Top 10 e-Money Institutions for High-Risk Business in 2022

Before getting into details and reviewing our top-list, it pays off to understand the core principles of electronic money institutions. First of all, EMI has the freedom to introduce progressive elements in terms of compliance, which opens up additional business opportunities. Second, it is more flexible in dealing with high-risk clients than traditional banks. So, business clients who have been rejected by the bank have a chance of being accepted by EMI. However, such business customers are considered to bear a high risk of compliance and require enhanced due diligence.

In this regard, EMIs conduct a thorough risk assessment of the applicant company. Depending on the legal framework, EMI has its list of prohibited countries and territories, as well as types of commercial activities. The overall risk assessment of a client's business includes its location, business activity, and ownership structure. EMI classifies all commercial activities as low-risk, high-risk, and prohibited. This approach reflects both regulatory requirements and EMI's risk appetite. For example, high-risk activities mostly include the following: gambling, forex, adult, crypto. In the meantime, the same type of activity can be placed under different risk groups when classified in different EMIs. As a case in point, business activities related to virtual (cryptocurrency) currencies may be classified as high risk in one EMI and prohibited in another.

Learn more about EMIs in our article «Banking with Electronic Money Institutions».

Today, Finscanner reviews and sorts electronic money institutions according to their appetite for businesses with high-risk industries and the conditions they provide them. Below, we have listed the EMIs related to these criteria, and you can dive into their profiles at our marketplace to find extra information.

The indicated rating of the overall score characterizes the assessment of the company based on criteria that are not related to the subject of this article. However, its importance should not be underestimated. The score consists of a combination of the following components: TrustPilot score, general pricing of the services, social media presence, the popularity of the service, onboarding difficulty, and support quality.

1. Guru Pay

Guru Pay is a highly transparent broad market e-money institution authorized by the Bank of Lithuania (authorization number LB001929). The institution carries out financial services activities i.e. issuance of e-money, payment execution (domestic and cross-border), the opening of IBAN accounts, SEPA payments, etc.

All client funds are stored in the Central Bank of Lithuania and the institution itself is regulating its activities in accordance with the laws of the European Union and the legal acts of the Central Bank of Lithuania.

Pros:

• C2B accounts
• Offshore companies accepted
• Crypto-friendly accounts
• API integration
• Fast onboarding procedure
• Debit cards, personal accounts

Cons:

• No dedicated SWIFT IBAN
• EUR account only

• Currency: EUR
• Business focus: unique IBAN accounts, customized payment solutions, SEPA payments.
• Customer groups: EEA residents, non-EEA residents, premium customers.
• Authorized activities: issuance of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions.
• Operations with cryptocurrencies: No
• High-risk client category: EEA based/Non-EEA and the business activity is related to: Media, Affiliates, Online Advertising, Forex, Activities involving gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, lottery, games of skill and sweepstakes (Only regulated), PSP, Financial services, Money transfer services, Insurance, provision Notary practice, Real Estate, Well known dating sites.

Pricing plan for high-risk business (EEA based/Non-EEA):

• Initial Fee: 1250 EUR/2500 EUR
• Monthly Fee: 250 EUR/300 EUR
• Closing Fee: 150 EUR
• SEPA Outgoing: 0.25%/0.5%
• SEPA Incoming: 0.1%/0.5%
• SWIFT Outgoing: 0.1%/0.5%
• SWIFT Incoming: 0.1%/0.5%

2. UAB SatchelPay

SatchelPay is a highly transparent broad market e-money institution authorized by the Bank of Lithuania (authorization number LB000448). The institution provides a wide range of services, from EU IBAN issuance and payment cards to SEPA and SWIFT payments processing.

Pros:

• C2B accounts
• Competitive transaction fees
• Debit cards, API integration
• White label solutions
• Multiple currencies available

Cons:

• Offshore high-risk merchants not allowed
• High fees for FX operations

• Currency: 38 currencies
• Business focus: facilitating global payment transactions.
• Customer groups: EU residents, non-EU residents.
• Authorized activities: issuance of electronic money, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions.
• Crypto-Related Activities: Yes
• High-risk client category: SatchelPay allows legal high-risk and crypto-related businesses to open accounts. It also supports general transfers to and from crypto platforms.

