4 Start-ups reshaping the Payments landscape in Luxembourg

By Gloria Methri

The traditional payments ecosystem has been rapidly disrupted by new waves of technological advances. FinTechs have grasped every opportunity to leverage their technological capabilities and customer-centricity to digitise payments.

New solutions that make use of mobile devices, instant payments and Buy-Now Pay-Later (BNPL) are disrupting the Luxembourg market too. While in 2020 there were 14 payment institutions in the country, the number grew to 16 in 2022. The number of electronic money institutions also rose from nine in 2020 to 11 in 2022.

Altogether, the development of harmonised regulatory frameworks such as PSD2 and MiCAR, and improved digital client onboarding capabilities, have allowed entities in Luxembourg to target and serve more than just the domestic market.

Let’s look at four such companies innovating on Luxembourg territory and actively participating in the digital revolution of the finance centre.

• Mangopay

MANGOPAY is an online payment technology designed for marketplaces, crowdfunding platforms, and sharing economy businesses. It enables platforms to accept multiple currencies and payment methods online, hold funds in segregated accounts and automate payouts.

• Payconiq

Payconiq is a European payment FinTech active in BeNeLux. Launched in 2012 as a start-up (called Digicash), it quickly managed to partner with the six leading banks (BCEE, BGL BNP Paribas, BIL, POST, ING, RAIFFEISEN) that issue the Payconiq-supported apps to their customer base. The PayTech strives to be a trusted partner and lead in smart processing and payment solutions across Europe.

• Koosmik

Koosmik is a Luxembourg-based company whose services span mobile banking, electronic payments, and IT consulting. It offers a semi-closed mobile wallet app compatible with Android and iOS. Its payment solution, available for both mobile and desktop, enables payment at select retailers. It also offers to send/request money.

Users can sign up, credit wallet using bank cards. Transactions between individuals is free; however, payment to the merchant is for a fee charged to the merchant’s account.

• COMO GLOBAL 

COMO Global is a Luxembourg FinTech providing payment infrastructure for payment transaction processing and more. Its solutions and services are offered to all types of organisations.

Clients benefit from multi-currencies IBAN accounts, cross-border payments in 190 countries, omnichannel payments acceptance, 400+ payment method,s and 200+ connected Acquirer worldwide – all delivered globally through a single platform.