Devengo

About Devengo

Devengo is a Spanish financial technology company that provides an API-first platform for real-time, account-to-account (A2A) payments for businesses. The company was co-founded by Fernando Cabello-Astolfi (CEO) and Alberto Molpeceres (COO). The two met in 2012 and, after years of collaborating on different projects, founded Devengo in 2019. Originally a salary advance application, the founders pivoted in 2022 to focus on building a payment infrastructure API after seeing a larger market opportunity.

Devengo's core offering is a payments API that enables businesses to embed and automate their money flows. The platform allows for the creation of IBANs and virtual IBANs, execution of instant push and pull payments, and verification of account holders. Devengo provides its services across the Single Euro Payments Area (SEPA), targeting B2B clients in sectors such as fintech, lending, insurance, and marketplaces. Its direct technical connection to Iberpay, the Spanish clearing house, allows it to reduce reliance on intermediary banks, aiming for better speed, cost, and control for its clients. The business model is primarily based on API usage fees, with customized pricing based on factors like business sector, transaction volume, and services required.

Since its pivot, Devengo has secured its license as a Payment Institution from the Bank of Spain. The company has raised a total of $3.53 million over several funding rounds. A pre-Series A round in late 2025 brought in €2 million from investors including Bankinter, Banco Sabadell, Demium, TheVentureCity, and Wayra. This funding is intended to accelerate the company's geographic expansion across the SEPA zone.