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Noda

Noda Review

Is It the Right Payment Solution for Your iGaming Business?

Weak
Open Banking
Visit Noda

By the iGaming Payment Solutions Editorial Team ·

Noda is a London-based open banking provider that went from fast-growing Trustly challenger to a brand in active restructuring within 18 months. NaudaPay Limited, FCA-licensed in October 2019 and trading as Noda since the brand launched in 2020, announced an orderly wind-down of its UK operations in late 2025 and is being separated from the Noda brand. CEO Igor Loktev, CRO Michael Bystrov and COO Anastasija Tenca all departed in October 2025. A rebuilt leadership team headed by CEO Marat Abasaliev has been in place since late 2025. The product itself (pay-by-bank across 2,000+ banks in 28 countries, Pay & Go orchestration with GBG and Sumsub KYC, BVNK stablecoin payouts) is competitive on paper. The problem for an iGaming operator evaluating Noda in 2026 is which legal entity sits on the other side of the contract and who is running compliance after the leadership exodus. Trustly and Brite cover the same European A2A use case without the operational uncertainty. NaudaPay's own wind-down notice goes further than an onboarding freeze. Verbatim: the company is not onboarding new customers and is not accepting or facilitating any new payment transactions or new funds, including through payment initiation. Refunds, returns and chargebacks continue where applicable. The notice is stamped May 6, 2026, and was still in force on September 8, 2026. The counterparty on the EU side is now disclosed as NODA HOLDING LIMITED, company number HE 428729, registered in Nicosia and operating within the European Union as a software technologies provider. That is not a payment institution and not an e-money institution. No regulator, license number or PSD2 reference is published anywhere on the site, and the only legal link it carries returns a 404, so the claim that live PSD2 licenses sit behind the EU entities has no vendor-side support. That is an absence of published evidence rather than proof no license exists.

2.7/5 Trustpilot (25)
Founded Nicosia, CyprusOpen banking Payment MethodsT+0 - T+1 Settlement
European Open BankingLow FeesNot a fit: Stable VendorNot a fit: Global Coverage
#0.1-1% Fees#2,000+ Banks#28 Countries#Wind-Down Risk#Pay & Go KYC#BVNK Stablecoins

What operators ask about Noda

What is happening with Noda?

A brand in active restructuring: NaudaPay Limited, the UK FCA entity licensed in 2019 and behind the Noda brand since 2020, announced a UK wind-down in late 2025. The C-suite departed in October 2025 and a rebuilt team is separating the brand from the UK entity. Re-verify status before signing.

More in Company →

What is Noda Pay & Go?

The flagship orchestration flow, launched October 2024: registration, KYC and first payment in one bank authentication, with identity data validated by GBG and Sumsub.

More in Product →

What does Noda cost?

Open banking fees from 0.1% to roughly 1% by volume and market, with no setup, no monthly and no rolling reserve. At the low end it undercuts Brite and beats Trustly on the payout leg.

More in Pricing →

News about Noda

All payment news
  • Licensing

    The Noda brand no longer sits under a licensed payment institution

    The counterparty for EU services is NODA HOLDING LIMITED, company number HE 428729 in Nicosia, a software technologies company that holds no payment license or PSD2 authorization. On the UK side NaudaPay Limited, FCA firm reference 832969, is in an orderly wind-down and no longer accepts or facilitates any new payment transactions or funds, including through payment initiation.

    Noda site disclosure · NaudaPay wind-down notice

Quick Info

Type
Open Banking
Founded
2020
HQ
Nicosia, Cyprus
Pricing
Percentage per transaction
APMs
Open bankingA single open banking rail across 2,000+ banks. Card payments and payouts via partners. No traditional payment-method count.
Settlement
T+0 - T+1

Our iGaming Score: 4.9/10

Weighted scoring across five criteria

  • iGaming Fit

    Open banking pay-by-bank. Wargaming (video games, not real-money gambling) is the only named gaming client. No licensed casino or sportsbook reference is public. No SoftSwiss or EveryMatrix connectors confirmed

    Weight
    30%
    Score
    6.0
    Rating
    Adequate
  • Geographic Coverage

    28 countries across EU, UK, Canada, Australia and Brazil. 2,000+ banks. No US coverage. Singapore expansion paused after restructuring

    Weight
    22%
    Score
    6.5
    Rating
    Adequate
  • Security & Compliance

