LatestDevCode Group rolls out CCDL across the portfolio FundedPayControl backed by Fuel Investment in 2025 IdentityDevCode Identity expands from a Nordic and UK platform to global coverage ShippingAI-orchestrated KYC flows now in production StudioTwo new AI-native ventures in build phase Sveavägen 49, Stockholm LatestDevCode Group rolls out CCDL across the portfolio FundedPayControl backed by Fuel Investment in 2025 IdentityDevCode Identity expands from a Nordic and UK platform to global coverage ShippingAI-orchestrated KYC flows now in production StudioTwo new AI-native ventures in build phase Sveavägen 49, Stockholm
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Section 02 · History

Almost twenty years of building, exiting, and building again.

Nine companies founded, four full lifecycle ventures completed, and a portfolio that keeps compounding. Here is the timeline.

01By the numbers
Years building 0 DevCode Group in its current form, founded 2007.
Ventures founded 0 Companies built or brought in inside the studio.
Full exits 0 Lifecycle ventures sold to new long-term owners.
Value built €0M+ Aggregate company value of ventures founded inside the studio.
02Era I · The founding decade
I2007 – 2013

A consulting house, and the first products inside it.

The current group opens with five Java consultants and a deliberate focus on transaction-heavy systems. Within six years the practice has added .NET, BPM and frontend, a BPM platform of its own in MotionIQ, a lending venture in Nordkap, an umbrella organization for small tech firms in Luminary, and the first working draft of PaymentIQ.

2007

DevCode Professional Services is founded

The current group is established together with five consultants from a previous DevCode venture. Focus: Java and open-source for transaction-intensive systems.

Founded
2008

DevCode BPM and the .NET initiative

Paul, Magnus and Jonas join Pedro to bring Metastorm BPM consulting under the DevCode brand. First licenses sign with Johnson & Johnson and CBG. The first BPM consultant lands at Nasdaq OMX, an engagement still active today. A Microsoft and .NET division launches alongside.

Division
2008

MotionIQ ships to its first customers

DevCode builds its own BPM platform, MotionIQ. First customers include the Swedish Construction Federation, Visita and CBG.

Product
2008

Luminary is founded

Tony Lydén proposes an umbrella organization for small to medium tech firms that want to reach larger clients. Together with four other firms, Luminary is founded.

New venture
2009

Nordkap is founded

A group of partners, including one of the Lendo founders, approaches DevCode about loan procurement for municipalities and large real estate firms. Nordkap AB is established.

New venture
2012

Frontend becomes the third pillar

The shift toward sophisticated web frontends leads to the first dedicated frontend hires. Java, .NET and frontend now stand as three peers inside the consulting practice.

Division
2012

PaymentIQ is born

After years of analysis and internal debate, DevCode builds PaymentIQ, an in-house payment solution for a single client. It will go on to become one of the leading platforms in payment orchestration.

Product
03Era II · Scale and exit
II2014 – 2020

The platform thinking spins out its first companies.

The payment platform becomes a company, then a category. AccountIQ is built inside it. Chambersign Sverige joins through the group’s first acquisition. Nordkap exits to Collector. DevCode Payment exits to Bambora. And the identity-orchestration thesis becomes a venture of its own.

2014

DevCode Payment is incorporated

Following the rapid success of PaymentIQ, DevCode Payment AB is established as a company to own and operate the platform. AccountIQ, the automated reconciliations product, is built inside the same entity.

New venture
2015

Chambersign Sverige is acquired

The group’s first acquisition. Chambersign Sverige, originally founded by the Swedish Chamber of Commerce, joins DevCode. CSign delivers deeper legal signing procedures than the market standard at the time.

Acquisition
2017

Nordkap is divested to Collector

The ownership stake in Nordkap is sold to Collector after eight years inside the group.

Exit
2017

DevCode Payment is sold to Bambora

DevCode Payment AB is sold to Bambora, who takes over ownership of PaymentIQ. The platform remains a recognized name in payment orchestration today.

Exit
2018

DevCode Identity is founded

The integration-platform thinking extends into a new industry. DevCode Identity is established to orchestrate KYC and identity workflows for regulated businesses.

New venture
04Era III · The studio at scale
III2021 – 2026

A second exit, a reacquisition, and a new operating model.

The modern chapter. Ledyer launches into B2B BNPL during the pandemic. AccountIQ comes back inside the group five years after it left. Luminary exits to White Pearl. PayControl is co-founded with Nathan Salisbury and funded by Fuel Investment. And CCDL goes live as the group-wide operating loop, with PayControl as its first venture.

2021

Ledyer is founded

In the middle of the pandemic, Ledyer launches with the ambition of making B2B commerce as intuitive as B2C, combined with native BNPL.

New venture
2024

AccountIQ is reacquired

DevCode Group reacquires AccountIQ, the reconciliations product originally built inside the group and sold with DevCode Payment in 2017.

Reacquisition
2025

Luminary is acquired by White Pearl

The umbrella organization for more than 8 000 Swedish specialist consultants across 80 partner firms is acquired by White Pearl Technologies.

Exit
2025

PayControl is founded and funded

PayControl is co-founded by DevCode Group and Nathan Salisbury, who leads product. Fuel Investment leads the first round, closed in one of SeedLegals’ fastest paces on the platform.

New venture
2026

DevCode Group launches CCDL

The Continuous Co-Development Loop goes live. PayControl is the first venture to operate on CCDL. Customer requests flow into the platform, AI evaluates them, and autonomous agents build, test and deploy. DevCode Identity and AccountIQ join the loop through the rest of the year.

Operating model
05Twenty years, in one view

Each row is a venture. Each bar shows when it was running inside the group. Red bars are active today, gray bars have moved to new owners, and the dark spine at the top is the studio itself. The three subtle bands behind the chart trace the founding decade, the scale-and-exit phase, and the modern era.

Era IEra IIEra IIIFOUNDING DECADESCALE AND EXITSTUDIO AT SCALE2007200920112013201520172019202120232025DevCode Group / ConsultingLuminary2025 · White PearlNordkap2017 · CollectorDevCode Payment2017 · BamboraAccountIQsold, then reacquiredCSign / ChambersignDevCode IdentityLedyer2025 · DivestedPayControlStudio / parentActive ventureExited / divestedExit event
06Where they went

Four DevCode-built ventures have gone to exit, into the hands of operators with global reach.

Payment orchestration DevCode Payment 2012 – 2017 inside DevCode
DevCode PaymentBuilt PaymentIQ, 2012–2017
BamboraOwner of PaymentIQ from 2017
Loan procurement Nordkap 2009 – 2017 inside DevCode
NordkapBuilt 2009, sold 2017
Collector2017 · acquired
Consultancy umbrella Luminary 2008 – 2025 inside DevCode
LuminaryBuilt 2008, sold 2025
White Pearl Technologies2025 · acquired
B2B BNPL Ledyer 2021 – 2025 inside DevCode
LedyerBuilt 2021
Divested2025
A studio is judged on the companies that left, the companies that stayed, and the companies it has not built yet.
From the editor

DevCode Group

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© 2026 DevCode Group AB Edition Nº 18 · Spring