“Can a lean, third-party-infrastructure-powered fintech serve freelancers and high-risk SMBs that are excluded from traditional banking and payment services?”
Founded in 2020, PayPugs positioned itself as an online payment solution for underserved segments — freelancers, entrepreneurs, and businesses in high-risk industries — offering transparent pricing and global multi-currency capabilities. The company expanded its banking infrastructure by partnering with Verifo (a Lithuanian EMI) for BaaS rails and later Wallester for virtual card issuance. Its embedded finance stack is built on third-party infrastructure rather than its own licenses, reflecting a lean fintech model focused on distribution over infrastructure ownership.
Paypugs discloses Verifo as its banking provider, according to the Embedded Finance Index 2026.
Paypugs does not disclose a bank charter of its own; its banking services are provided through Verifo.
Paypugs moves money over SWIFT and SEPA.
Paypugs's cards are issued through Wallester.
Paypugs uses Sumsub for KYC and identity verification.
The Embedded Finance Index 2026 maps 4 layers in Paypugs's stack: Money movement (SWIFT and SEPA); Banking / BaaS (Verifo); Card issuing (Wallester); KYC (Sumsub).
Paypugs is founded in 2020 and headquartered in London, United Kingdom.
Get a read on where your own stack stands against Paypugs 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.