Is Toqio or Vodeno better?

Neither clearly leads. Toqio starts at On request and Vodeno at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.

Which is cheaper, Toqio or Vodeno?

Toqio starts at On request and Vodeno at On request.

Does Toqio or Vodeno run on more platforms?

Toqio runs on Web, iOS, Android, API. Vodeno runs on Web, API.

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 Vodeno is typically brought in for.

What can Toqio do that Vodeno cannot?

Toqio covers No code product builder, Provider orchestration, Account and card modules, Embedded financing. Vodeno covers Core banking infrastructure, Card issuance via Mastercard, Lending and BNPL modules, White-label mobile apps.

APIs · head to head

Toqio vs Vodeno

Toqio

APIs

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

From: On request
Rated: -

Full review Website

Vodeno

APIs

Banking-as-a-service platform running on a partner bank licence, backing NatWest's UK BaaS venture

From: On request
Rated: -

Full review Website

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.; Vodeno its actual regulatory backing differs by geography, Aion Bank in continental Europe versus NatWest in the UK, so a customer must understand which entity and licence they are actually contracting under rather than assuming one uniform Vodeno product.
They diverge on capability: Toqio covers No code product builder, Vodeno covers Core banking infrastructure.
Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Toqio and Vodeno actually diverge.

Attributes where Toqio and Vodeno differ
Attribute	Toqio	Vodeno
Platforms	Web, iOS, Android, API	Web, 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 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 Vodeno

Core banking infrastructure
Card issuance via Mastercard
Lending and BNPL modules
White-label mobile apps
Digital onboarding and compliance
UK entity backed by NatWest

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 Vodeno
A B2B marketplace launching accounts and cards for its sellers without becoming regulated itselfnot Vodeno
A corporate that wants to switch card issuer without rebuilding its customer facing productnot Vodeno
A group launching the same embedded finance product across several markets with different local providersnot Vodeno

Vodeno

A European retailer or e-commerce business wanting to embed savings, lending or BNPL products under its own brandnot Toqio
A UK business wanting banking-as-a-service backed specifically by NatWest's banking technology and licencenot Toqio
A fintech wanting white-label mobile banking app infrastructure rather than building its own from scratchnot Toqio
A company comparing banking-as-a-service providers that want to understand which underlying bank licence actually backs the product in their marketnot 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.

Vodeno

Its actual regulatory backing differs by geography, Aion Bank in continental Europe versus NatWest in the UK, so a customer must understand which entity and licence they are actually contracting under rather than assuming one uniform Vodeno product.
Pricing is entirely unpublished across both the European and UK businesses.
The scale of NatWest's investment (up to roughly £120 million) signals a business still working toward profitability, with NatWest itself targeting breakeven within five years of the venture launching, which is a meaningful timeline risk for a customer building long-term infrastructure dependency on it.
As banking-as-a-service infrastructure, any customer remains dependent on Vodeno's underlying bank partner maintaining its own licence and risk appetite, which is a layer of dependency beyond Vodeno's own commercial terms.
Product scope, such as lending and BNPL availability, may differ between the UK and European entities, so a company operating in both markets should not assume identical capability across the two.

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

Vodeno

On request

Vodeno$undefined/year
- Platform licensing fee, not published
- Terms differ between the European (Aion Bank) and UK (NatWest) entities

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 Vodeno if

You need core banking infrastructure.
You work on Web, API.
You also want card issuance via mastercard.

Vodeno review

Questions people ask

Is Toqio or Vodeno better?: Neither clearly leads. Toqio starts at On request and Vodeno at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Toqio or Vodeno?: Toqio starts at On request and Vodeno at On request.
Does Toqio or Vodeno run on more platforms?: Toqio runs on Web, iOS, Android, API. Vodeno runs on Web, API.
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 Vodeno is typically brought in for.
What can Toqio do that Vodeno cannot?: Toqio covers No code product builder, Provider orchestration, Account and card modules, Embedded financing. Vodeno covers Core banking infrastructure, Card issuance via Mastercard, Lending and BNPL modules, White-label mobile apps.

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.

Vodeno: Does Vodeno hold its own banking licence?

No, it operates through partner banks, Aion Bank in continental Europe and NatWest in the UK.

Toqio: Who is it aimed at?

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

Vodeno: Is the UK business the same as the European business?

They are related but distinct entities backed by different bank partners, with different investment structures.

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.

Vodeno: How much has NatWest invested?

A capped commitment of up to roughly £120 million into the UK entity, plus a separate roughly €58 million investment in Vodeno Group for an 18% stake.

Toqio vs Vodeno

Toqio

Vodeno

The short version

Where they differ

What each one covers

Only in Toqio

Only in Vodeno

What people use each for

Toqio

Vodeno

Where each one falls short

Toqio

Vodeno

Pricing, plan by plan

Toqio

Vodeno

Which should you pick?

Choose Toqio if

Choose Vodeno if

Questions people ask

Answered from the vendors’ own pages

Related pages

More on Toqio

More on Vodeno

Keep looking

Other head to heads