Banking Providers Third-Party Providers Comparison Architecture alignment note (2026-02-14): This document is pre-architecture research from the mobilebank-research phase. Drop ultimately chose a PSD2 pass-through model — no wallet, no balance held by Drop, no IBAN generation. BaaS providers listed here would serve as Open Banking (AISP/PISP) integration partners, not wallet infrastructure. Card issuing is a FUTURE feature (feature-flagged). This document is retained as provider research reference. Table of Contents Banking-as-a-Service (BaaS) Providers Card Issuing Platforms Payment Processors KYC/Identity Verification Providers Virtual IBAN Providers Recommendation Matrix 1. Banking-as-a-Service (BaaS) Providers Overview BaaS providers enable fintech companies to offer banking services without obtaining their own banking license. They provide the regulatory infrastructure, APIs, and banking capabilities. Provider Comparison Solarisbank (Solaris SE) Attribute Details Headquarters Berlin, Germany License Full German banking license + Digital Assets Custody Coverage EU-wide (passporting) Key Features Accounts, cards, lending, digital assets, compliance Target Market Fintechs, enterprises, large card programs Notable Clients Samsung, ADAC Strengths Full-stack, modular APIs, banking license Weaknesses Requires BaFin approval for new partners, financial challenges Best For Enterprises needing complete banking capabilities Services: Current accounts with IBAN Card issuing (virtual + physical) Lending products Digital asset custody Full compliance stack Swan Attribute Details Headquarters Paris, France License EMI (French) Coverage Eurozone (expanding) Key Features IBANs, cards, embedded finance Target Market Startups, SMEs, SaaS platforms Strengths 5-minute integration, built-in KYC, fast time-to-market Weaknesses Limited geographic coverage, cards/accounts focus Best For Fast MVP launch, European startups Key Differentiators: Claims 10X shorter implementation time KYC/fraud detection built into product (no extra cost) Developer-friendly APIs Good for expense management, HR tech, proptech Treezor (Societe Generale) Attribute Details Headquarters Paris, France License EMI (European) + MasterCard Prepaid approved Coverage EU (branches in Italy, Spain, Germany) Key Features E-wallets, cards, marketplaces, crowdfunding Target Market Neobanks, mobility, employee benefits Strengths Backed by Societe Generale, SEPA network, 50M+ transactions/year Weaknesses Best suited for eurozone transactions Best For Euro-focused operations, established platforms Services: White-label prepaid cards E-wallets Marketplace payments Crowdfunding solutions Railsr (formerly Railsbank) Attribute Details Headquarters UK License EMI Coverage Europe, Asia Key Features BaaS, Cards-as-a-Service, payments, compliance Target Market Fintechs, brands embedding finance Strengths Flexible APIs, cards + payments combined Weaknesses Financial challenges (acquired/recapitalized 2023) Best For Card programs, embedded finance for brands Other Notable Providers Provider HQ Specialty Notes Modulr UK Payments infrastructure EMI license, fast payments Paynetics Bulgaria E-money, cards EU + UK licenses Vodeno/Aion Poland/Belgium Full banking Acquired by UniCredit OpenPayd UK Multi-currency accounts Virtual IBANs specialist BaaS Selection Criteria Regulatory Coverage : Does license cover target markets? API Quality : Developer documentation, SDKs, sandbox Time to Market : Integration complexity, onboarding time Pricing Model : Setup fees, per-transaction, revenue share Financial Stability : Provider's funding, profitability Scalability : Can grow with your business Support : Technical support, account management 2. Card Issuing Platforms Provider Comparison Marqeta Attribute Details Headquarters US (global coverage) Coverage 40+ countries Key Features Virtual/physical cards, JIT funding, customization PCI Compliance Level 1, tokenization Pricing ~$0.50/virtual card, 0.5-1% transaction fee Setup Cost $5,000-$50,000 Best For Custom card programs, expense management Strengths: Open API architecture Just-in-Time (JIT) funding Real-time transaction control Extensive customization options Stripe Issuing Attribute Details Headquarters US (Ireland for EU) Coverage US, EU expanding Key Features Virtual/physical cards, webhooks, Stripe ecosystem Integration Seamless with Stripe payments Best For Existing Stripe users, developer-centric teams Strengths: Real-time authorization hooks PCI compliance handled by Stripe Apple Pay / Google Pay integration Excellent developer experience Adyen Issuing Attribute Details Headquarters Netherlands Coverage Global Key Features Issuing + acquiring + processing combined