    FCA license in wind-down earns no license points, and the wind-down is a standstill on accepting or facilitating any new payment transactions or funds, not merely an onboarding freeze. The EU counterparty, NODA HOLDING LIMITED (HE 428729), describes itself as a software technologies provider and publishes no license at all. What remains: chargeback-free A2A rail, GBG/Sumsub KYC automation

    Weight
    20%
    Score
    5.0
    Rating
    Adequate
  • Fees & Pricing

    Among the lowest in open banking at 0.1-1% on both legs. No setup, no monthly, no rolling reserve. Undercuts Brite at 0.5-1.5%, overlaps Trustly at 0-1% deposits and 0.5-1% withdrawals

    Weight
    16%
    Score
    9.6
    Rating
    Leading
  • Tech & Integration

    REST API with WooCommerce, Magento, OpenCart and PrestaShop plugins. Pay & Go combines payment and KYC in one flow. 1-2 week integration. Corefy connector available

    Weight
    12%
    Score
    7.0
    Rating
    Strong
  • User Trust

    Trustpilot 2.7/5 from 25 live reviews (June 2026). The 4.5/68 July-2024 snapshot was mostly filtered out

    Weight
    context only
    Score
    5.4
    Rating
    Adequate
  • Overall
    Weight
    100%
    Score
    4.9
    Rating
    Weak

We score each provider on 5 weighted criteria using a 1 to 10 scale. iGaming Fit carries the most weight at 30% because that is what matters most for gambling operators. Geographic Coverage gets 22%. Security & Compliance gets 20%. Fees & Pricing gets 16%. Tech & Integration gets 12%. The final score is a weighted average of those 5. Trustpilot is shown for context but carries no weight, since player reviews of casinos are not a read on B2B acquiring quality.

Score Explanation

The headline score is capped at 4.9, and the cap is deliberate: NaudaPay's announced FCA wind-down triggers the model's distressed-provider rule. A license that names its own wind-down earns no Security license points, and the cap keeps a provider in that condition from outranking stable peers on fee math. Fees are still Noda's real strength: 0.1-1% on both legs undercuts Brite and matches Trustly on deposits while beating it on payouts, with no interchange, no scheme fees, no setup, no rolling reserve. On fee math alone Noda would land well above where it stands. The corporate situation is the reason it does not. Security rests on what remains after the withheld license points: the chargeback-free A2A rail and the GBG/Sumsub KYC automation, while the EU passporting entities (Latvia, Lithuania, Cyprus, Malta, Spain) carry operational continuity. Geographic Coverage at 28 countries hits the European core but leaves out the US entirely, where Trustly serves Caesars, Hard Rock and FanDuel. iGaming Fit is mixed: Wargaming is a real reference, Pay & Go solves the Pay N Play use case, but the public iGaming client list is thin. Tech is competitive: Pay & Go with GBG and Sumsub KYC, mobile SDK, plugins for the major e-commerce platforms, 1-2 week integration. User Trust sits on the live 2.7/5 from 25 reviews rather than the 4.5/5 that stood in July 2024, and the leadership departures point at internal turbulence that can surface as slower support. The overall picture: the number now agrees with the warnings above.

Who Is Noda Best For?

The operator profiles that fit, and the ones that do not

Recommended For

  • Cost-sensitive European operators. The lowest published rates in European open banking, and no floor to clear: 0.1-1% undercuts Brite at 0.5-1.5% and beats Trustly on the payout leg, where Trustly quotes 0.5-1% against Noda's single band. No setup fee, no monthly, no rolling reserve. The catch is contracting with a non-UK entity given the NaudaPay wind-down, which adds legal review time without blocking the relationship.
  • Small operators testing open banking. Testing whether open banking actually moves conversion, before committing to Trustly's $300k minimum and 12-month lock-in. Noda publishes no minimum and terms look flexible at the EU entities. The counterparty risk is the other side of that: build conversion around Noda and another turn of the restructuring means migrating providers inside a year.
  • Operators wanting stablecoin payouts. Stablecoin payouts to merchants alongside open banking deposits is the one thing no other A2A specialist here does. The BVNK partnership routes about 90% of Noda's stablecoin settlements, converting EUR to USDT for merchant payout. Trustly and Brite are pure fiat, so for affiliate and creator-economy payees who want crypto, this is the differentiated piece.
  • WooCommerce and Magento casino skins. Running WooCommerce, Magento, OpenCart or PrestaShop, which is common in the adjacent verticals (sportsbook media, casino review portals, affiliate traffic)? Pre-built plugins drop integration to hours. For the casino platforms themselves, SoftSwiss, EveryMatrix and Slotegrator, there are no confirmed connectors, so it is API-only or through Corefy.

