From Wallet to Full Onchain Banking in Just Weeks: Wirex x COCA case study
- Wirex Team
- 5 hours ago
- 5 min read
How COCA leveraged Wirex's BaaS infrastructure to launch a non-custodial banking product with IBAN accounts, global card issuing, and crypto-native yields.
Key Results at a Glance
Executive Summary
COCA is a next-generation challenger bank that combines the simplicity of modern digital banking with crypto-native infrastructure. When they needed to scale from basic card services to a full non-custodial banking platform, they turned to Wirex BaaS.
The result: a seamless integration that enabled COCA to launch IBAN accounts, global card issuing, and crypto-native yields. All while maintaining complete user control over funds. Within seven months, COCA grew from 300 monthly active users to tens of thousands, with a clear expansion path into US and Canadian markets.
At a Glance
About COCA
COCA is a next-generation challenger bank that pays you back. It combines the simplicity of modern digital banking with the power of crypto-native infrastructure, enabling users to earn market-leading interest on their balance and receive cashback on everyday spending and popular subscriptions—all within a single, clean, and intuitive app.
Company Overview
Sector | Model | Markets | Architecture |
Digital Banking | Non-Custodial | Europe & Global | Crypto-Native |
What COCA Offers
Mobile-first banking experience with Visa card usable online and in-store worldwide
IBAN accounts with international transfers and card-to-card payments
Market-leading rewards, cashback, and APY on balances
Full user control over funds via non-custodial architecture
Key Differentiator
COCA's hybrid model delivers the usability of fintech banking with the control, efficiency, and rewards of blockchain technology—all without users needing to understand the crypto layer underneath.
COCA wants to eliminate crypto complexity—users should not even know that we have blockchain under the hood.
Target Users: Digitally native consumers, crypto users, remote workers, and global professionals seeking better rewards, transparency, and control over their money.
The Challenge
As COCA scaled, the company needed a non-custodial financial infrastructure that could support full banking functionality (cards, fiat payments, IBAN) while remaining compliant with evolving regulatory requirements. This was essential for enabling long-term growth without the structural limitations typically associated with custodial banking models.
Pain Points with Previous Setup
Card services only—no bank account functionality
Custodial storage limiting user control and market reach
No SLA, causing operational uncertainty
Compliance delays and withdrawal bottlenecks
User concerns around asset control and counterparty risk
Increased regulatory and operational complexity
Key Requirements for a BaaS Partner
Global card issuing and payment rails
Strong crypto-fiat interoperability
Full bank account functionality with IBAN
APY on balance for users
Non-custodial platform architecture
Ease of integration
Strong SLA with 24/7 support
The Solution: Why Wirex
Wirex stood out due to its deep expertise in both crypto and traditional financial services, with a proven track record in card issuing and payments. The platform's ability to natively support both crypto and fiat was critical, it allowed COCA to maintain its non-custodial model while offering seamless real-world financial services.
Three Pillars of Wirex
Compliance was a decisive factor. Wirex provided ready-to-use regulatory coverage, significantly reducing legal and operational complexity. As a non-custodial solution, COCA minimises user data processed and stored to the maximum degree possible.
The Integration: From Concept to Launch
COCA's initial goals when partnering with Wirex were clear: accelerate time-to-market, simplify regulatory operations, and enable global card and payment functionality at scale without the need to build everything themselves.
At COCA we want to focus on building a product—not infrastructure.
Integration Timeline
Partnership Experience
Wirex acted as a true strategic partner, providing hands-on support across technical, compliance, and product layers. The team has been always in contact assisting us and improving the docs and code snippets.
The Impact: Quantifiable Results
Growth Metrics
COCA scaled from 300 MAU (May 2025) to tens of thousands MAU (December 2025) while running card activity on Wirex infrastructure, representing 657% growth in just seven months.
New Capabilities Unlocked
Capability | Description |
IBAN Accounts | Full banking functionality with European IBANs |
Global Card Issuing | Visa cards usable at 40M+ merchants worldwide |
Crypto-Native APY | Yield integrations via Morpho |
FX Services | Multi-currency exchange capabilities |
New Revenue | FX revenue from every card transaction |
Multi-line Monetization | Revenue resharing across APY, FX, card issue, |
Operational Benefits
Product Focus: Wirex effectively pulled COCA's roadmap forward by letting them build "product" instead of "plumbing." Instead of spending quarters on issuing, accounts, payment rails, and operational tooling, they shipped a materially bigger release (non-custodial banking + IBAN + rewards/yield) and focused their team on UX, retention, and growth.
Scale-Ready Architecture: Wirex BaaS standardises the core primitives (accounts, cards, wallets, compliance controls) so COCA can grow from thousands to millions of users without re-architecting. The biggest scaling unlock is moving to a model where users control funds programmatically (non-custodial), while policy, limits, and monitoring remain enforceable, so growth does not translate into linear operational headcount.
Clear Operating Model: Faster escalation, tighter feedback loops, and less downtime when things get complex. Automation by design replaces manual, operator-driven withdrawals with user-controlled wallet flows.
Customer Experience
Today, Wirex already powers the core "everyday spend" layer (global card usage). With Wirex BaaS, COCA's next release upgrades the experience into true self-banking:
Non-custodial control of funds (trust-minimised by design)
IBAN accounts and real banking functionality inside the app
Rewarding balances through crypto-native yield integrations, without the complexity
Global card spending at 40M+ merchants worldwide
Net effect: Less friction, more transparency, and a product that feels like a premium challenger bank—but with materially better economics for users.
User Feedback
Even pre-launch, the response has been unequivocal: users want 'banking that pays you back' without giving up control. After we previewed the Wirex BaaS-powered roadmap in our AMA, the most requested capabilities were exactly what this stack enables—non-custodial banking, IBAN accounts, and meaningful APY on the banking balance.
Most Requested Features (Delivered via Wirex BaaS)
Non-custodial banking IBAN accounts Meaningful APY Global transfers
Executive Perspective
Partnering with Wirex allowed us to build a truly global banking product with full card and account functionality, without compromising on our self-banking vision. Their infrastructure and compliance expertise enabled us to scale faster, reduce operational complexity, and deliver a seamless, trust-minimised and highly rewarding financial experience for our users.
— Vasili Paulau, CEO at COCA
Looking Ahead: Future Roadmap
The partnership between COCA and Wirex is evolving toward deeper integration, new financial products, and broader geographic coverage.
Planned Wirex Features
Geographic Expansion
With Wirex's issuing and account infrastructure, COCA has a credible pathway to extend beyond their initial European focus and prepare for future rollouts, including US & Canada markets—as coverage and regulatory readiness align. Additional regional rollouts and new embedded financial services are also planned, including premium banking tiers.
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About Wirex
Wirex is a global payments platform serving both consumers and businesses, offering card-based payment products alongside card issuance and banking infrastructure for partners. For end users, Wirex provides payment cards and banking features designed for everyday spending. For businesses, Wirex offers Banking-as-a-Service APIs, card issuance, and payment rails that enable digital platforms to launch compliant, globally accepted card programs. Trusted by over 7 million users since 2014, Wirex has processed $20 billion+ in transactions across 130 countries. As a principal Visa and Mastercard member, it makes crypto spendable anywhere, instantly and effortlessly.
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