A neobank is a type of financial service organization that exists exclusively online; it does not have offices, branches, or representative offices. It is a regular bank, but it does not work with clients offline and, as a rule, does not give loans to them. The interaction with the neobank is performed only through the Internet: on the official website, in the application on a smartphone, or by correspondence with an online operator or by calling support.
Large-scale services in this format began to appear around 2015. Every year, neobanking occupies an increasing share of the financial services market in Europe-as of 2023, it is about 20% of the market of all financial services related to money transfers. Neobanks’ major share in relation to traditional banks currently constitutes 47% in Denmark, 31% in Germany, and 26% in Italy.
While in 2021 the estimate was for more than 51 billion euros, in 2022 it went up to 73 billion euros. According to expert estimations, until 2030, when the financial services market will reach a value of €2.2 trillion, more than 50% annual growth is expected.
In this paper, the lawyers of Regulated United Europe would like to indicate some of the advantages neobanks could bring to a consumer compared to traditional banks and give a review of the top-ten neobank in Europe.
Distinctive features of neobanks from traditional banks
Most neobanks use remote identification. The huge majority of non-Europeans do remote identification differently: the most common way is to download a photo document and a video selfie. Less popular is the BankID identification system – a transfer by IBAN from your account in another bank and a video call with the representative of the bank. Neobanks are less demanding for additional customer documents and request them when needed or when payment limits are increased.
| Feature | Description |
|---|---|
| Paid rate for advanced features | Neobanks, such as Bunq, monetize individual app features, offering joint accounts, budgeting, savings accounts, and analytics as paid services. They also integrate third-party products, like investment accounts, charging for access. |
| Neobanks improve credit history | Neobanks attract customers with bad credit histories by offering savings or installment accounts. These accounts, which require monthly payments, help users improve their credit scores over time. |
| Gameplay motivates more spending | Bunq uses gamification by planting trees when customers spend €100. Users can compete or collaborate for trophies, keeping them engaged and using more products and services. |
| Winning increases customer activity | Fintonic encourages frequent transactions and app logins by offering lotteries. For every purchase over €1, customers earn chances to spin a “wheel of luck” and win prizes, such as up to €1,000. |
| Learning with complex financial instruments | Neobanks reward users for learning about investments through videos and quizzes. This step-by-step approach reduces barriers to complex financial instruments and fosters future use of more profitable products. |
| Step-by-step design retains interest | Neobanks guide users through repetitive questions to recommend the best financial package. Customers are also tested for regulatory compliance and can retake tests in case of failure. |
| User-friendly interfaces and modern communications | Neobanks often offer more modern, user-friendly interfaces with animated icons, simple language, and informal communication. This contrasts with the outdated, complex interfaces of traditional banks. |
Major centres of advanced financial technology in Europe
There are a number of hubs of fintech in Europe. Indeed, the top European countries by the number of neobank users include the UK, Germany, France, Italy, and Spain. However, considering the number of EMI operating in the region, it is slightly different: Great Britain, Lithuania, Malta, Ireland, and France – in that order – are the top five. The UK and Lithuania together account for almost 65% of Europe’s market share.
While London is undoubtedly leading on the European continent, Vilnius leads unofficially the EU in accordance with the total number of neobanks. The mentioned above trend speaks of a slight release of geographical boundaries in the fintech industry: modern business clients are less and less tied to their country of residence and are ready to use financial service providers from other countries. As most apps today, not to mention personal account and support services, use English as their primary language, neobank clients do not have this problem anymore.
Among the corporate financial services, there is an increasing trend to choose banking providers based on convenience and cost of use. Particularly, Lithuania offers a number of EMI, which provide very competitive services with a full range of financial offers at much more favorable rates compared to the rates offered by traditional banks. This very trend has signaled the increased importance of the introduction of fintech solutions that exceed the geographical barrier of convenience and cost.
Other banks, with over 1 million customers, are headquartered in the UK (Revolut, Monzo, Curve, Starling Bank, Monese, Tesco Bank); Italy (Hype, Fineco, ING, Nexi Pay, Inbank, Mooney); Germany (N26, Comdirect, DKB, ING, Vivid); France (Lydia, Nickel, Boursorama, Bankin); Spain (Imagin, Openbank, Fintonic); Netherlands (Bunq); Belgium (Wise); Ireland (Payoneer); Romania (NeoBT). As the study has shown, neobanks integrate into their applications such payment services as cheap cross-border payments and transfers with lucrative currency conversion.
