New fintech programme enables migrants to access digital financial services in Spain from day one, in partnership with Mastercard and Bnext.
TheMSL is delighted to announce the successful launch of the Ikualo programme in Spain, delivered in partnership with Ikualo, Mastercard, and Bnext.
The programme is designed to accelerate financial inclusion for migrant communities across Spain and Europe by enabling fast, secure, and accessible digital financial services from day one.
Ikualo offers a fully digital financial account that can be opened using a passport, allowing users to receive income, make payments, and manage their finances without the traditional barriers often faced by migrants. This initiative addresses a significant gap in access to financial services, where millions of individuals across Europe encounter challenges such as lack of local documentation, credit history, or lengthy onboarding processes.
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Through this partnership:
Ikualo provides the customer-facing proposition focused on migrant communities.
Mastercard provides global payments acceptance infrastructure.
Bnext delivers the regulated e-money framework.
TheMSL provides a white-label issuing processing platform alongside end-to-end compliance-as-a-service capabilities.
As a white-label issuing processor, TheMSL enables fintechs and regulated institutions to launch and scale card and account programmes rapidly without the need to build complex payments infrastructure in-house. Its platform combines real-time transaction processing, multi-wallet capabilities, and embedded regulatory compliance, allowing partners to focus on customer experience while TheMSL manages the underlying complexity.
TheMSL’s technology underpins the Ikualo programme with a fully integrated, cloud-based issuing and compliance stack, enabling rapid deployment, seamless onboarding, and secure, scalable operations across Spain and beyond.
Unlike traditional processors, TheMSL also offers a structured pathway for partners to move from programme launch to greater control of their issuing stack over time, as required, supporting long-term scalability and independence.
This collaboration builds on a shared commitment to financial inclusion, ensuring that individuals relocating to Spain can immediately participate in the digital economy through secure and compliant financial services.
Conor Doyle, CEO of TheMSL, commented:
“We are proud to support the launch of the Ikualo programme in Spain alongside Ikualo, Mastercard and Bnext. At TheMSL, we believe that access to financial services should be universal, and this initiative is a powerful example of how technology can remove long-standing barriers.
Ikualo’s mission to support and include underbanked and migrant communities across Europe is one we deeply admire. By combining their vision with our white-label issuing platform and compliance capabilities, we are enabling a scalable, secure and fully compliant solution that allows individuals to access financial services from day one.”
Driving Financial Inclusion at Scale
Ikualo’s solution transforms the mobile phone into a first branch for migrants, enabling them to open an account and begin transacting within minutes.
With millions of migrants in Europe underserved by traditional financial institutions, the programme represents a significant step forward in delivering inclusive, digital-first financial services tailored to real-world needs.
Harold Correa, CEO of Ikualo, added:
“At Ikualo, our mission is to make financial inclusion simple, secure and accessible for migrant communities from day one. Through this partnership with TheMSL, Mastercard and Bnext, we are building a trusted digital ecosystem that goes beyond basic financial services by integrating multiple solutions into a single super app specifically designed around the real needs of migrants.
Our goal is to provide users with a safe, seamless and empowering experience that helps them fully participate in the digital economy from the moment they arrive.”
The launch also highlights growing demand for fintech products designed around migrant populations in Europe, where millions of residents remain underserved by incumbent banking providers despite increasing digital adoption.
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