“Can Coinmama survive as an asset-light crypto on-ramp aggregator by layering open banking payments over a global affiliate network, after ceding its direct-brokerage role post-Wellfield acquisition?”
Founded in 2013 as one of the first platforms to let consumers buy Bitcoin with a credit card globally, Coinmama grew to 2 million users before being acquired by Canadian public company Wellfield Technologies in 2022. Post-acquisition, Coinmama shifted from being a direct broker/exchange to an aggregator and affiliate platform — routing users to third-party licensed digital asset service providers (including Simplex) and earning referral revenue, rather than holding fiat or acting as counterparty. On the payment side, the company progressively added open banking rails (TrueLayer, Volt) to reduce friction and card-fraud risk for European on-ramp transactions.
Coinmama processes payments through Simplex, Skrill and NETELLER. Disclosed money-movement rails: SEPA.
Coinmama connects to bank accounts through TrueLayer and Volt.
Coinmama's crypto products run on Simplex.
The Embedded Finance Index 2026 maps 4 layers in Coinmama's stack: Payments / PSP (Simplex, Skrill and NETELLER); Money movement (SEPA); Open banking (TrueLayer and Volt); Crypto (Simplex).
Coinmama is founded in 2013 and headquartered in Ra'anana, Israel (operational); Ontario, Canada (per aggregator data); registered in Slovakia.
Coinmama has raised $2.4M in total.
Get a read on where your own stack stands against Coinmama and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.