Multi-wallet crypto payment card infrastructure. Spend directly from self-custody wallets across chains with programmable asset routing.
Users hold assets across MetaMask, Ledger, Phantom, exchanges, and chain-specific wallets with no unified spend layer.
Crypto-to-fiat conversion adds spreads, manual swaps, and missed timing. Users do the routing themselves.
Current cards depend on one account or balance, not total portfolio liquidity across wallets and assets.
Many crypto cards require deposits to centralized platforms, forcing users to give up control before spending.
Coverage remains fragmented by provider, card network, product type, and jurisdiction.
No simple programmable logic such as spend stablecoins first, shield BTC, or split across wallets automatically.
TEPANcard turns fragmented self-custody balances into one programmable spend layer. The engine checks wallets, applies user rules, selects the lowest-friction route, and settles fiat through card rails.
€1,299 transaction at merchant terminal.
Wallets and assets are checked across chains.
Rules, cost, slippage, and availability determine route.
Stablecoins, ETH, or other assets cover the amount.
Merchant receives fiat through card network rails.
Global holders moving into regulated payment rails.
Annualized market signal from 2025 usage.
Active holders with multi-wallet behavior.
Focused early-user conversion target.
| Metric | Range |
|---|---|
| Active users | 50K-150K |
| Average monthly spend | €500-€1,500 |
| Annual volume | €300M-€2.5B |
| Take rate | 0.5%-1.2% |
| Company | Multi-wallet | Smart routing | Non-custodial | Global | Spend rules | Network | Funding |
|---|---|---|---|---|---|---|---|
| TEPANcard | Yes | Yes | Yes | Global | Yes | MC / Visa | €1.186M raising |
| Rain (B2B) | No | No | Partial | Yes | No | Visa | €338M raised |
| MetaMask Card | Partial | No | Yes | Yes | Partial | MC | ConsenSys |
| Gnosis Pay | No | No | Yes | Partial | No | Visa | Gnosis ecosystem |
| Crypto.com | No | No | No | Yes | No | Visa | €1B+ raised |
| Bleap | No | No | Yes | Partial | No | MC | Undisclosed |
| Coinbase | No | No | No | Partial | No | Visa | Public |
Rain is issuer infrastructure. TEPANcard is the consumer and wallet-routing layer that can use Rain-like rails rather than compete head-on.
MetaMask, Gnosis, or a Rain customer could add routing. Our answer is speed, wallet-agnostic integrations, regulatory execution, and a B2B API pathway that turns wallets into distribution partners.
TEPANcard does not need to become a bank, card network, or wallet. We partner for regulated issuance, own the wallet aggregation and decision engine, and turn that engine into both a consumer product and a white-label API.
Initial wallet coverage is product scope, not a moat. Defensibility starts after reliable integrations, route monitoring, and operating playbooks make expansion faster for us than for copycats.
Data becomes defensible only after live volume creates proprietary benchmarks on liquidity, spreads, failures, fraud, and user rules across wallets and assets.
BIN sponsorship gives a launch bridge. A true regulatory advantage requires audit-ready controls, transaction monitoring evidence, and a funded EMI/MiCA pathway.
Community and referrals are channels. Distribution becomes defensible after signed wallet/API partnerships embed TEPANcard into partner flows.
Not a moat yet. The defensible claim today is a sharper wedge: wallet-native routing plus a compliance-first card launch path. This round funds the evidence that can turn the wedge into defensibility.
This round buys three proof gates before scale: signed issuing route, working waterfall demo, and 500 beta users converting into real payment volume.
Vladimir Repisky identified for Web3 backend, payment rails, and FX execution.
Waterfall routing demo scoped for investor and beta-user validation.
Enfuce plus backup sponsor options mapped for launch resilience.
Crypto wallet users, CEE fintech network, and influencer-led invite loop.
0.2%-0.8% blended on card transactions, region-dependent.
0.4%-0.8% target spread at crypto-to-fiat conversion.
€0, €29, and €99 tiers for limits, rewards, and premium cards.
0.9%-1.9% on withdrawals and cross-border activity above free limits.