Not Recommended For

  • Operators needing stable vendor. Compliance teams that require stable corporate governance will not get past the vendor questionnaire. The NaudaPay wind-down and the October 2025 departure of CEO Igor Loktev, CRO Michael Bystrov and COO Anastasija Tenca generate more red items on Noda than on any competitor covering the same use case. Trustly and Brite clear the same questionnaire cleanly.
  • US-facing operators. Zero US coverage, structurally. Trustly reaches 99%+ of US bank accounts and is the only realistic open banking option at DraftKings tier. Brite is Europe-only too. A roadmap that includes US states or a US-LatAm corridor does not extend in this direction.
  • Enterprise operators. Above $5M a month, the vendor tier stops matching the operator tier. Noda employs 51-200 people after shrinking through the late-2025 departures, and leadership turnover makes account-management continuity uncertain. Nuvei, Paysafe, Worldpay or Adyen are the right size for that book.
  • Operators on SoftSwiss or EveryMatrix. Wanting a payment method that appears in your casino platform with no custom work? Trustly carries pre-built connectors for SoftSwiss, EveryMatrix and Bragg, Brite has SoftSwiss and reaches EveryMatrix through MoneyMatrix. Noda has neither, and no Slotegrator connector exists on any side, so it is direct API or Corefy as an orchestration layer, which adds engineering time and a second contract.

Geographic Coverage

Per-market verdict, regions, and market focus

One provider, two answers. The verdict flips depending on who is asking, and that is the point. The overall score rates the company. This rates the fit for your market.

Offshore operator

Curaçao / Anjouan license, serving grey and restricted markets.

Limited at best, in 20 markets.

Licensed operator

Holds the local license in a regulated market.

Limited at best, in 20 markets.

Market-by-market verdict

No market reaches Solid for an offshore operator; the strongest cells below are Limited.

40 Limited
MarketCasinoSportsbook
GB United Kingdom
Limited38
Limited38
NL Netherlands
Limited38
Limited38
DE Germany
Limited38
Limited38
DK Denmark
Limited38
Limited38
ES Spain
Limited38
Limited38
BR Brazil
Limited38
Limited38
FI Finland
Limited35
Limited35
FR France
Limited35
Limited33
AT Austria
Limited35
Limited33
AU Australia
Limited35
Limited33

The tier is the verdict. The small number orders providers inside a tier, and it is not a provider-level score. Full method on our methodology page.

RegionsEuropeUKNorth AmericaSouth AmericaOceania

Coverage Analysis

28 countries officially supported. The European core (Sweden, Finland, Denmark, Norway, Germany, Netherlands, UK, France, Spain, Italy, Belgium, Austria, Ireland, Poland, Estonia, Latvia, Lithuania) anchors the network. Newer entities added in May 2024 extended coverage to Canada, Australia and Brazil. Singapore was announced as the next expansion before the 2025 restructuring put further expansion on hold. 2,000+ connected banks across 30,000+ branches reaches roughly 100 million bank account holders. No US coverage at all, and Trustly's structural advantage there is not contested. No LATAM beyond Brazil. No Africa, no MENA, no broader APAC. For a European operator the coverage is broad enough, while for a global operator it is one of several regional pieces.

Regional Breakdown

Coverage depth varies by market. The Baltics, Nordics and Benelux have the deepest bank connectivity, reflecting Noda's EU passporting entities in Latvia, Lithuania and Cyprus. Germany, France and Italy launched later and bank connectivity per market is shallower than Trustly's. The UK historically operated through NaudaPay Limited, and with that entity winding down, UK bank connectivity is technically operated through partner relationships rather than direct FCA-licensed Noda infrastructure. Canada, Australia and Brazil were new in May 2024 and are likely thinner than competitors who have been in those markets longer. Verify per-market bank coverage before committing to Noda as a primary in any market outside the EU core.

Key Features for iGaming Operators

Products, payment methods, and verticals

Key Products

  • Open Banking API
  • Pay & Go orchestration
  • Card payments
  • Payouts
  • No-code payment pages

Open Banking API is the foundation: direct A2A payments connecting to 2,000+ banks in 28 countries. Pay & Go is the iGaming-relevant product, combining payment processing with bank-verified KYC in one user flow. Two third-party KYC providers (GBG and Sumsub) validate the bank-shared identity data, removing the manual document upload step. Noda Prime launched June 2025 specifically for content creators receiving donations with lower fees than traditional rails. Noda also offers card processing through partner acquirers, QR code payments launched March 2025 for offline use, payment links and no-code hosted pages, and stablecoin payouts via the BVNK partnership that converts EUR to USDT for merchant settlement.

