Paynovate
- Headquarters
- Brussels, Brussels Region, Belgium
Paynovate is a Brussels-based regulated fintech providing B2B payments, account management, and card issuing infrastructure across the European Economic Area. It operates as a licensed Electronic Money Institution (EMI) supervised by the National Bank of Belgium and is part of the Loyaltek Group, which also includes terminal solutions (LoyalPay), B2B payment processing (Fintronik), and gift card marketing (Giftify). Originally developed from a loyalty card scheme in 2008, Paynovate evolved into a standalone EMI division around 2019–2020. The company serves fintechs, platforms, POS partners, resellers, and digital businesses with modular products including in-store and online acquiring, virtual IBAN accounts, card program creation, and embedded finance APIs. In early 2024, founder Robert Masse transitioned to Chief Visionary Officer, with Benjamin Beeckmans appointed CEO to drive expansion into the UK and other markets. Paynovate emphasizes compliance and security, holding PCI DSS certification and safeguarding client funds through segregated accounts.
Detailed Review
History & Corporate Structure
Paynovate’s roots trace to 2008, when Robert Masse launched a loyalty card scheme called CARTOO under the Loyaltek brand. Over the next decade, Loyaltek expanded into full issuing and acquiring services, and in 2019–2020 the group reorganised: the terminal business became LoyalPay, the e‑money division was named Paynovate, and later Fintronik and Giftify were added. Paynovate itself was formally incorporated as a Belgian société anonyme (SA) and received its EMI licence from the National Bank of Belgium. The company is privately held and part of the Loyaltek Group.
Licensing & Compliance
Paynovate is regulated as an Electronic Money Institution by the National Bank of Belgium with an EU‑wide passport for payment services and e‑money issuance. Key compliance features include segregation of client funds in safeguarded accounts, mandatory Know Your Business (KYB) checks, ongoing transaction monitoring, PCI DSS certification, and data protection controls aligned with GDPR.
Products & Platforms
Paynovate offers a modular, API‑driven platform that allows clients to mix and match capabilities. Products include In‑Store Acquiring via POS terminal integration (LoyalPay), Online Acquiring for e‑commerce, Business IBAN Accounts (SEPA virtual IBANs with multi‑currency options), Card Issuing & Program Management for white‑label physical and virtual cards, Embedded Finance APIs for fintechs, and a Reseller/Partner Programme. The group brands LoyalPay (terminals), Fintronik (corporate payments), and Giftify (gift cards) are closely integrated but separate subsidiaries.
Market Position & Growth
Paynovate competes with European EMIs such as Railsr, Mangopay, Currencycloud, and Modulr. It differentiates through integration with Loyaltek’s physical terminal network and a focus on complex, multi‑product payment flows for fintechs and platforms. In 2023–2024 it announced a partnership with Codego to deploy terminals in Italy, Spain, and Greece, and opened a UK office in Newcastle to support expansion. The company has not publicly raised external venture funding, indicating organic growth and support from the Loyaltek Group.
Leadership Transition
In January 2024, founder Robert Masse moved to Chief Visionary Officer, and Benjamin Beeckmans became CEO, signalling a push for scale and entry into new markets. Christophe Schmidt serves as COO (consulting role), and Olly Chowdhury is Head of Commercial. No CTO or CFO has been publicly confirmed.
Key Products
Paynovate Platform (core)
Unified API and dashboard for payment acceptance, account management, and card issuing.
In-Person Acquiring
POS terminal solutions for retail, vending, and hospitality, supported by group company LoyalPay.
Online Acquiring
E‑commerce payment gateway with multiple payment methods and fraud tools.
Business IBAN Accounts
SEPA virtual IBANs for holding and moving euro funds, with optional multi‑currency support.
Card Issuing Programmes
White‑label card programmes (physical and virtual) for fintechs, platforms, and corporate clients.
Embedded Finance APIs
Modular infrastructure for adding payments, accounts, or cards into third‑party products.
Reseller / Partner Programme
Turnkey white‑label or referral programme for POS partners and agents.
LoyalPay (group brand)
Loyaltek Group’s terminal hardware and acquiring brand, closely integrated with Paynovate.
Fintronik (group brand)
Corporate payment processing and treasury services (separate subsidiary).
Giftify (group brand)
Gift card marketing technology for shopping centres (separate subsidiary).
Offices & Headcount
100 employees (approx.)
Key Persons
- Robert Masse
Founder & Chief Visionary Officer (CVO)