Some special features of services by non-Europeans are provided below:
- British Revolut lets you issue virtual one-time cards to make payments online securely; donates cryptocurrency for cryptocurrency courses;
- British Starling offers to transfer money by geolocation, similar to AirDrop working through bluetooth.
- Dutch Bunq allows combining application clients into groups and doing operations, for example, collecting money or split an account.
- German N26 cooperates with customers even with bad credit history.
- Spanish Fintonic allows you to tie a card to a third-party bank.
- Lithuanian Paysera allows cash withdrawals in stores by generating a bar code as well as buying tickets and investing in precious metals inside the app.
The lawyers of Regulated United Europe can help you get EMI/PSP license in Europe or a banking license in Europe to close such projects like the following companies mentioned below.
10 most popular neobanks
Below is the list of popular neobanks, considering a number of customers in 2023.
Number of customers: 25 500 000
Country of Incorporation: UK, Lithuania
The London-based neo-bank Revolut, being the largest neobank in Europe, was founded in 2015. More than 25 million customers worldwide are provided with private and corporate account openings with IBAN numbers, debit cards, currency exchange, and investment products.
It was among the first online account-opening services. In general, the practice of using virtual maps is widely used.
Advantages of Revolut:
- maximum user friendliness of the interface;
- MasterCard virtual and physical cards. The virtual card of the European bank is suitable for those who pay only online or who do not need plastic – it is tied to Apple Pay and Google Pay. Low commissions for online purchases;
- more functional personal account than in the vast majority of classic banks’ applications;
- high rating for customer reviews;
- investment opportunity. The built-in trading application of the Revolut ecosystem allows you to buy shares from the New York Stock Exchange;
- cryptocurrency trading. You can buy 30 coins, including Bitcoin, Litecoin, Ethereum, Dash, and so on;
- accounts for children. You can open an account for your child and monitor his or her payments or put a spending limit for a day or a month.
Number of clients: 16,000,000
Country of Incorporation: Belgium
Kristo Käermann and Taavet Hinrikus founded TransferWise in 2011. The company has its headquarters in London and offices in Tallinn and New York.
TransferWise received funding from prominent investors such as Andrissen Horowitz, Index Ventures, and Richard Branson. In the first round, they raised $1.3 million from IA ventures.
You can receive, send, and spend money in Wise with over 50 different currencies. The money will be converted at the real exchange rate, saving you from any hidden charges for overvalued exchange rates. International payments are up to 14 times cheaper than PayPal; you can receive money in USD, EUR, GBP, NZD, AUD, and SGD for free with the details of your own local account. That is the mission of Wise: to make money movement around the world cheap, transparent, convenient, and legal.
If you average the ratings of users for the service and convenience of the Internet bank Wise, the rating of this financial and technological company will be the highest. The customers note such advantages as:
- low service fees, one-time fee for transfer;
- more than 50 different currencies in one account, with the possibility to convert them at the average market exchange rate;
- you can make remittances to 80 countries all over the world;
- the possibility of receiving international payments from the United Kingdom, Eurozone, USA, Australia, New Zealand, and Singapore without fees, using the details of their local bank account;
- usability, transparency of tariffs;
- available debit business cards, so you can pay anywhere at the average market exchange rate;
- the minimum information for payment – to transfer money abroad to an individual, you do not need to know his account number;
- global customer service: phone, email, and live chat.
Wise is ideal for business owners that create borderless businesses.
Number of clients: 8,000,000
Country of Incorporation: Germany
The N26 is a new generation of virtual financial services for individuals that are offered through a smartphone app. You can also log in to the online site using the same login data as in the app. Please note that you will receive a two-factor authentication notification on your phone prior to being able to log in online. Within a few days following the opening of your account, you will be mailed a real card—a Mastercard card linked to it, and it will be mailed to your residence.