Pricing plan (EU/Non-EU):

• Initial Fee: 375.00 EUR/1075.00 EUR
• Monthly Fee: 35.00 EUR/50.00 EUR
• Closing Fee: 100.00 EUR/250.00 EUR
• SEPA Outgoing: 3.00 EUR/5.00 EUR
• SEPA Incoming: Free
• SWIFT Outgoing: 0.5%
• SWIFT Incoming: 0.2%

3. Bankera

Bankera is a highly transparent broad market e-money institution authorized by the Central Bank of Lithuania (Licence No. 17). The institution provides personal and business accounts with IBAN, physical debit bards, virtual debit bards, merchant accounts, SEPA transfers, SEPA instant transfers, SWIFT transfers, white-label banking solutions, white-label card issuing, API integration to individuals and businesses.

Pros:

• Crypto friendly accounts

Cons:

• Setup fee to be paid upfront (no guarantees)

• Currency: 20+ currencies
• Business focus: bank account alternative for individuals and businesses.
• Customer groups: EEA residents, non-EEA residents.
• Authorized activities: issuance of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions.
• Crypto-Related Activities: Yes
• High-risk client category: the business activity is related but not limited to: cryptocurrency, gaming, forex, PSP, CBD.

Pricing plan for high-risk business activity:

• Application Fee: 450.00 EUR - 900.00 EUR
• Monthly Fee: 50.00 EUR - 200.00 EUR
• Closing Fee: 200.00 EUR
• SEPA Outgoing: 2.00 EUR
• SEPA Incoming: Free
• SWIFT Outgoing: 7.00 EUR
• SWIFT Incoming: 18.00 EUR
• FX Markup Rates: 0.65%

4. DynaPay Ltd

DynaPay Ltd is a highly transparent broad market e-money institution authorized by the UK Financial Conduct Authority (reference number 900840). The institution offers Payment Accounts (Virtual IBANs), Payment Acceptance Services, and an open API that allows customers to incorporate payment capabilities into their existing business infrastructure. and treasury operations, cross-border payments, and FX risk management.

Pros:

• Low transaction fees
• Fast onboarding process
• Excellent customer support
• Multiple currencies

Cons:

• No debit cards
• No offshore entities accepted
• No C2B accounts

Learn more about DynaPay in our review.

• Currency: 35+ currencies
• Business focus: banking services, payments processing solutions.
• Customer groups: EEA & UK, non-EEA based, high risk, gambling & FX companies.
• Authorized activities: issuance of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment, transactions on a payment account (not covered by a credit line), execution of payment transactions on a payment account (using a credit line), issuing payment instruments or acquiring payment transactions, money remittance, execution of payment transactions via telecoms, IT system or network operator.
• Operations with cryptocurrencies: No
• High-risk client category: DynaPay has strict policies regarding the common practice of prohibiting payments linked to illegal activities. At the same time, it can deal with legal and EU-licensed gambling, FX, or other activities.

Pricing plan (High Risk/Gambling & FX Companies):

• Initial Fee: 1000.00 EUR/1500.00 EUR
• Monthly Fee: 150.00 EUR/200.00 EUR
• Closing Fee: 200.00 EUR/500.00 EUR
• SEPA Outgoing: 15.00 EUR
• SEPA Incoming: 5.00 EUR/15.00 EUR
• SWIFT Outgoing: 25.00 EUR/35.00 EUR
• SWIFT Incoming: 15.00 EUR
• Faster Payments Transfer Fee: 5.00 GBP

5. Payswix (ex GlobalNetint UAB)

Payswix (ex GlobalNetint UAB) is a broad market e-money institution authorized by the Bank of Lithuania (authorization number LB000434). The institution provides virtual personal and business IBAN accounts in multiple currencies, SEPA transfers, SWIFT transfers, debit cards, credit card processing, white-label solutions to individuals and businesses.

