“Can a small Spanish EMI serve as the issuing-and-escrow backbone for fintechs across Iberia — and now as part of Minsait/Nuek, scale embedded finance across Latin America?”
Pecunpay (Pecunia Cards EDE) was founded in 2016 as a Spanish Banco de España-registered electronic money institution focused on card issuing, payment gateway, and escrow services for fintechs and platforms. It modernized its stack on IBM/Red Hat OpenShift in 2019 and became the first Spanish EMI to join Iberpay's national payment system as an 'accessible entity' through Inversis in 2022. Minsait Payments (Indra) acquired Pecunpay in November 2023, and in 2025 the brand is being folded into Minsait's unified Nuek embedded-finance platform.
Pecunpay discloses Pecunia Cards EDE and S.L.U. (in-house) as its banking providers, according to the Embedded Finance Index 2026.
Pecunpay does not disclose a bank charter of its own; its banking services are provided through Pecunia Cards EDE and S.L.U. (in-house).
Pecunpay processes payments through Pecunpay Payment Gateway (self-operated). Disclosed money-movement rails: SEPA.
Pecunpay's cards are issued through Pecunia Cards EDE and S.L.U. (in-house).
The Embedded Finance Index 2026 maps 4 layers in Pecunpay's stack: Payments / PSP (Pecunpay Payment Gateway (self-operated)); Money movement (SEPA); Banking / BaaS (Pecunia Cards EDE and S.L.U. (in-house)); Card issuing (Pecunia Cards EDE and S.L.U. (in-house)).
Pecunpay is founded in 2016 and headquartered in Madrid, Spain.
Get a read on where your own stack stands against Pecunpay 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.