“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.
Devengo discloses Modulr as its banking provider, according to the Embedded Finance Index 2026.
Devengo does not disclose a bank charter of its own; its banking services are provided through Modulr.
Devengo moves money over SEPA.
The Embedded Finance Index 2026 maps 2 layers in Devengo's stack: Money movement (SEPA); Banking / BaaS (Modulr).
Devengo was founded by Fernando Cabello-Astolfi and Alberto Molpeceres and is founded in 2019, headquartered in Madrid, Spain.
Get a read on where your own stack stands against Devengo 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.