Pros:

• SWIFT/SEPA IBAN
• Low fees for transactions
• C2B accounts
• Crypto-friendly accounts
• Prepaid cards

Cons:

• Offshore high-risk merchants not allowed
• Long onboarding procedure
• No API
• No dedicated SWIFT IBAN

• Currency: 70+ currencies
• Business focus: providing banking solutions.
• Customer groups: EU residents, non-EU residents, crypto-friendly.
• Authorized activities: issuance of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions money remittance.
• Crypto-Related Activities: Yes
• High-risk client category: the business activity is related but not limited to: Forex, Gambling, Casino games, Lottery, Crypto-related, PSP, Financial services, Money transfer services, Insurance, Real Estate, Well known dating sites, Adult services.

Pricing plan for high-risk business activity:

• Initial Fee: 499.00 EUR
• Monthly Fee: 99.00 EUR
• SEPA Outgoing: 3.00 EUR
• SEPA Incoming: 0.2% + 3.00 EUR
• SWIFT Outgoing: 0.2% + 30.00 EUR
• SWIFT Incoming: 0.45% + 15.00 EUR
• CHAPS Transfer Fee: 15.00 GBP
• Faster Payments Transfer Fee: 5.00 GBP
• FX Markup Rates: 1.00% - 2.00%

6. Clear Junction Ltd

Clear Junction is a broad market e-money institution authorized by the Financial Conduct Authority (reference number 900684). The institution provides current, client money, collection, omnibus and correspondent accounts, international payouts, IBAN allocation, SEPA/SWIFT payments to natural persons, corporate customers, financial institutions.

Pros:

• SEPA/SWIFT/CHAPS/BACS/Faster Payments IBANs
• C2B accounts

Cons:

• No transparent pricing available
• Offshore high-risk merchants not allowed

• Currency: EUR, GBP
• Business focus: providing payment infrastructure services.
• Customer groups: EU residents, non-EU residents.
• Authorized activities: issuance of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), execution of payment transactions on a payment account (using a credit line), issuing payment instruments or acquiring payment transactions, money remittance, execution of payment transactions via telecoms, IT system or network operator.
• Crypto-Related Activities: Yes
• High-risk client category: Clear Junction has strict policies regarding the common practice of prohibiting payments linked to illegal activities. At the same time, it does not give up on dealing with high-risk businesses. However, Clear Junction makes it clear that its client must notify the company about the fact he is directly or indirectly dealing with high-risk activities such as, but not limited to: privacy coins, lottery, gambling, multi-level marketing.

7. Valyuz UAB

Valyuz is a broad market e-money institution authorized by the Bank of Lithuania (authorization number LB000454). The institution provides fast and secure payments and payment accounts for corporate clients and natural persons related to corporate clients.

Pros:

• Flexible fees
• Debit cards
• Multiple currencies
• Personal accounts

Cons:

• Offshore entities only partially accepted
• No C2B accounts
• No dedicated SWIFT IBAN

• Currency: EUR, USD, GBP
• Business focus: providing alternatives to traditional banking.
• Customer groups: all countries.
• Authorized activities: issuance of electronic money, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions.
• Operations with cryptocurrencies: No
• High-risk client category: Tourism and travel organization, Airline and Taxi operators, Trade in transport vehicles, Trade in real estate, Human health services, Regulated forex trading, financial advisory, investment services, File sharing services, Cannabis, and medical marijuana located in the jurisdictions where such activity is permitted by law, CBD, Online gaming, Affiliate/Internet marketing.

Pricing plan for high-risk business activity:

• Initial Fee: 500.00 EUR - 1200.00 EUR
• Monthly Fee: 50.00 EUR - 100.00 EUR
• SEPA Outgoing: 10.00 EUR - 25.00 EUR
• SEPA Incoming: 10.00 EUR - 25.00 EUR
• SWIFT Outgoing: 25.00 EUR - 30.00 EUR
• SWIFT Incoming: 25.00 EUR - 75.00 EUR

8. Safe Payments Solutions s.r.o. (KoalaPays)

KoalaPays is a highly transparent e-money institution authorized by the Czech National Bank (registration number 06419526). The institution provides business all-in-one multi-currency accounts, physical and virtual cards, cross-border payments, dedicated bank accounts, and exchange services with advanced trading tools.