Payment Methods

Open banking account-to-account transfers are the core product. Players select their bank from a list, authenticate through their bank's app or browser flow, and the payment debits directly. No card numbers, no wallet balances. Strong Customer Authentication delegated to the bank means SCA compliance is handled upstream. Card processing exists as a complementary offering through partner acquirers but is not the differentiator. QR code payments launched March 2025 for offline use cases. Stablecoin payouts to merchants via BVNK convert EUR settlements to USDT. The single-rail focus means you still need card processing through Nuvei or Worldpay and possibly wallets through Paysafe for players who do not bank with a connected institution.

Verticals

iGaming is a stated focus and Wargaming is the public reference client, partnered in February 2023 for instant open banking payments. Pay & Go addresses the Pay N Play use case that Trustly pioneered. Beyond iGaming, Noda serves eCommerce through WooCommerce, Magento, OpenCart and PrestaShop plugins, travel through the Tickets Travel Network partnership, and content creators through Noda Prime for donations.

  • iGaming
  • eCommerce
  • Travel
  • Financial Services
  • Content Creators
MethodsA single open banking rail across 2,000+ banks. Card payments and payouts via partners. No traditional payment-method count.
Open banking
Crypto
NoneMerchant payouts convert EUR settlements into USDT through the BVNK partnership that has run since September 2023.
Currencies
Multi-currency
iGaming integrations
1
  • Deposit ProcessingAvailable

    Open banking payment methods, Instant

  • Withdrawal / PayoutAvailable

    Instant

  • Instant WithdrawalsAvailable

    Instant

  • KYC / AML Built-inAvailable

    Full auto

  • Chargeback ProtectionAvailable

    None (push payment)

  • Multi-CurrencyAvailable

    EUR, GBP, USD, CAD, AUD, BRL, USDT

  • API IntegrationAvailable

    REST API + SDK + hosted page + embedded UI + plugins

  • Crypto SettlementAvailable

    Stablecoin settlement

  • Local Payment MethodsAvailable

    Local rails in 20 markets

  • iGaming SpecializationAvailable

    Pay & Go (payment + KYC), no-code payment pages, BVNK stablecoin settlements

  • Geographic CoverageAvailable

    28 countries across Europe, UK, North America, South America, Oceania

Pricing & Fee Structure

Fee structure and pricing model

Rate Card

Percentage per transaction
Deposit Fee

0.1‑1%

Withdrawal Fee

Custom

Settlement

T+0 - T+1

Methods

Open bankingA single open banking rail across 2,000+ banks. Card payments and payouts via partners. No traditional payment-method count.

Rolling Reserve

None

FX Markup

Included on local-currency settlement

Setup / Monthly

0 / none

Integration Fee

$0

Revenue Share

No

Pricing Details

Marketing materials advertise fees from 0.1% on open banking transactions, ranging up to roughly 1% depending on volume and market. No setup fees, no monthly platform fees, no rolling reserve. The pay-as-you-go model and absence of interchange or card scheme fees is what makes the 0.1% floor possible, since open banking transactions skip card networks entirely. Card processing and FX, if used, are priced separately and not published. Volume-based discounts are available. For a casino processing $300k monthly through Noda open banking, costs run roughly $300-$3,000 per month with no capital locked in reserves. At the low end Noda undercuts Brite at 0.5-1.5% and sits inside the band Trustly quotes at 0-1%, so the real edge is the absence of a minimum rather than a lower floor. The pricing advantage is real, but operators contracting in 2026 should also factor in legal review costs around which Noda entity is the counterparty given the NaudaPay wind-down.

Speed & Settlement

Transaction processing and settlement timelines

Deposit

Instant

Player-initiated
Withdrawal

Instant

Operator payout
Settlement

T+0 - T+1

T+0 - T+1
Currencies

EUR, GBP, plus local currencies across 28 markets. USDT via BVNK partner.