Integration Single API for all payment needs Best For Enterprise with complex payment needs Strengths: Unified platform (issuing + acquiring) 3D Secure built-in Real-time reporting Global compliance (GDPR, PSD2) Other Card Issuers Provider Specialty Coverage Paymentology Cloud-based issuing Global Thredd (GPS) Prepaid programs EU, UK Wallester European cards EU Galileo Processing platform US, expanding 3. Payment Processors Adyen Attribute Details Pricing Model Interchange++ (most transparent) Processing Fee EUR 0.10-0.15 per transaction Interchange Pass-through (EU capped: 0.2% debit, 0.3% credit) Payment Methods Cards, local methods, wallets Best For Large volume, international operations Strengths: Direct connections to card networks Local payment methods (SEPA, iDEAL, etc.) Single platform for global payments 50% EBITDA margin (financially stable) Stripe Attribute Details Pricing 1.4% + EUR 0.25 (EU cards), 2.9% + EUR 0.25 (non-EU) Features Payments, subscriptions, connect, treasury Best For Startups, developer-first companies Strengths: Excellent documentation Rapid integration Broad feature set (payments, issuing, treasury) Strong developer community Stripe Treasury (Embedded Finance) Feature Capability Financial Accounts Stored-value accounts for customers Bank Integration Fifth Third Bank partnership FDIC Insurance Pass-through eligible ACH/Wire Supported Use Case Embedded banking for platforms Notable Implementation: Shopify Balance built on Stripe Treasury Other Payment Processors Provider Specialty Pricing Model Checkout.com Enterprise payments Interchange++ Mollie European SMB Fixed % per method Worldpay Global acquiring Custom PayPal/Braintree Consumer payments Fixed % 4. KYC/Identity Verification Providers Provider Comparison Onfido Attribute Details Services ID scanning, facial recognition, risk scoring Coverage Global (195+ countries) Integration SDK (iOS, Android, Web) + API Compliance GDPR, eIDAS, SOC 2 Best For High-volume onboarding, international Sumsub Attribute Details Services KYC, AML screening, fraud prevention Coverage 220+ countries Features Bank verification, PEP/sanctions screening Best For Growing fintechs, multi-region expansion IDnow Attribute Details Services Video-based verification, eIDAS compliance Coverage Europe focus Compliance BaFin approved, full eIDAS Best For German market, strict compliance requirements Entrust Attribute Details Recognition Gartner Magic Quadrant 2025 Services AI-powered verification, digital onboarding Best For Enterprise, banking institutions Comparison Matrix Provider Document Types Biometrics AML Screening Pricing Range Onfido 4,500+ Face match Yes $$$ Sumsub 3,000+ Face + liveness Yes $$ IDnow EU focus Video + face Yes $$$ Ondato 2,000+ Photo/video Yes $$ Trulioo Global databases Limited Yes $$ iDenfy 3,000+ Face + liveness Yes $ 5. Virtual IBAN Providers Key Providers OpenPayd Attribute Details IBAN Countries UK, FR, MT, NL Features Named vIBANs, Target2 connectivity API Simple (2 required params) Best For Platforms needing named accounts Banking Circle Attribute Details Headquarters Luxembourg Features Named vIBANs, multi-currency (EUR, GBP, USD, AED) Target High-volume PSPs, EMIs Airwallex Attribute Details Coverage 60+ markets Features Global accounts, FX, API automation Best For International operations Other Providers Provider Specialty Payset SME-focused, multi-currency Clear Junction High-risk friendly Currencycloud FX + accounts Sharpay Instant issuance, SEPA/SWIFT IBAN Provider Selection Criteria Coverage : Which IBAN countries needed? Naming : Named vs. pooled IBANs Payment Rails : SEPA, SWIFT, Target2 Currency Support : EUR, GBP, USD, others API Quality : Documentation, reliability Compliance : AML/KYC support Pricing : Per-account, per-transaction fees 6. Recommendation Matrix By Company Stage Stage BaaS Cards KYC Payments MVP/Seed Swan Stripe Issuing Sumsub Stripe Growth Treezor/Railsr Marqeta Onfido Adyen Enterprise Solarisbank Marqeta/Adyen IDnow Adyen By Use Case Use Case Recommended Stack B2C Neobank Solarisbank + Marqeta + Onfido B2B Expense Swan + Stripe Issuing + Sumsub Marketplace Treezor + Stripe + Ondato Remittance OpenPayd + Wise API + Trulioo Embedded Finance Stripe Treasury + Stripe Issuing + Sumsub By Budget Budget Recommended Approach < EUR 100K Swan/Stripe ecosystem, Sumsub, minimal custom EUR 100-500K BaaS + card issuer + KYC stack EUR 500K+ Full custom integration, enterprise providers Sources Top BaaS Providers - FinTech Magazine BaaS Providers 2025 - SDK.finance Card Issuing APIs - Marqeta Virtual Card APIs 2025 - Buvei KYC Providers 2025 - Ondato Virtual IBAN Providers - SDK.finance Adyen Pricing - Finexer Stripe Treasury - Stripe Documentation