Pros:
- Low-price maintenance of the debit card, almost free for current use
- No hidden fees for making financial services within the app
- User-friendly mobile application with a lot of additional non-standard features
- Real affiliates in the EU
- An opportunity to easily perform international transactions
- Instant transfers between most accounts within the EU
- Online purchases are protected by two-factor authentication
- Integration with Wise for international money transfers
- Accounts N26 You and N26 Metal provide clients with medical travel insurance
- N26 provides 100,000-euro protection against possible bank bankruptcy, which corresponds to other EU banks
Cons:
- Commission of 1.70% for cash withdrawals in ATMs abroad
- Impossibility to open corporate accounts
Number of customers: 7,000,000
Country of Incorporation: UK
Monzo is a neobank from the UK. The list of its products includes personal accounts, accounts for teenagers, business accounts, including debit cards with all operations managed by iPhone or Android applications.
Monzo was among the very first mobile banks in the market according to the order of a smartphone app. It was launched back in 2015 with only one product—a MasterCard bank card, which one can replenish through its application and use for free international transfers.
For now, Monzo has included in its app the payment service Wise, allowing you to send money to clients in 34 countries at the exchange rate, which is calculated online.
This neobank is licensed with a PRA and FCA in the UK, and deposits are insured through the FDIC. Accounts of users are fully covered when using separate user accounts, along with HTTPS and 3-D Secure card.
Pros of Monzo:
- Monzo is a very convenient, easy-to-use application with plenty of features for saving, managing, and spending money.
- Monzo is registered with the Financial Conduct Authority (FCA), meaning that deposits are fully protected, among other security features.
- You could get interest on your savings to slowly build them up.
- Monzo allows you to create joint accounts, which is handy in case you start a family or want to split costs with your partner.
- Cheap international transfers thanks to the integration of TransferWise service into its application.
Cons of Monzo:
- Free withdrawals from ATMs abroad are limited to £200 for 30 days.
- Available only in the UK.
- It is not supported to replenish debit and credit cards with cash.
Number of customers: 5,500,000
Country of Incorporation: France
Lydia Solutions is a French mobile payment Fintech company founded in 2011. Now Lydia is a France-based neobank offering personal accounts, including a debit card, with all transactions managed through the iPhone app or Android. Currently, Lydia offers to open mobile bank accounts for residents of France, Belgium, Germany, Ireland, Italy, Luxembourg, Monaco, Portugal, Spain, Great Britain, and other European countries.
In order to monetize this base of customers, Lydia diversified the offer by proposing microcredit, savings, a bank card for its current account, and more recently, trading-cum-stocks, ETF, cryptocurrencies, and even precious metals. In each of these features, Lydia takes some commission or offers the subscription of an account with extended possibilities.
With Lydia, you get to have a current account with a French IBAN and a Visa card for your daily expenses. Free of commission overseas transactions, savings at 0.6% or more, secure online payments, instant loans—all available in the palm of your hand from your Lydia App.
The Visa Lydia card is a classic instant debit card aimed at payment both in stores and over the Internet and also for cash withdrawal in the ATM. This allows making contactless mobile payments as it works with Apple Pay, Google Pay, and Samsung Pay. No extra fees are charged abroad.
Lydia Visa does not charge any commission for payment and cash withdrawal in foreign currency. Create free one-time virtual card numbers and keep your Mastercard information safe for online shopping.
Lydia virtual maps are created in 2 minutes. Virtual cards are instantly created from a user-friendly Lydia mobile app. It gets automatically generated in two touches of the screen and ready for use: it has its own number, validity period, and CVV security code.
Express loans to help distribute or optimize costs: Lydia offers access to loans from 100 to 3,000 euros directly from the app, without documents. You will have the cash immediately, thanks to an immediate deposit, free to use as you wish.
Number of customers: 4,000,000
Country of Incorporation: Spain
In addition to Imagin, you get a lot of benefits: accounts without commissions, cards without fees, saving and financing offers, but also exclusive offers, charity and ecological functions, etc.
Imagin cards provide access to more than 13,000 ATMs in Spain, and you get really good conditions when taking cash in an ATM abroad.
Moreover, with an Imagin card, it is perfect for traveling around the world—withdraw cash for free through more than 13,000 ATMs from CaixaBank. Savings, investment, and financing with the help of the Imagin app can also be done. Your purchases will appear in your account immediately, and the money will be written off within 48 hours of confirmation.
