“Can a Spanish payment institution become the default SEPA Instant / A2A payments rail for European fintechs, lenders, and marketplaces?”
Founded in 2019 by Fernando Cabello-Astolfi and Alberto Molpeceres as a salary-on-demand app for Spanish workers. After running into the same infrastructure problems as its competitors, Devengo pivoted to offer the underlying instant A2A (account-to-account) payments API to other fintechs, lenders, insurtechs, and marketplaces — including former competitors — becoming an infrastructure play rather than a consumer app. Today positions as a SEPA Instant / OCT Inst rails provider for European businesses, regulated as a Spanish Payment Institution and partnering with Modulr for EMI coverage.