Settlement options
Refunds

Bank‑mediated (irrevocable A2A, refunds processed as separate outbound transfers)

Processing time

Deposits settle instantly via open banking: the player authenticates, the bank pushes funds, and Noda credits the merchant account within seconds. Payouts to player bank accounts are also instant where the destination bank supports faster payments rails. Merchant settlement runs T+0 to T+1 depending on entity and currency, comparable to Brite and faster than Trustly's consistent T+1. Stablecoin payouts via BVNK arrive on-chain within minutes once converted. QR code payments launched March 2025 process at the same speed as standard open banking flows since the underlying rail is identical. Refund processing is mediated by the merchant's bank, since open banking A2A transactions are irrevocable, so the refund is a separate outbound transfer rather than a card-style reversal, typically 1-3 business days depending on bank.

Integration & Tech

Developer experience and technical capabilities

API Type
REST API + SDK + hosted page + embedded UI + plugins
Onboarding
2-4 weeks
Sandbox
YesFull sandbox via Noda Hub. API keys provisioned on signup.
Mobile SDK
YesMobile-first API-driven gateway with mobile SDK support. No-code QR code option for offline payments.
White-Label
NoEmbedded checkout and hosted payment pages. Players see Noda branding when they land on the bank-selection step. WLPay is a separately-branded variant primarily targeting high-risk verticals.
Docs Quality
Good

Integration Time

1-2 weeks

Pre-Built iGaming Integrations

  • Corefy
View API Documentation

Integration Assessment

REST API with documentation hosted on Stoplight at docs.noda.live. Ready-made plugins for WooCommerce, Magento, OpenCart and PrestaShop drop integration to hours for those stacks. BigCommerce listed as coming soon. Mobile SDK available. No-code options include payment links and QR codes for merchants without development resources. Full sandbox accessible via Noda Hub. Pay & Go is a single drop-in flow that combines payment and KYC. For iGaming platforms specifically, Noda appears on no published partner list: not SoftSwiss's, not EveryMatrix's. Noda is available as a connector through Corefy, which is the realistic path for operators who want orchestrated routing alongside other providers. Integration time is 1-2 weeks for direct API and longer through Corefy as an intermediary.

Risk & Compliance

Licensing, fraud prevention, and regulatory compliance

KYC/AML Automation
Available. Full auto
Chargeback Protection
Available. None (push payment)

Licenses and Registrations

  • FCAAuthorised PIcancelledNaudaPay LimitedFRN 832969until 8 Sep 2026

    NaudaPay is in an orderly UK wind-down and is separate from the Noda brand. Its notice, in force Sep 8, 2026, bars any new payment transactions or new funds, including payment initiation.

  • Central Bank of CyprusPayment institutionnot heldNODA HOLDING LIMITEDHE 428729

    The EU contracting entity operates as a software technologies provider. Noda discloses no license number or PSD2 reference and has no working legal pages.

Fraud Prevention
Bank SCA, no card data, ML monitoring
Responsible Gaming
No
Tokenization
YesBank-verified user identity persisted after first Pay & Go authentication for repeat transactions.
Dispute Resolution
Bank-mediated refunds (no central dispute portal)

Compliance Context

FCA Authorised Payment Institution license held by NaudaPay Limited (ref 832969) since October 2019, currently in voluntary wind-down. PSD2 licenses passport across operating entities in Latvia, Lithuania, Cyprus, Malta and Spain. GDPR compliant. Strong Customer Authentication delegated to the player's own bank means no card data is stored or transmitted by Noda. KYC handled by GBG and Sumsub through the Pay & Go flow, with bank-verified identity data pulled directly from the bank during first payment and no manual document upload.

Regulatory Position

Multi-jurisdictional licensing reflects the EU passport strategy: PSD2 authorizations across operating entities in Latvia, Lithuania, Cyprus, Malta and Spain plus Brazil, Australia and Canada local arrangements. The original anchor, NaudaPay Limited's FCA Authorised Payment Institution license (ref 832969, October 2019), is winding down. GDPR compliance and PSD2 SCA standards applied uniformly. For a licensed iGaming operator the question is whether the FCA exit creates regulatory exposure for the new structure.

About Noda: Company Background

Company and product information

Company Name
Noda
Headquarters
Nicosia, Cyprus. Moved from London, Jun 2026
Founded
2020
Employees
51-200
Company Type
Private
Product Type
Open Banking
Licenses
Not published
Key Products
Open Banking API, Pay & Go orchestration, Card payments, Payouts, No-code payment pages
Website
noda.live
Supported Verticals
iGaming, eCommerce, Travel, Financial Services, Content Creators
Integration Type
REST API + SDK + hosted page + embedded UI + plugins
Settlement Speed
T+0 - T+1
Onboarding Speed
2-4 weeks
Named iGaming Clients
Not published

Company History

Noda traces back to NaudaPay Limited, incorporated in the UK in December 2018 by SOL Holdings Limited (Cyprus). The FCA Authorised Payment Institution license was granted October 2019. Lasma Kuhtarska and Igor Loktev launched the Noda consumer-facing brand in February 2020 from within the SDVentures startup incubator. The first live payment processed in October 2020. By April 2021 the open banking product was in beta, and by July 2022 Noda had connected the majority of EU and UK banks. B2C payments launched by October 2022.