Pay for any purchase you want in 2 months without interest on the loan. You can pay with whatever currency, and get cash in whatever currency anywhere in the world from an ATM with no commission from the Imagin party.
Imagin Youth Card is more than 60,000 discounts for cultural events, sports, transport, travel, and also free insurance for international travel and courses and scholarships abroad.
Imagin Life Insurance Program
- Fixed monthly premiums for the first 3 years.
- In case of critical diseases, cancer, or heart attack, Imagin pays 50% insurance capital.
- Double indemnity in case of death or total disability due to an accident.
Imagin Home Insurance Program
- Once a year, on the opportunity to restore order in your home with the help of free service—crane, windows, blinds, etc.
- Great possibilities not to make water problems a problem: flooding, pipe breaks, cracks in the seals of baths, etc.
- In the case of your keys being stolen, Imagin will change your lock.
Besides, Imagin actively supports ecology and creates various volunteer programs, planting trees, organizing plastic harvesting, and more.
Number of clients: 4,000,000
Country of Incorporation: UK
Curve combines all bank cards into one for ease of paying and saving your money. Adding the debit and credit cards to Curve means opening some financial possibilities.
Curve Analytics, Alerts, and Notifications show you your spend in all of your accounts. A chart of your costs shows you what was spent, when it was spent, and where it was spent.
You’ll get optional notifications each time you spend money, and be able to check your data in the app to get a breakdown by category of your transactions for each card.
Paid with the wrong card? Anyway, go back in time. Move payments from one card to another no later than within 30 days after the date of payment.
Curve is working on products with the goal of simplifying this task and simplifying work with your personal finances. From cost statistics to instant cashback, and the best exchange rates on the market—all the benefits you get with Curve for each card you add into your Curve wallet. Just touch the transaction you want to move, select “Go back in time” and swipe your finger on the card you want to pay. Adding debit and credit cards is easy and safe. Curve uses the same bank-grade security, and no confidential data is ever stored on your phone: just insert your card data or scan it to download it into your Curve digital wallet. For added security, Curve will always ask you to verify your cards.
Get up to 40% cashback
Spend once. Earn twice.
Have you cashback-ed your bank or credit card yet? You’re in luck; now you can get extra cashback when paying with the same cards via Curve. Spend Curve Cash as much as real money. Cashback is earned either in Curve points or in electronic money, but your balance will always be displayed in real currency. 1 point = 0.01 pounds sterling.
Cashback accrued as 1% cashback or via advertising activity is issued in points form only. Cashback earned via Rewards can vary. If the refund is made in Curve Cash, that is always in electronic money form. Points can expire after 6 months, while electronic money is well protected and their validity never expires.
Curve is available to residents of the UK and the European Economic Area. Curve only supports Mastercard, Visa, Diner, and Discover debit and credit cards. Google Pay and Samsung Pay are not available in all countries and, depending on your device, are subject to software or device restrictions for: Apple, Google, or Samsung.
1% cashback for Curve Black subscribers in 3 selected retail stores and Curve Metal subscribers in 6 selected retail stores for the subscription period. The Go Back in Time feature applies to transactions up to £5,000. If you lost your phone, download Curve from another device, and block your card there.
For UK customers: Funds on your Curve Cash Card are not covered by the FSCS. In exceptional circumstances, your funds may be at risk.
Number of customers: 3,000,000
Country of Incorporation: UK
Starling Bank is a fully regulated bank account in the UK, 24-hour customer support in the UK and the ability to open an account in minutes.
No monthly payments at all.
Whether you have a personal or corporate account.
100% digital registration.
Apply in a few minutes from your phone.
Round the clock customer support in the UK.
Anytime speak to real people.
Fully regulated bank account in the UK.
Your money is protected by the Financial Services Compensation Scheme.
Everything you get with Starling Bank
- free monthly bank account, with no fees
- 25% AER* / 3.19% gross* (variable) interest rate on balance up to £5000 (both personal and joint accounts)
- 100% digital sign-up
- 24/7 UK customer support
- protection up to £85,000 by the Financial Services Compensation Scheme
- instant payment alerts
- no commission abroad
- mobile and online banking
- all costs are categorized
- possibility to pay cash at the post office, fees are charged for corporate and private clients
- mobile cheque deposits
- instant lock if needed
- split score
Personal account
Apply in minutes to get instant payment notifications and classified cost information. Set goals for saving money, create separate accounts and do everything you are used to doing in the bank branch on your phone.
