Croatian Payment App Landscape

Kekspay vs Aircash — Two Croatian fintechs, two completely different playbooks
Data from Croatian Company Registry (FINA) via Info.BIZ & public sources · April 2026
Data note: Aircash financials are from FINA public filings (Aircash d.o.o., OIB 99833713101). Kekspay operated under Erste Bank until March 2025 — standalone financials not yet publicly available. User counts from company announcements. Employee figures marked with * are FINA-derived estimates.
Aircash Revenue 2024
€52.1M
+46.5% YoY · FINA verified
Aircash Net Profit 2024
€11.6M
+21.8% YoY · 22% net margin
Kekspay Users
500K+
75% non-Erste bank customers
Kekspay Local Coverage
58 cities
100+ bill issuers · all 3 telecoms

Aircash Revenue Growth

FINA filings · EUR millions

Aircash Revenue vs Net Profit

FINA filings · EUR millions

Aircash Headcount

FINA filings (based on working hours) · * = estimated

User Base — Croatia

Company-reported figures · 2025

Head-to-Head Comparison

DimensionAircashKekspay
Founded2015 · Independent startup2017 · Inside Erste → spun off March 2025
Revenue (2024)€52.1M (FINA)Not yet separate (part of Erste until 2025)
Net Profit (2024)€11.6M · AA+ credit ratingNot yet separate
Users1M+500K+ (75% non-Erste customers)
Employees86 (FINA 2024)Not disclosed
Backed bySelf-funded through revenueErste Group (100% owned)
RegulatoryFull EMI license · HNB regulatedUnder Erste license (transitioning)
Geographic Reach15+ EU countriesCroatia + expanding to 3 Balkan markets
Card IssuingMastercard principal memberPrepaid debit card
Bill PaymentsBarcode scanning100+ issuers · deepest Croatian integration
Parking70+ Croatian cities58 Croatian cities · no additional fees
Telecom IntegrationAll operators (HT, A1, bonbon, Telemach, Tomato)All 3 operators (A1, HT, Telemach)
RecognitionFT 13th fastest-growing in Europe4.85★ (36K reviews) · Top 10 finance app

Aircash — Go Wide

"Build the European super-app"
  • 15+ EU countries already live
  • Mastercard principal issuer
  • iGaming, fuel stations, money transfers
  • Shell, OMV, BP integrations in Germany
  • Self-funded growth, 22% net margin
  • Doubling revenue every ~18 months

Kekspay — Go Deep

"Own every transaction in Croatia"
  • Every Croatian telecom integrated
  • 100+ bill issuers · 58 city parking systems
  • Highway tolls (ENC)
  • 75% of users bank outside Erste
  • Just spun off as independent company (March 2025)
  • Expanding to N. Macedonia, Montenegro, BiH

Balkan Expansion — Where They'll Collide

CroatiaBOTH
SloveniaAIRCASH
Bosnia & Herzegovina
AIRCASH KEKS
N. MacedoniaKEKS
MontenegroKEKS
ItalyAIRCASH
RomaniaAIRCASH
GermanyAIRCASH
AustriaAIRCASH
SpainAIRCASH
GreeceAIRCASH
CyprusAIRCASH