The engine creates margin on spend today and a white-label routing API tomorrow. Consumer volume proves the data, B2B distribution scales it with lower CAC.
| Metric | Y1 | Y2 | Y3 |
|---|---|---|---|
| Active users | 2,400 | 18,000 | 95,000 |
| Monthly payment volume | €1.1M | €10.0M | €64.2M |
| Revenue / month | €25.8K | €201K | €1.12M |
| Revenue / year | €309K | €2.4M | €13.4M |
| Burn / month | €95K | €200K | €300K |
| Cash runway | 17 mo | Series A close window | Profitable |
| Metric | Y1 | Y2 | Y3 |
|---|---|---|---|
| Active users | 800 | 6,000 | 28,000 |
| Monthly payment volume | €354K | €3.2M | €18.3M |
| Revenue / month | €6.7K | €51.6K | €250.8K |
| Revenue / year | €80K | €619K | €3.0M |
| Burn / month | €70K | €150K | €220K |
| Response | Bridge option | Lean ops | Series A |
Downside plan: if licensing or adoption slows, launch through the BIN-sponsor bridge, hold the team lean, preserve a 15-18 month cash window, and use B2B LOIs as Series A evidence rather than premature platform spend.
€149.6K for legal setup, sponsor due diligence, KYC/AML design, sanctions tooling, and EMI/CASP readiness. Full EMI licensing is a Series A budget item, not fully funded by this seed round.
€133.2K for BIN setup, monthly platform fees, processor costs, physical cards, delivery, and logistics.
€527.4K for backend, mobile, Web3 engineering, FX engine, WalletConnect build, cloud, and security testing.
€97K for design, prototyping, and product experience execution.
€108.6K for influencer partnerships, content, community, and referral costs.
€170K+ for modest founder salaries, accounting, tools, liquidity prefund buffer, and contingency.
Capital discipline: the budget prioritizes the proof gates investors need before Series A: signed issuing path, routing engine, wallet integrations, live beta volume, risk metrics, partner LOIs, and roughly 15-18 months of runway.
Founder and CEO. 15+ years across banking, payments, crowdfunding, and fintech advisory in CEE and Ukraine.
CTO and co-founder candidate. Applied mathematics, payment platforms, Web3 backend, and FX execution.
Advisor slot for card issuing, BIN sponsorship, and Visa/Mastercard program management.
Advisor slot for FCA EMI, MiCA, AML/KYC, and cross-border fintech licensing.
| Role | Start | Key skills | Equity | Salary |
|---|---|---|---|---|
| CTO / Co-founder | Month 1 | Web3, payments backend, mobile | 5-8% | €2,500 + equity |
| Backend engineer | Month 1 | Node.js, blockchain APIs, FX engines | 0.5-1% | €7,500/mo |
| Mobile developer | Month 2 | React Native / Flutter, wallet SDKs | 0.5% | €7,500/mo |
| Compliance officer | Month 3 | FCA/EMI, AML, KYC | 0.5% | €5,000/mo |
Full EMI/CASP licensing can take 6-18 months and materially exceed the seed compliance budget.
Launch through BIN sponsor bridge, use seed capital for audit-ready controls and EMI readiness, and reserve full license spend for Series A.
Even with a 15-18 month runway, Series A is weak without live TPV, cohort quality, risk metrics, and partner proof.
Start Series A only after the M12 proof pack; keep bridge option, defer non-core hires, and secure wallet/API LOIs before the process.
MetaMask or Gnosis could add routing and use existing distribution.
Wallet-agnostic strategy, B2B API positioning, faster routing specialization, and partner-friendly posture.
If Enfuce terms change, card issuance launch can slow.
Maintain backup sponsors: Moorwand, Modulr, Payrails, and Rain-like infrastructure partners.
| Round size | €1,186,000 |
| Instrument | SAFE note, pre-money valuation |
| Pre-money valuation | €6,000,000 |
| Post-money basis | €7,186,000 |
| Implied ownership | 16.5% |
| Discount | 20% on Series A |
| Minimum ticket | €50,000 |
| Target close | Q2 2026, 60-day round |
MVP launched with 500 beta users.
MetaMask, Phantom, Ledger integrations live.
€50K monthly payment volume.
2,000 active cardholders.
Series A proof pack: 2,400 active users, €1.1M monthly volume, risk and retention metrics.
Series A initiated with signed issuing path, 2+ B2B LOIs, €5M-€8M target.
Valuation is earned through proof: CTO close, signed issuing route, waterfall demo, active cardholders, live payment volume, risk metrics, and partner LOIs are the milestones that turn this from vision into a Series A-ready fintech infrastructure company.
Every crypto holder is a potential user. Every wallet is an integration. Every transaction is revenue.
Peter Lesko
Founder and CEO, TEPANcard
lesko@tepancard.com
tepancard.com
linkedin.com/in/peter-lesko-3258bb3
Bratislava, SK / EU
+421 948 201 107
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