Devengo provides an API platform for businesses to orchestrate instant Account-to-Account (A2A) money flows across Europe. The service offers account creation, instant push and pull payments, and account holder verification capabilities. This infrastructure enables companies to accelerate payment processing, improve reconciliation, and reduce reliance on card networks.
Funding
$10.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses face challenges in automating and streamlining their payment processes, leading to inefficiencies in account management, reconciliation, and transaction speeds. Integrating various payment rails and ensuring compliance with evolving regulations adds further complexity.
Solution
Devengo offers an API-driven platform that automates business payouts and integrates money flows into operational processes, enabling real-time account-to-account (A2A) payments. The platform facilitates instant pay-ins and payouts across Europe and the UK, supporting SEPA and other payment schemes. It simplifies account creation, automates reconciliation, and provides tools for managing accounts and verifying recipient details. Devengo's infrastructure is designed for scalability and prioritizes security with features like fraud defense, round-the-clock monitoring, and rapid incident response, and is ISO 27001 certified.
Target Audience
Devengo targets Fintech companies, lending solutions, InsurTech platforms, and marketplace businesses that require automated, secure, and scalable payment solutions.
Features
- API for instant A2A payments, supporting both push and pull payment models
- Automated account creation and closure with IBANs from multiple European countries
- Real-time payment processing with high deliverability and a Smart Retry System for failed payments
- Automatic reconciliation of incoming payments with webhook notifications
- Account verification service using micro-payments to ensure correct recipient details
- Comprehensive security measures, including KYB, AML, and CTF compliance, plus ISO 27001 certification
- Dynamic ETA (Estimated Time of Arrival) for payouts, providing transparency on payment delivery times
- Support for Request to Pay (SRTP) to reduce reliance on card payments
- Virtual IBANs for simplified payer identification and payment tracking
- Transaction Monitoring System to detect suspicious activities