Growth through 2023 and 2024 looked strong on paper. February 2023 partnership with Wargaming brought instant open banking payments to World of Tanks and World of Warships players. September 2023 partnership with BVNK enabled stablecoin payouts and within months 90% of Noda's stablecoin settlements moved through BVNK. October 2023 expanded into travel with Tickets Travel Network. February 2024 introduced identity verification and antifraud features. May 2024 established legal entities in Canada, Australia and Brazil, taking the operating footprint to ten entities across nine jurisdictions. October 2024 launched Pay & Go, the orchestration flow that combines registration, KYC and first payment in one user journey. January 2025 introduced AI-powered no-code payment pages. March 2025 launched QR code payments for in-store use.

Late 2025 changed the trajectory. NaudaPay Limited announced an orderly wind-down of its UK operations and stopped onboarding new merchants. The UK entity is being separated from the Noda brand. October 2025 saw the departure of CEO Igor Loktev (co-founder), CRO Michael Bystrov, COO Anastasija Tenca and other senior staff. Lasma Kuhtarska remains as co-founder and Chief Strategy Officer, repositioning Noda under restructured leadership through the EU operating entities. The brand continues to publish marketing, attend ICE Barcelona 2026 with iGaming announcements, and accept payments through non-UK entities, but for any operator running vendor due diligence in mid-2026, the corporate situation is the dominant factor.

What Users Say About Noda

Our analysis of 25 reviews from Trustpilot and industry sources

2.7out of 525 reviews
5 stars312%
1 star936%

Remaining 52% are 2-4 star reviews. Trustpilot does not publish a programmatic breakdown for intermediate ratings, so we report only the verified 5★ and 1★ shares.

Review Analysis

Trustpilot shows 2.7/5 from 25 reviews as of June 2026. A July 2024 snapshot read 4.5/5 from 68 reviews before Trustpilot's filtering removed most of them, a pattern consistent with solicited-review cleanup. Reviewers consistently praise the ease of collecting payments at events, the speed of bank-to-bank transfers, and the absence of card-data friction. Negative reviews cluster around two themes: occasional withdrawal delays, and player confusion when Pay & Go requests personal data for KYC (some users mistook the bank verification step for phishing). Noda's responses on Trustpilot consistently explain that KYC requests are regulatory obligations rather than data harvesting.

Context for Operators

For an operator evaluating vendor stability, the corporate restructuring and the October 2025 leadership exodus matter more than the Trustpilot score, since 25 consumer reviews of event payments say nothing about B2B iGaming reliability.

Client Evidence

Wargaming is the headline iGaming-adjacent reference, partnered February 2023 for instant open banking in their games. Tickets Travel Network is the named travel partner from October 2023. Pats.lv is a Baltic merchant case study. Invoice123 partnered June 2025 for Lithuanian SME invoicing. Beyond these, Noda does not publicly disclose specific licensed iGaming operator clients. The WLPay variant's flagged exposure to Zet Casino and Great Win through bankstransfer.com is the only iGaming-specific operational footprint visible from the outside, and that is exposure rather than partnership.

Operational Details

Business terms, contracts, and support

Dedicated Account Manager
Dedicated account manager
Minimum Monthly Volume
No published minimumOnboarding at the UK entity is restricted during the wind-down.
Contract Lock-In
Not published
Migration Support
No
Min/Max Transaction
Not published
Mass Payouts
Instant · No published limit
Biometric / One-Click
Yes
Reporting
Real‑time dashboard via Noda Hub

Frequently Asked Questions

8 questions about Noda

Our Verdict: Should You Use Noda?

Final assessment for iGaming operators

Weak

Overall iGaming Score

Summary

Noda is a technically competitive open banking provider (0.1-1% fees, Pay & Go for combined payment and KYC, BVNK stablecoin payouts, 28-country coverage) wrapped in a corporate restructuring that operators cannot ignore. The NaudaPay UK entity is winding down, and the October 2025 leadership departures took the CEO, CRO and COO out of the company. For most licensed iGaming operators evaluating European open banking in 2026, Trustly and Brite are the simpler choices.

