Monavate
Also a provider — view Monavate’s profile →“Can a single FCA/EU-regulated card issuer and BIN sponsor become the default infrastructure layer bridging traditional card rails and on-chain stablecoin settlement?”
Founded2020
HQDuxford, Cambridge, England, UK
FoundersMichael Rolph, Scott Lucas
Total raised$6.86M
Latest roundMerger (W3C), November 2025
IndustryInfrastructure / Card issuing
The story
Monavate is a UK/Lithuania-based regulated card issuing and BIN sponsorship platform, positioned as a principal member of Mastercard, Visa and Discover offering issuing, virtual IBANs, multi-currency accounts and program management under a single regulated perimeter. The company is best known as the launch partner behind Zilch's BNPL card, and has expanded into Web3 (Baanx), travel, insurance and media-buyer verticals. A November 2025 merger involving W3C signals a strategic push deeper into on-chain payments and stablecoin settlement.
Last 12 months
2025-11
Product timeline
2020
Monavate Limited incorporated in England & Wales (Reg. 12472532).· pivot
2021
Seed funding round closed.· pivot
2025
Merger transaction with W3C reported November 2025.· acquisition
2025
Partnership with Lithic to power card programs across traditional and on-chain finance.· card
Regulated entities
3
regulatory licences held by Monavate
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
9 layers disclosed in Monavate’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Ledger
in the full report
Open banking
in the full report
KYC
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: none
17 more providers across 8 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.