Pros:

• Crypto-friendly accounts (BTC/ETH)
• SEPA/SWIFT IBANs
• Debit cards
• Paypal functionality
• API integration

Cons:

• No C2B accounts
• Long onboarding procedure
• No dedicated SWIFT IBAN
• High transaction fees

• Currency: 20+ currencies
• Business focus: local and international money transfers.
• Customer groups: EU, offshore, high-risk
• Authorized activities: issuance of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions, money remittance.
• Crypto-Related Activities: Yes
• High-risk client category: KoalaPays has strict policies regarding the common practice of prohibiting payments linked to illegal activities. At the same time, it can deal with legal and EU-licensed gambling, crypto, or other activities.

Pricing plan (Offshore/Gambling):

• Initial Fee: 250 EUR
• Monthly Fee: 150 EUR
• SEPA Outgoing: 40 EUR, +1% (express)
• SEPA Incoming: 1.5% + 10 EUR
• SWIFT Outgoing: 40 EUR, +1% (express)/ NOT available
• SWIFT Incoming: 2% + 10 EUR/ NOT available

9. UAB IBS

IBS is a highly transparent broad market e-money institution authorized by the Bank of Lithuania (authorization number LB000404). The institution provides virtual personal and business IBAN accounts, merchant accounts with IBAN, SEPA transfers, SWIFT transfers, international payments, currency exchange, customer payments processing, Alipay, WeChat Pay, and UnionPay international acquiring solutions to individuals and businesses.

Pros:

• Low transaction fees
• Open for cooperation with MSBs and PSPs
• Personal accounts

Cons:

• No C2B accounts
• No offshore jurisdictions
• Long onboarding procedure

• Currency: EUR, USD, GBP, CNY, HKD
• Business focus: digital banking services between Europe and China.
• Customer groups: EU residents, non-EU residents.
• Authorized activities: issuance of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions, money remittance.
• Crypto-Related Activities: Yes
• High-risk client category: the business activity is related but not limited to: PSP, Money Service Business Operator, high-value dealers, independent legal professionals, lotteries, gaming, notary services, online gambling, pharmaceutical, public procurement, real estate investment, tax advisors.

Pricing plan for high-risk business activity:

• Application Fee: 500.00 EUR
• Monthly Fee: 200.00 EUR
• Closing Fee: Free
• SEPA Outgoing: 0.2%
• SEPA Incoming: 0.1%
• SWIFT Outgoing: 0.2%
• SWIFT Incoming: 0.1%
• FX Markup Rates: 0.65%

10. UAB NexPay

NexPay is a highly transparent broad market e-money institution authorized by the Bank of Lithuania (authorization number LB000428). The institution provides the digital assets industry the ability to seamlessly transition between fiat and digital currencies, as well as providing a number of payments and accounts products.

Pros:

• Low transaction fees,
• API integration
• Crypto-friendly accounts

Cons:

• Long onboarding procedure
• Poor customer support service
• No debit cards
• Offshore entities are not accepted
• No C2B operations

• Currency: EUR, cryptocurrencies
• Business focus: providing IBAN accounts and crypto exchange.
• Customer groups: EEA and UK low-risk, all countries.
• Authorized activities: issuance of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions.
• Operations with cryptocurrencies: Yes
• High-risk client category: Since NexPay deals with cryptocurrencies, all crypto-related projects automatically fall under the list of a high-risk category. The platform warns its clients on investment scams and gives recommendations in their investment opportunity checklist.

Pricing plan (EEA and UK low-risk/all countries basic/all countries premium):

• Initial Fee: 100.00 EUR/1000.00 EUR/Free
• Monthly Fee: Free/Free/1000.00 EUR
• SEPA Outgoing: 0.05%/0.10 % + 1.00 EUR/Free
• SEPA Incoming: 0.05%/0.10 % + 1.00 EUR/Free

You can find more electronic money institutions at the Finscanner marketplace to open your first business account and explore all the benefits of the financial world!

Feel free to contact us directly today to get a consultation!