Strongest Point

Pricing and product differentiation. Open banking fees from 0.1% on both legs sit among the lowest in the European A2A category, under Brite (0.5-1.5%) and under Trustly on payouts (0.5-1%), though Trustly quotes a 0% floor on deposits. Pay & Go meaningfully simplifies the registration-plus-KYC-plus-first-payment flow that operators otherwise have to stitch together. BVNK stablecoin payouts are unique among open banking specialists. If the corporate context were stable, this would be a strong-recommended provider.

Key Limitation

Corporate stability and regulatory uncertainty. The FCA-licensed UK entity is winding down, and the senior leadership team that built the company exited in late 2025. Operator due diligence in 2026 produces more red items on Noda than on competitors offering the same European A2A use case. The product can be good and the vendor situation can still be wrong for a regulated business.

Recommendation

Default to Trustly or Brite as primary European open banking. Consider Noda as a secondary provider for fee leverage in negotiations, for specific stablecoin payout use cases, or for markets where Trustly and Brite have shallower bank coverage. If you do contract with Noda, push for an EU entity (Latvia, Lithuania, Cyprus, Malta or Spain) rather than NaudaPay UK, get the contracting entity named in writing, and run vendor reviews quarterly through 2026 to monitor the restructuring. For US-facing operators Noda is structurally not an option, with no US coverage.

Pros

  • Among the lowest published fees in European open banking: a 0.1% floor on both legs, under Brite's 0.5-1.5% and under Trustly's 0.5-1% on payouts, though Trustly quotes 0% at the bottom of its deposit band. No setup fees, no monthly platform fees, no rolling reserve. For a $300k monthly operator the per-transaction cost difference versus Trustly can be $1,500-$3,000 monthly. Pricing is competitive even after factoring in the legal review overhead of contracting with a non-UK entity.
  • Pay & Go combines registration, KYC and first payment in a single user flow. Built on GBG and Sumsub for identity verification, with bank-shared data eliminating manual document upload. Functionally equivalent to Trustly Pay N Play and Brite Play but on Noda's bank network. Removes the multi-step registration friction that hurts deposit conversion at signup.
  • BVNK stablecoin payouts are unique among open banking specialists. The September 2023 partnership routes EUR-to-USDT conversion for merchant settlements, with 90% of Noda's stablecoin flow moving through BVNK within months. For affiliates, content creators and payees who prefer crypto, this is the only open banking provider that solves both sides: fiat A2A in, stablecoin out.
  • Ready-made plugins for WooCommerce, Magento, OpenCart and PrestaShop drop integration to hours for those stacks. Relevant for casino-adjacent verticals: sportsbook media, casino review portals, affiliate networks running on those platforms. BigCommerce plugin listed as coming soon. No-code payment links and QR codes for operators without developer resources.
  • Multi-jurisdictional EU passport strategy. Operating entities across Latvia, Poland, Lithuania, Malta, Cyprus, Spain plus Brazil, Australia and Canada provide regulatory diversity. With the UK NaudaPay wind-down, the EU entities continue serving merchants without disruption. Contracting with a Latvia or Lithuania entity gives a real PSD2 license with EU/EEA passporting.
  • Open banking irrevocability eliminates chargebacks. A2A payments authenticated through the player's own bank via SCA cannot be reversed through card-style dispute mechanisms. For iGaming operators where chargeback fraud is a meaningful cost line, this is structural rather than a fraud-prevention feature. Refunds happen as outbound transfers initiated by the merchant.