Accounts of Legal Entities and Individual Entrepreneurs
No monthly charges, 24/7 UK customer support, and straightforward app. Half a million British businesses are ditching admin and staying on top of their finances with Starling Bank.
Multi-currency Accounts
One card: multiple currencies. Send and receive multi-currency payments for both business and personal banking transactions with access to the real exchange rate with no hidden fees.
As a responsible bank, Starling Bank is committed to taking responsibility in terms of climate protection and the environment. This neo-bank works for a net zero goal by reducing one-third of its carbon dioxide emission by 2030, apart from offsetting the CO2 emissions every year.
Number of customers: 3,000,000
Country of Incorporation: France
Nickel is a neo-bank of French origin that serves more than 3 million customers. It was founded in the year 2014 by Riad Bulanuar and South Le Bret for rendering society more financially literate and involved. Their motto was to give an account to everyone. In 2017, when this business started outgrowing their personal ambition of creating a profitable business for 150,000 customers, they sold this startup to BNP Paribas.
Today, Nickel operates both in France and Spain, and since 2022, also in Portugal and Belgium.
Nickel is open to everyone online through the website and app. Moreover, it also sees in its future an extended physical distribution network with 6,000 outlets mainly represented by tobacco shops in France and by the National Lottery in Spain.
The recent partnership with Onfido has empowered Nickel to provide services to customers with more than 190 different passports, resulting in a monthly adaptation of 5,000 foreigners, which is about 10% of the total customer base.
Nickel has three types of clients:
- clients excluded from traditional banks
- customers seeking a no-fuss deal without concealed fees or account overdrafts, since the average annual cost of day-to-day banking in France is 250 euros and up to 420 euros for 20% of the worst-off employees.
- customers in search of a safe, convenient and inexpensive means of paying for international travel and e-commerce.
For 20 euros per year, customers of Nickel profit from all the basic needs of expenditure and cash gathering for classic current operations: international debit card MasterCard, settlement account without overdraft, and also all necessary tools to realize and control in real time bank transactions.
Less than 20 lines tarification list speaks to the simplicity and the transparency so important for Nickel.
Nickel is easy and functional. With any innovation, with every development of products, there is always an echo of how nice their services could be from the convenience point of view, as Nickel helps customers to be more financially educated.
Probably, the most powerful argument is the model of partnership Nickel has with the local communities, associations like Les Restaurants du Coeur, Action contre la Faim.
Nickel’s Key Features
- 1 account 1 card for 5 minutes;
- Mastercard debit cards, from standard to premium, starting from EUR 20 per year or EUR 1.6 per month;
- No income requirements for citizens of 190 States;
- real-time transactions, no hidden fees and overdraft;
- Mastercard mastercard insurance;
- Cash withdrawal from all ATMs and Nickel Points in Belgium;
- Exclusive insurance and assistance in everyday life and travel;
- Favorable rates for cash withdrawals abroad;
If you connect it with applications on your smartphone, then some of the advantages include:
- the possibility of sending money from Nickel directly anywhere in the world;
- to withdraw cash in millions of ATMs with a Mastercard or pull out funds directly at one of the Nickel Point points throughout France and Belgium.
Get access to all of the card benefits with Nickel using Apple Pay on iPhone, Apple Watch, iPad, and Mac. Apple Pay works easily and is everywhere. Customer data is secure since it is not stored on the device itself and does not pass through during a transaction.
Number of customers: 2,000,000
Country of Incorporation: UK
Monese Business is a UK neobank that provides personal and business accounts, including a debit card, but everything is handled online through an iPhone or Android app. Monese Business currently accepts the opening of mobile bank accounts for UK residents.
Monese will come in handy for those who frequently use European, Romanian, or British money. This account is good for both business and personal account opening. Let’s first have a glimpse at some of the most striking benefits of the Monese system.
Pros of using a Monese Account
- you can open an account from other countries, with no legal relation to the UK or the EU;
- translates in more than 30 countries;
- support for virtual cards and joint accounts in the UK.
