KogoPAY aims to revolutionise global payments and digital banking by offering innovative, inclusive financial services. Headquartered in London, with offices in Bangkok and Lithuania, they offer individuals, businesses, and charities a digital wallet solution to send, receive, and manage money across multiple currencies at minimal costs.

Beyond payments, the platform supports virtual IBAN in GBP and EUR and champions societal impact through initiatives like ‘Pay it Forward.’

However, making this vision a reality required overcoming significant technological, compliance and operational hurdles. These challenges led KogoPAY to partner with FinCode, a technology provider uniquely equipped to bridge the gap between ambitious technical and regulatory complexities, and a working, user-friendly financial product.

Challenges

At the heart of KogoPAY’s mission was the need to develop an intuitive digital wallet that could handle multiple fiat currencies, facilitate low-cost local e-money transfers and be accessible through a web or mobile app. Creating such a sophisticated, user-friendly platform required precision and expertise, especially in managing the intricacies of multi-currency functionality.

Another challenge loomed in the area of global remittances. KogoPAY’s core value proposition included enabling users to transfer money across borders efficiently and at minimal cost. This demanded a system capable of real-time currency conversion and seamless international transactions—features that had to function reliably regardless of where the sender or recipient was located.

To operate within the European Union’s regulated financial market and hold money on behalf of individuals and businesses, KogoPAY needed to secure an Electronic Money Institution (EMI) license and meet the EU’s stringent compliance requirements. There was also the question of how to integrate with LHV, a prominent Estonian banking-as-a-service provider, for their core banking offerings such as virtual accounts, IBANs, real-time deposits and savings.

Solutions

Faced with these challenges, KogoPAY sought a forward-thinking, financial technology provider capable of delivering an all-in-one banking platform addressing their unique requirements. FinCode fitted this profile.

We combined our cutting-edge technology with compliance expertise to deliver the following:

• Multi-Currency Digital Wallet: To enable KogoPAY users to store, send, and receive e-money in multiple currencies effortlessly, accessible through the web or mobile app. The wallet supports both fiat and cryptocurrency accounts, allowing customers to manage multiple currencies within a single interface. It also powers instant, low-cost transfers and bank account integrations to ensure maximum convenience.
• Remittance: Real-time currency conversion and low-cost international money transfers for users to send money across borders efficiently. These capabilities deliver on KogoPAY’s commitment to providing accessible financial services to its customers worldwide.
• Banking-as-a-Service: FinCode integrated with LHV’s core banking ledger to enable KogoPay to offer banking services such as virtual accounts, IBAN, real-time deposits, transfers and multi-currency accounts. The synchronisation ensured smooth API calls providing customers with deposit, transfer and payment alerts.
• EMI License Support: By providing documentation support and expert advice, FinCode enabled KogoPAY to secure its Electronic Money Institution (EMI) license, ensuring compliance with EU regulations and setting the foundation for legal operation within the region.
• Highly Configurable Compliance Workflow: FinCode developed a robust compliance framework tailored to KogoPAY’s needs. This included automated AML and sanctions screening to flag suspicious transactions, real-time fraud detection to identify unusual activity patterns, and seamless KYC verification for compliance with identity laws. The highly configurable workflow allows for adaptation to specific country regulations, bolstering operational integrity and building trust among users.
• 360-Degree Reporting: An advanced reporting system that provides comprehensive insights into financial performance, compliance, and fraud trends. With tools to monitor real-time transactions, flag over-the-limit activity, and fraud insight, among others, KogoPAY gained unmatched operational reliability.

Through these tailored solutions, FinCode not only addressed KogoPAY’s immediate needs but also built a scalable foundation for future growth. The platform now positions KogoPAY as a leader in digital payments and remittances—a story that continues to evolve as they capitalise on their new capabilities.

Result

Through FinCode’s technology and expertise, KogoPAY significantly reduced time-to-market and development costs, allowing the company to focus on expanding its business rather than grappling with technical and compliance complexities.

You’re next!

Ready to start building the financial product your customers would love? Contact FinCode and let’s start designing the next financial powerhouse — your business.