Cons

  • NaudaPay Limited, FCA-licensed since October 2019 and trading as Noda since the 2020 brand launch, announced an orderly wind-down in late 2025 and is being separated from the Noda brand. The UK entity is not onboarding new merchants. For any operator evaluating Noda in 2026 this is the dominant due diligence item: which legal entity you actually contract with, what regulatory protections apply, and whether the EU passport entities can absorb the operational load.
  • October 2025 leadership exodus took out the senior team that built the company. CEO Igor Loktev (co-founder), CRO Michael Bystrov, COO Anastasija Tenca and other senior staff departed in the same window as the wind-down announcement. Lasma Kuhtarska remains as co-founder and Chief Strategy Officer but is repositioning the entire executive team. New hires advertised on LinkedIn suggest UK-based restructuring rather than wholesale shutdown, but account management continuity is uncertain.
  • With the FCA-licensed UK entity in wind-down, Noda contracts on the EU side through an entity that is not a licensed payment firm. The Nicosia-registered counterparty operates as a software technologies provider and is neither a payment institution nor an e-money institution. Noda names no regulator, license number or PSD2 reference for any of its own EU entities.
  • No SoftSwiss, EveryMatrix or Slotegrator pre-built connectors confirmed. Trustly and Brite both have pre-built integrations with all three iGaming platforms, so for operators on those stacks Noda requires direct API engineering or routing through Corefy as an orchestrator. That adds engineering time and an extra contract, eroding part of the fee advantage.
  • Zero US bank coverage. Trustly serves Caesars, Hard Rock and FanDuel through 99%+ US bank coverage. For US-facing operators Noda is structurally not an option, and that is unlikely to change given the corporate restructuring. Singapore expansion announced before the 2025 restructuring is now paused.
  • Limited public iGaming client roster. Wargaming is the headline reference from February 2023, but no major licensed operator references (Bet365, Flutter, Kindred, Entain, Betsson tier) are publicly confirmed. WLPay's exposure to offshore casinos is the only visible iGaming-specific operational footprint, and that exposure is the compliance concern rather than a partnership signal.

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Noda vs. Alternatives: How It Compares

Similar payment processing solutions

Trustly is the default choice for European open banking iGaming: biggest bank network, biggest client roster, US coverage, operationally stable. Brite is the modern challenger with same-day settlement, 4-second payouts, a clean regulatory record and SoftSwiss connectors. TrueLayer and Volt cover similar European A2A territory but with less iGaming focus. For operators specifically seeking stablecoin merchant payouts, BVNK directly is an alternative to going through Noda. For US open banking Trustly is structurally the only realistic option.

When to Choose an Alternative

  • Trustly

    Choose Trustly if you want the proven European open banking incumbent with US coverage, major casino client references, and operational stability. More expensive at the floor but the largest network and longest track record. Pay N Play is the original product Noda's Pay & Go imitates.

  • Brite

    Choose Brite if you want the modern Trustly challenger without Noda's corporate uncertainty. Same-day T+0 settlement, 4-second median payouts, a clean regulatory record, pre-built SoftSwiss and Bragg connectors. Comparable pricing without the wind-down risk.

  • Nuvei

    Choose Nuvei if open banking is one method within a larger 720+ method global payment stack. AI routing across multiple providers, deep iGaming relationships, enterprise-grade SLA. More expensive than dedicated open banking providers but simpler stack management.

  • CoinsPaid

    Choose CoinsPaid if the stablecoin payout use case is what attracted you to Noda. CoinsPaid is a direct crypto payment provider for iGaming with broader coin coverage and a dedicated casino client base. Pair with Trustly or Brite for the fiat open banking side.

  • Finera

    Choose Finera if you want an orchestration layer to combine multiple open banking and card providers including potentially Noda. Routes across Trustly, Brite and others with smart-routing logic. Useful if you want to use Noda for specific markets without making it the primary integration.

Alternatives

Providers operators shortlist alongside Noda

  • Trustly

    Trustly

    Open Banking PSP
    iGaming score 8.4 out of 10
    Deposit Fee
    0‑1%
    Settlement
    T+1
    Methods
    Open banking
    Trustpilot
    2.8/5
    View Profile
  • Brite

    Brite

    Open Banking
    iGaming score 7.1 out of 10
    Deposit Fee
    0.5‑1.5%
    Settlement
    T+0 - T+1
    Methods
    Open banking
    View Profile
  • TrueLayer

    TrueLayer

    Open Banking PSP
    iGaming score 8.6 out of 10
    Deposit Fee
    <1%
    Settlement
    Instant
    Methods
    Open banking
    Trustpilot
    2/5
    View Profile
  • Volt

    Volt

    Open Banking PSP
    iGaming score 8.0 out of 10
    Deposit Fee
    Custom ~1‑2.5%
    Settlement
    T+1
    Methods
    Open banking
    View Profile
  • Finera

    Finera

    Payment Orchestrator
    iGaming score 6.2 out of 10
    Deposit Fee
    0.1‑0.5% routing
    Settlement
    Set by the connected PSP
    Methods
    600+
    View Profile

Related Reading

Operator guides and analysis relevant to evaluating Noda.

End of Report. Noda Provider Assessment Report 2026

Prepared and reviewed by the iGaming Payment Solutions Editorial Team ·

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