Improve your credit score and save money with Credit Builder for better credit scores, superior loans, and other Monese credit products to facilitate a more secure financial future.
Cover bills and purchases you pay via your Monese account, including electronic devices. Join one of our pay plans today.
Open online accounts in multiple currencies to use when you’re abroad just like a local would. Move money free between Monese accounts, regardless of the country or currency. Send and receive money instantly with no fees via Faster Payments in the UK.
Transfer funds internationally at excellent international exchange rates to over 30 countries. This is faster and much cheaper compared to traditional banks. Be assured your money will be safe with us, as security is at the heart of all we do.
Link your Avios and PayPal accounts to track your cash, balance, points and transactions in one place. We will notify you whenever any of your accounts are active.
Contact the multilingual support service and use your app in 15 languages: English, French, German, Brazilian, Portuguese, European, Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian, Lithuanian and Ukrainian.
Neo-banks worthy of attention
Moreover, financial experts of our company would like to point to the following neo-banks, which in its opinion possess undeniable properties.
Country of Incorporation: Netherlands
Bunq was founded in 2012 in Europe and works with more than 30 European countries, opening services for personal accounts and debit cards, currency exchange, savings, and since 2023, expanding into the US Market.
Great attention to active participation in environmental projects, especially in the struggle with global warming, which is so important for many customers from Europe, is paid by the owners of the Bunq service. This neobank offers customers the chance to take part in the reduction of carbon dioxide emissions.
Pros Bunq
- one of the first presented new solutions;
- the application is different – a lot of useful features, which a lot of other neobank;
- available affordable international transfers;
- the balance of the Basic Savings account is automatically accrued interest;
- there is a possibility to combine Bunq clients in the application into a group and to perform operations together—for example, to raise money or split an account.
Company history
March 2012: After the economic crisis, a group of ambitious innovators decided to radically change the banking industry and became the first neo-bank in 35 years to obtain a European banking license.
November 2015: Public Launch: After years of effort invested in infrastructure setup, development, and testing of a mobile application, the company finally released Bunq to the mass market.
October 2019: Expansion in EU: While initially expanding its activities to selected European countries, Bunq decided to open its doors to all European Union markets.
July 2021: Bunq is now unicorn: closes largest Series A round by a European Fintech company to date. An investment of EUR 193 million saw the estimate rise to EUR 1.6 billion.
December 2022: First EU neobank in profit: Another milestone—earning month for Bunq as it makes history to be the first neobank in profit in the EU.
July 2023: Further expanding our vision globally, we announced that we will be entering the US market with an application for a bank license.
Ireland
Payoneer is a neobank provider of financial services and online money transfers. Payoneer is a registered MasterCard provider (Member Service Provider) worldwide. The company is headquartered in New York City. In June 2021, Payoneer became a public company and listed on the NASDAQ stock exchange. Payoneer has seven licenses worldwide, including in Europe, Japan, Australia, India, and Hong Kong, as well as in 51 states and territories of the United States. More than 5 million customers around the world use Payoneer every day to send and receive payments. Payoneer positions itself as an international payment system. Payoneer customers are entitled to transfers and international payments in various currencies.
Basic Payoneer’s Benefits
- low-priced services, low transfer fees;
- zero commission for online shopping;
- there is an opportunity to use the service Global Payment, which allows you to accept payments from abroad from any companies or online sites to your personal account;
- The convenient application allows viewing the current balance in USD or in the currency units of the host country;
- In “History” at the request of the user, a monthly extract is formed from each of the completed transactions, which is very convenient and allows controlling your income and expenses;
- There are no commissions for the internal transfers.
Benefits of using Payoneer
Payoneer Benefits: Following factors are loved by the users:
- International bank payments take extremely little time and are not hampered by technical difficulties. They are easily traceable, and to make a payment, one does not need to request funds from the other party, which is very convenient. Payments are made by invoice or transfer. It is not possible to connect the service to receive payments on the site, like Stripe, Paypal, Shopify Payments, but Payoneer is often used to withdraw funds from similar systems;
- The chance to use Global Payment service, which allows accepting payments from abroad in any sum from any company and online site to your personal account. The details of the transaction are given;
- Therefore, its features include: forming a request for payment in your account – filling in the date when payment, e-mail, description, and payment amount was formed. Also, if needed, you can attach other documentation. Your account is used to track the request too; in any difficult situation, the system saves and secures its clients’ money. Payoneer takes care of the service reliability;
- You can see it at any moment in the USD or in the units of currency of the host country because it is so easy to use.
