cross-border settlement are handled within a single integration layer rather than spliced together from multiple providers.

Broader card product portfolio on a single infrastructure layer

Swan's card product is oriented around the embedded accounts use case: virtual and physical Mastercard debit cards tied to EUR accounts. Codego's platform supports expense cards, gift cards, prepaid programmes, white-label consumer debit cards, POS terminals and crypto-linked cards from a single card processing infrastructure. Fintechs with roadmaps that extend beyond the SaaS-embedded-accounts use case — into consumer prepaid, gifting, incentives or multi-product issuing — consolidate more of that surface area on Codego without renegotiating a second infrastructure relationship.

15-day launch window and 59 active programmes to date

Codego's onboarding structure delivers virtual card issuance on day one and physical cards by day 15. With approximately 366,000 issued cards, roughly $1.1 billion processed and 59 active programmes live, the operational playbook is well-tested. Swan's sandbox is immediate and the developer experience is strong, but production timelines depend on how deeply the integration is customised and on ACPR onboarding requirements. For fintechs under commercial pressure to launch quickly, Codego's defined 15-day path to live cards — including a core banking self-service portal for programme configuration — reduces launch risk materially.

03
Where Swan is the stronger choice

Where Swan is the stronger choice

Honesty matters. There are scenarios where Swan is the better answer — particularly for European SaaS platforms building deeply embedded financial features within an EU context.

Own EU banking licence with direct ACPR / Banque de France authorisation

Swan holds its own EMI licence authorised by the ACPR and regulated by the Banque de France. This means Swan's partners operate directly under Swan's licence without needing a separate regulatory relationship — a genuinely clean structure for EU-facing SaaS companies that want to embed banking features without hiring a compliance team. Codego's model works through partner EMIs, which is robust and well-established but introduces one more entity in the regulatory chain. For programmes where regulatory simplicity and EU licence depth are the primary evaluation criteria, Swan's own-licence model is a real advantage.

Developer-first GraphQL API with an excellent sandbox and documentation

Swan has invested heavily in developer experience: a GraphQL API, a free public sandbox with immediate access, and documentation that engineering teams consistently rate as best-in-class among European BaaS providers. If your team is developer-led and wants to evaluate and prototype the integration before involving commercial or compliance stakeholders, Swan's sandbox-first approach removes friction. Codego's REST API and self-service portal are comprehensive, but Swan's developer tooling is a deliberate product differentiator that resonates strongly with engineering-led buying processes.

Strong European embedded-banking focus for SaaS platforms

Swan's use-case thesis is specific: European SaaS companies — accounting platforms, HR tools, marketplace operators — that want to embed accounts, IBANs and cards into their product for their existing EU customer base. The product, compliance coverage and partner ecosystem are tuned to that narrow but commercially significant wedge. Swan processes over €1.5 billion in monthly transactions for 150+ companies across 30 European countries, demonstrating operational credibility in that segment. For a purely EU-focused SaaS operator whose customers all hold EUR accounts and never need crypto, non-EU IBANs or dual-scheme cards, Swan's specialisation is a feature rather than a limitation.

04
Frequently asked questions

Frequently asked questions

Q1.Can I migrate an existing Swan programme to Codego?
Yes. The primary workstreams are BIN migration — which requires advance notice to Mastercard or Visa and a card reissue cycle — and porting your user KYC data under GDPR-compliant data transfer agreements. Codego's onboarding team can scope the 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 designed to allow fintechs and programme managers to launch through Codego's partner EMIs without holding their own licence. If you already hold an EMI licence, Codego can also serve as pure technical infrastructure beneath your own regulatory entity, keeping your licence relationship independent.
Q3.Does Codego support crypto card issuing where Swan does not?
Yes. Swan explicitly does not serve crypto or virtual asset service provider businesses and is not registered as a VASP. Codego's white-label crypto card infrastructure supports stablecoin and crypto-funded programmes with on-the-fly fiat conversion at the point of sale across 7 regions. Conversion parameters, spread and supported asset pairs are configurable at programme level via the self-service portal.
Q4.Which card schemes does Codego support, and why does it matter?
Codego holds BIN sponsorship on both Visa and Mastercard. Swan issues Mastercard cards only. Running dual-scheme programmes, selecting the optimal scheme per market, or meeting co-brand partners' scheme requirements is possible on Codego's platform without renegotiating your foundational infrastructure relationship. The BIN determines authorisation routing, chargeback handling and interchange tier negotiations — scheme flexibility compounds in value as your programme scales.
Q5.Is SEPA Instant available on Codego's platform?
Yes. Codego's native IBAN issuance across 15 countries includes SEPA Instant, standard SEPA Credit Transfer and SWIFT in 21 currencies. Outbound Instant payments are supported where the beneficiary institution participates in the RT1 or TIPS infrastructure. Swan also supports SEPA Instant but is limited to EUR accounts within the five countries where it issues local IBANs.
Q6.Can Codego issue local IBANs outside the EU, unlike Swan?
Yes. Codego issues local IBANs in 15 countries, including the UK, US, Canada and Australia — geographies where Swan does not currently operate. Swan's local IBAN issuance is limited to France, Germany, Spain, Italy and the Netherlands. For global programmes that need local-format bank accounts for payroll, marketplace settlement or expense management across multiple continents, Codego's geographic reach eliminates the need to establish separate banking relationships in each non-EU market. See Open programme or the API documentation to begin scoping your IBAN footprint.