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APIs · head to head

Toqio vs TrueLayer

Toqio logo

Toqio

APIs

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

From
On request
Rated
-
Full reviewWebsite
TrueLayer logo

TrueLayer

APIs

Open banking payments and data across the UK and Europe, with the largest share of UK variable recurring payments

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: 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.; TrueLayer variable recurring payments, the strongest reason to choose TrueLayer, is a UK construct, and European businesses expecting the same capability in their market will not get it on the same timetable.
  • They diverge on capability: Toqio covers No code product builder, TrueLayer covers Pay by bank.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Toqio and TrueLayer actually diverge.

Attributes where Toqio and TrueLayer differ
AttributeToqioTrueLayer
PlatformsWeb, iOS, Android, APIWeb, iOS, Android

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 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

Only in TrueLayer

  • Pay by bank
  • Variable recurring payments
  • Payouts and refunds
  • Account information
  • Account name verification
  • Signup and KYC support
  • Multi-country coverage
  • Hosted payment page

What people use each for

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

Toqio

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

TrueLayer

  • A UK subscription or top-up business that wants card-like recurring collection over bank rails using variable recurring paymentsnot Toqio
  • A trading or crypto platform funding accounts instantly by bank transfer where card deposits carry chargeback risknot Toqio
  • A marketplace paying sellers out to verified bank accounts with name checking to reduce misdirected paymentsnot Toqio
  • A lender verifying income and affordability from bank transaction data rather than uploaded statementsnot Toqio

Where each one falls short

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

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.

TrueLayer

  • Variable recurring payments, the strongest reason to choose TrueLayer, is a UK construct, and European businesses expecting the same capability in their market will not get it on the same timetable.
  • Payment conversion varies substantially by bank, and a bank with a slow or broken authentication journey drags results down regardless of vendor, so aggregate coverage numbers say little about your actual mix.
  • Pay by bank has no chargeback mechanism, which merchants like until a customer disputes a purchase and finds no scheme protection, making it a poor fit for categories where buyers expect card style recourse.
  • Pricing is unpublished and varies by market and product, so multi-country merchants cannot model cost without a full sales engagement and often find rates differ significantly between countries.
  • Open banking authentication requires the customer to leave the checkout and authorise in their banking app, and that redirect remains the largest source of drop-off compared with a stored card.

Pricing, plan by plan

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

TrueLayer

On request
  • TrueLayer Payments and Data$undefined/year
    • Per-payment fees quoted by volume, market and product
    • Separate commercial terms for payment initiation, VRP and account information
    • Platform and minimum commitment terms negotiated per contract

Which should you pick?

Choose Toqio if

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

Choose TrueLayer if

  • You need pay by bank.
  • You work on Web, iOS, Android.
  • You also want variable recurring payments.
TrueLayer review

Questions people ask

Is Toqio or TrueLayer better?
Neither clearly leads. Toqio starts at On request and TrueLayer at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Toqio or TrueLayer?
Toqio starts at On request and TrueLayer at On request.
Does Toqio or TrueLayer run on more platforms?
Toqio runs on Web, iOS, Android, API. TrueLayer runs on Web, iOS, Android.
What is Toqio best used for?
Toqio is most often used for a manufacturer offering branded working capital finance to its dealer network, a b2b marketplace launching accounts and cards for its sellers without becoming regulated itself, a corporate that wants to switch card issuer without rebuilding its customer facing product, a group launching the same embedded finance product across several markets with different local providers. Of those, a manufacturer offering branded working capital finance to its dealer network and a b2b marketplace launching accounts and cards for its sellers without becoming regulated itself are not what TrueLayer is typically brought in for.
What can Toqio do that TrueLayer cannot?
Toqio covers No code product builder, Provider orchestration, Account and card modules, Embedded financing. TrueLayer covers Pay by bank, Variable recurring payments, Payouts and refunds, Account information.

Answered from the vendors’ own pages

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.

TrueLayer: Is VRP available outside the UK?

No. Variable recurring payments are a UK capability. EU adoption is on a slower path, with UK commercial VRP expanding into ecommerce during 2026.

Toqio: Who is it aimed at?

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

TrueLayer: What does TrueLayer cost?

Not published. Per-payment fees are quoted by volume, market and product, usually with a platform component and a minimum commitment.

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.

TrueLayer: Are there chargebacks on pay by bank?

No. Bank transfers have no card scheme chargeback mechanism, which removes that cost but also removes buyer recourse, so it suits some categories and not others.

TrueLayer: Which countries are covered?

The UK plus a substantial set of European markets under PSD2, though bank-level coverage and conversion vary by country and should be checked for your specific mix.

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