Lithuania
Paysera is an online banking type of payment system that offers IBAN with a Visa account and card. The company has been in operation for 18 years and during this time, it has reached more than 200 countries. The platform provides services for both individuals and businesses.
Paysera Fortune
- IBAN account, free and instant transfers in the SEPA zone;
- SWIFT transfers worldwide at lower rates than in banks.
Withdrawal to the Webmoney system in USD for 0.8% + € 0.29 Deposits and cashes in poker rooms, casino, betting, Forex without restrictions and blocks. Changing of currencies at a more advantageous rate than in banks. Currency exchange on Paysera multi-currency account is done in some seconds (30 currencies).
Paysera History
The history of Paysera started in 2004 with three specialists who founded Elektroniniai verslo projektai UAB company in Lithuania. Nowadays, the head office of the company is still located in Vilnius, but the number of employees has grown 50 times and has already exceeded 150 people.
Nowadays, neobank Paysera is a qualitative online payment service for both physical and legal entities. The company does not stay behind and actively develops a range of suggested services. Thus, users of Paysera may perform payments and pay for purchases in online stores; they also may receive a new contactless physical payment card Visa, withdraw cash, use a mobile application and pay via Google Pay and Samsung Pay.
Currently, more than 700,000 customers use Paysera services. Paysera provides services in more than 200 countries. In 2022 alone, platform users made over 6 million transfers in more than 20 currencies worth €6.52 billion.
The company is growing with its revenues. Despite crises and force majeure circumstances, revenues from the service managed to increase by almost twice between 2017 and 2021—from €7.6 million up to €13.2 million.
Paysera Account Types
Paysera operates two account types:
- personal account. Meant for those customers of Paysera using a Paysera account for personal purposes;
- business account, or corporate. Meant for use within the framework of the company business activity.
Moreover, holders of personal and business accounts in the EEA countries may get also a Paysera Visa payment card. An open option to clients of more than 16 years who registered at the website and have been identified. One person can get up to five payment cards—one will be the main, and the rest will be additional. Business customers while ordering a card should in the account specify information of a private customer, who is a representative of the company and continues to use the card. You can get a plastic jacket by post or courier service.
Currencies Support Paysera
One of the big plus sides of Paysera is the possibility to operate with a wide variety of different currencies. The company services the payments in more than 30 types of currencies worldwide, such as USD, CZK, EUR, CHF, etc.
In your account, you will also find current exchange rates within the Paysera system. They may differ from official central bank exchange rates. You can convert currency directly into your user account without using additional services.
Paysera Benefits
The popularity of the service is due to the advantages that it provides to personal and corporate customers:
- support of online and offline payments worldwide;
- possibility to withdraw money from ATMs;
- Uncomplicated Paysera interface: how to work with the system, even an inexperienced client can intuitively understand. Comfortable personal account. Possibility to use a mobile application. Support for payments in Google Pay and Samsung Pay systems. Favorable rates and exchange rates, low fees, free transfers within the internal system. It is possible to draw up a payment card. A high degree of data protection of users.
Paysera is a well-reputed payment service featuring a great many possibilities for individual and business customers. A wide selection of currencies, different types of accounts for individuals and businesses, favorable tariffs for transactions make the system one of the most popular in the world. Users from different countries choose Paysera; reviews by real customers confirm it and the quality of the multicurrency service, too.
Regulated United Europe has been conducting research on digital banking services and leading neobanks in Europe for more than 5 years. Our company has developed its own system of neobank evaluation, which allows us to get a full understanding of the quality and convenience of products, services, and services. The rating system is not tied to the opinion of one specialist and takes into account a large number of characteristics and metrics.
In case you want to start your financial project in Europe and provide services as the companies above, lawyers from Regulated United Europe can accompany you at all stages of licensing or offer ready-made solutions.
Lawyers from Regulated United Europe also provide legal support for crypto projects, including adaptation to MICA regulations.
