Softwr

APIs · head to head

Enfuce vs Toqio

Enfuce logo

Enfuce

APIs

European issuer processor holding its own payment institution licence

From
On request
Rated
-
Full reviewWebsite
Toqio logo

Toqio

APIs

No code platform for building embedded finance products on your own providers

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Enfuce coverage is European, so a programme that also needs US or Asian issuing requires a separate processor and a separate integration.; Toqio toqio holds no licence and provides no sponsor bank, so you must find, contract and manage regulated providers yourself, which is the slowest part of any embedded finance launch.
  • They diverge on capability: Enfuce covers Licensed issuing, Toqio covers No code product builder.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Enfuce and Toqio actually diverge.

Attributes where Enfuce and Toqio differ
AttributeEnfuceToqio
PlatformsWeb, REST APIWeb, iOS, Android, API

Identical on both: starting price (On request), pricing model (quote), free tier (No), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Enfuce

  • Licensed issuing
  • Card processing
  • Tokenisation
  • Spend controls
  • Multi-currency programmes
  • Carbon and data services

Only in Toqio

  • No code product builder
  • Provider orchestration
  • Account and card modules
  • Embedded financing
  • Back office tooling
  • Multi entity and multi brand
  • White label mobile apps
  • Marketplace of providers

What people use each for

The jobs each tool is most often brought in to do.

Enfuce

  • A European fintech launching cards without spending two quarters finding a sponsor banknot Toqio
  • A corporate issuing fuel or expense cards across several EU countries on one programmenot Toqio
  • A bank migrating an existing European card portfolio off a legacy processornot Toqio
  • A programme that must report cardholder transaction carbon data to meet sustainability commitmentsnot Toqio

Toqio

  • A manufacturer offering branded working capital finance to its dealer networknot Enfuce
  • A B2B marketplace launching accounts and cards for its sellers without becoming regulated itselfnot Enfuce
  • A corporate that wants to switch card issuer without rebuilding its customer facing productnot Enfuce
  • A group launching the same embedded finance product across several markets with different local providersnot Enfuce

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Enfuce

  • Coverage is European, so a programme that also needs US or Asian issuing requires a separate processor and a separate integration.
  • Where Enfuce acts as the licensed issuer it takes on regulatory risk and prices accordingly, so the convenience of skipping a sponsor bank is not free.
  • European interchange caps limit programme revenue far below US levels, so business cases imported from a US card model do not survive the move.
  • It is a smaller supplier than Marqeta or i2c, which means less negotiating room on scheme fees and a thinner partner ecosystem around it.
  • Pricing is entirely quoted with monthly minimums, so low-volume programmes carry a fixed cost that does not scale down with a slow launch.

Toqio

  • Toqio holds no licence and provides no sponsor bank, so you must find, contract and manage regulated providers yourself, which is the slowest part of any embedded finance launch.
  • Because it orchestrates rather than provides, the customer experience is only as good as the underlying bank or issuer, and Toqio cannot fix a partner's settlement delays or outages.
  • Pricing is quoted with no public rate card, so comparing it against building in house or against a bundled banking as a service provider requires a full sales process.
  • With around EUR 30 million raised in total it is a small supplier to underpin a financial product a large corporate expects to run for a decade, which raises real continuity questions in procurement.
  • No code configuration covers standard patterns well but bespoke customer journeys eventually require custom development, at which point the main advantage over building directly on provider APIs narrows.

Pricing, plan by plan

Enfuce

On request
  • Enfuce issuing and processing$undefined/year
    • Per-active-card and per-transaction fees with monthly minimums
    • Higher pricing where Enfuce acts as licensed issuer rather than processor only
    • Interchange arrangements depend on who holds the issuing licence

Toqio

On request
  • Toqio platform$undefined/year
    • Quoted per customer, typically setup plus recurring platform fee
    • Regulated provider fees are separate and contracted by you
    • Card interchange and lending economics belong to your provider agreements

Which should you pick?

Choose Enfuce if

  • You need licensed issuing.
  • You work on Web, REST API.
  • You also want card processing.
Enfuce review

Choose Toqio if

  • You need no code product builder.
  • You work on Web, iOS, Android, API.
  • You also want provider orchestration.
Toqio review

Questions people ask

Is Enfuce or Toqio better?
Neither clearly leads. Enfuce starts at On request and Toqio at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Enfuce or Toqio?
Enfuce starts at On request and Toqio at On request.
Does Enfuce or Toqio run on more platforms?
Enfuce runs on Web, REST API. Toqio runs on Web, iOS, Android, API.
What is Enfuce best used for?
Enfuce is most often used for a european fintech launching cards without spending two quarters finding a sponsor bank, a corporate issuing fuel or expense cards across several eu countries on one programme, a bank migrating an existing european card portfolio off a legacy processor, a programme that must report cardholder transaction carbon data to meet sustainability commitments. Of those, a european fintech launching cards without spending two quarters finding a sponsor bank and a corporate issuing fuel or expense cards across several eu countries on one programme are not what Toqio is typically brought in for.
What can Enfuce do that Toqio cannot?
Enfuce covers Licensed issuing, Card processing, Tokenisation, Spend controls. Toqio covers No code product builder, Provider orchestration, Account and card modules, Embedded financing.

Answered from the vendors’ own pages

Enfuce: Do I need my own licence to use Enfuce?

Not necessarily. Enfuce holds Finnish payment institution authorisation and can act as issuer, or process under your own licence if you have one.

Toqio: Does Toqio provide the banking licence?

No, deliberately. You contract your own bank, issuer or lender, which is why you can replace them without rebuilding the product.

Enfuce: Which regions does it cover?

Europe. It is not a route to issuing cards in the United States or Asia.

Toqio: Who is it aimed at?

Large corporates and B2B ecosystem operators embedding finance for suppliers, dealers or marketplace sellers, not consumer fintech startups.

Enfuce: How does interchange work?

Who holds the issuing licence determines who receives interchange, so the licensing choice and the revenue model are the same decision.

Toqio: How much does it cost?

Not published. Expect a setup fee plus a recurring platform fee, with all regulated provider costs on top and separately contracted.

Share

Related pages

More on Enfuce

More on Toqio

Keep looking

Other head to heads