Vault

Vault.ist is a white-label Digital Banking-as-a-Service (DigiBaaS) platform headquartered in Dubai under the registered entity VAULT IST DMCC. Founded in 2017, the company gives businesses the infrastructure to launch their own branded banking and cryptocurrency product lines without building compliance, custody, or card-issuance capabilities from scratch. The platform currently serves more than one million end users across 200 countries, according to the company.

Origins and Founding Team

Vault launched in 2017 with a focus on bridging traditional banking and digital assets. In 2018 the company released what it describes as the world's first crypto-backed payment card, establishing the template for the integrated banking-plus-crypto stack it continues to offer.

Co-founder and Chairman Austin Kimm previously co-founded Crypterium, the company behind an early crypto payment card product, and has a background running financial services businesses with over $1 billion in annual revenue. Chief Commercial Officer Andrey Diyakonov joined from Choise.com, where he grew the platform to more than one million users, and previously served as sales director at LATOKEN. The company operates under a Software House license from the DMCC (Dubai Multi Commodities Centre), which also hosts one of the region's more active crypto and blockchain regulatory frameworks.

Core Product: DigiBaaS

Vault's primary offering is its DigiBaaS platform, designed so a client company can white-label the full product under its own brand and deliver it to end customers without the client needing its own financial licenses or banking partnerships.

The platform covers five main product areas:

Bank accounts. Clients can offer their users individually segregated IBAN accounts denominated in 40-plus fiat currencies, with coverage across more than 200 countries. Vault handles the underlying correspondent banking relationships; client funds are held in segregated accounts at DBS and HSBC.

Payment cards. Both virtual and physical cards are available, issued in USD and EUR, with Apple Pay and Google Pay integration. Cards connect directly to the client's branded wallet, enabling users to spend crypto or fiat balances at point-of-sale without a manual conversion step.

Crypto wallets. End users receive multi-currency wallets supporting 30 cryptocurrencies, according to Vault's documentation. All digital assets are held in cold storage. Clients can also offer token solutions for their own native tokens, integrating those into the broader wallet and card infrastructure.

Fiat-to-crypto and crypto-to-fiat conversion. The platform includes built-in onramp and offramp flows branded as "Purchase Crypto" and "Liquidate Crypto." Users can fund wallets with fiat via standard payment methods and convert holdings back to bank-withdrawable fiat without leaving the client's app.

Mobile and web delivery. Vault delivers functional client apps for iOS and Android as part of its standard package, in addition to a web platform and API integration paths for clients who want to embed individual components into existing products.

Speed, Cost, and Business Model

Vault's pitch to prospective clients centers on speed and cost relative to building equivalent infrastructure internally. The company claims its model is approximately 20 times cheaper and 30 times faster than independent development, with an end-to-end deployment timeline of 10 to 14 days for standard implementations. Clients that need custom work can expect five to six weeks.

Pricing runs from $60,000 to $150,000 for onboarding depending on scope, plus $10,000 per month in maintenance fees. That monthly fee covers licensing support, KYC and AML tooling, compliance operations, and 24/7 customer support under the client's brand. Vault targets cash-flow positivity for clients within one to three months of launch.

The business model is B2B2C: Vault operates the infrastructure, clients acquire and serve end users under their own brand, and clients set their own pricing on top of Vault's base services. Vault reports that only 25% of its clients are crypto-native companies — the remaining 75% are businesses in other verticals adding banking and crypto capabilities to existing products.

Scale and Growth Targets

Vault closed 40 contracts valued at approximately $18.5 million in its first year of commercial operation, according to statements reported by the FinTech Alliance. The company set revenue targets of $60 million for 2024 and $180 million for 2025, citing the $50 billion addressable market for digital crypto banking services. The company plans to expand through a marketplace model connecting client businesses to additional regulated financial service providers, and through regional sales representatives in North America, Europe, and Asia.

Notable client brands listed on the Vault website include Morizon, Simple, Wafee, and Bridgecard.

Compliance and Security

Vault coordinates KYC, AML, and compliance operations on behalf of its white-label clients, with processes managed under its DMCC Software House license. Client fiat holdings are held at segregated accounts in major correspondent banks; client crypto holdings are kept in cold storage. The company emphasizes that each end user's funds are individually segregated — not pooled — which is positioned as a key trust feature for regulated deployment.

Developer and API Access

Vault provides a developer hub at api.vault.ist that covers wallet, cards, exchange, and account operations. The API documentation references a "Get Blockchain List" endpoint that returns available blockchain networks with names, slugs, and explorer URLs, and a "Tokens Info" endpoint for cryptocurrency and token metadata. This suggests the platform's chain and asset support is configurable and enumerable via API, though the specific blockchain networks in production are not listed in public-facing documentation.