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Apply here for a Business Bank Account in Europe

 

Below the text you will find full list of all EMIs in Europe

Firstly, to answer the question “How do electronic money institutions work?” Electronic money institutions offer a digital service that can be operated through mobile phone app or web interface, to facilitate a broad range of monetary transactions. EMIs can be instrumental in providing an array of digital services particularly in what is a restricted segment of the economy known as “high-risk” business.

Lithuania – 70
Malta – 18
Ireland – 16
France – 15
Cyprus – 13
Luxembourg – 10
Germany – 9
Italy – 9
Spain – 8
Netherlands- 7
Belgium – 7
Bulgaria – 6
Croatia – 4
Switzerland – 4
Sweden- 4
Latvia – 3
Slovakia – 1
Czech Republic – 2
Denmark – 2
Hungary – 2
Slovenia – 2
Estonia – 1
Finland – 1
Poland – 1
Portugal – 1
Romania – 2

EMIs offer advanced solutions by leveraging state-of-the-art technologies with improved design, upgraded UI and a generally superior experience for the customer. For example, security validation by means of fingerprint, face ID and dual login authentication are becoming standard. EMIs enable advanced core banking systems that are flexible, allowing constant integration of new services and an enriched service range.

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    Largest Electronic Money Institutions in Europe

    There is no single source that can list the largest electronic money institutions in Europe. Firstly, in each country, they operate according to local regulations and so it is difficult to compare the size of these enterprises across borders. The only common denominator would be to compile a list of publicly quoted EMIs that have floated their shares onto a stock exchange. Even then, the comparison would be not of the size of the electronic money institution, but of the opinion of investors and shareholders based on different criteria. And more important, the whole concept of electronic money banking is new and the players are mostly start-up Fintech companies that are still in the growth stage, not yet ready for floating onto the stock market.

     

    However, there are a few ways to get a general comparative study, taking it country by country, and it makes it more relevant given that more than half of all EMIs registered in the European Economic Area are based in the United Kingdom. These banks provide a broad variety of solutions for companies and merchants.

     

    In 2018, the total assets of all British EMIs came to around GBP11 billion. Growth in 2019 was strong, but there is of course a strong element of uncertainty following the total disruption caused by the pandemic in 2020. However, it is likely that the nature of the market being serviced by EMIs will have proven to be highly resilient. After all, most of the flow of business that the EMIs cater for is digital, on-line transactions and if anything that part of the total economy has grown both in net terms and certainly relative to the total market.

     

    Lithuania is the next major player in the Fintech sector, where out of more than 200 companies registered as new entities, of which over 60 are electronic money institutions.

    Following Lithuania, there are two other countries that are starting to make inroads, Malta with 17 electronic money institutions, and Ireland with 12 EMIs.

     

    Without having access to the full data enabling comparison of the sizes, we compiled a list of electronic money institutions in Europe containing the best-known and most highly regarded banks, and this is the best way to determine which are the largest EMIs in Europe.

    Not listing by any order, we suggest that the following examples of electronic money institutions are close to the top in terms of size:

    Anytime, N26, Revolut, Monese, Worldcore, Holvi, Mister Tango, AdvCash, LeuPau, Transferwise, Bancom Europe, ALTPAY, Guavapay, Hyperwallet Systems Europe and Sachelpay.

     

    Below is our list of all EMIs in each EU country, without any specific ranking, simply alphabetical by country.

     

    In overall terms, the following table lists the number of EMIs in each EU country operating as at December 1, 2020:

    Transferwise
    Bancom Europe
    ALTPAY
    AdvCash
    N26
    Mister Tango
    Guavapay
    Revolut
    Monese

    		Leopay
    Hyperwallet

    What is electronic money institution?

    An electronic money institution (EMI) is a type of financial institution that specializes in issuing and redeeming electronic money, also known as e-money. E-money is a digital representation of value that can be stored and used for electronic transactions. It is typically issued by an EMI and can be used to make payments, transfer funds, and conduct other financial transactions.

    EMIs are regulated by national financial authorities and are subject to specific rules and requirements related to the issuance and use of e-money. These rules may include requirements for capitalization, governance, risk management, and customer protection.

    EMIs are different from traditional banks in that they do not offer traditional banking services such as taking deposits, providing loans, or investing in securities. They are focused solely on the issuance and redemption of e-money. Examples of EMIs include prepaid card issuers, mobile money providers, and online payment platforms.

     

    How does an electronic money institution work?

    An electronic money institution (EMI) works by issuing and redeeming electronic money, or e-money, to customers. E-money is a digital representation of value that can be stored and used for electronic transactions. It is typically issued in the form of a prepaid card, mobile money account, or online payment account, and can be used to make payments, transfer funds, and conduct other financial transactions.

    To use e-money, customers must first obtain it from an EMI by purchasing it with cash or another form of payment. Once they have e-money, they can use it to make payments or transfer funds to other individuals or businesses. E-money can be used in a variety of ways, such as online or in-store payments, peer-to-peer transfers, and bill payments.

     

    EMIs are regulated by national financial authorities and are subject to specific rules and requirements related to the issuance and use of e-money. These rules may include requirements for capitalization, governance, risk management, and customer protection. EMIs may also partner with merchants or other financial institutions to offer e-money services to their customers. For example, an EMI may provide a prepaid card program for a retailer, or offer mobile money services through a partnership with a bank.

     

    In Europe, electronic money institutions (EMIs) are regulated by the European Central Bank (ECB) and the European Banking Authority (EBA). In order to operate as an EMI in Europe, a company must obtain a license from the national regulator in the country where it is based, and it must meet certain requirements, such as maintaining a minimum level of capital and establishing systems to prevent money laundering and terrorist financing.

    EMIs in Europe offer a range of electronic payment services, including prepaid cards, e-wallets, and mobile payments. These services are used by consumers, businesses, and governments to make financial transactions electronically, such as online purchases, bill payments, and money transfers. EMI’s in Europe may also offer other financial services, such as foreign exchange and electronic funds transfer services.

    In recent years, the use of electronic payment systems in Europe has increased significantly, and EMIs have played a key role in facilitating this trend. However, EMIs are subject to the same regulations as banks, and they must comply with the same consumer protection and financial stability standards.

    About the Author: GBO Specialist

    Established in 2009, GBO International Financial Services LTD stands as a trusted partner in the realm of global corporate services. We excel in sectors such as gaming, crypto, forex, and e-commerce, delivering all-inclusive solutions. Our offerings span company structuring, licensing, banking support, merchant account initiation, regulatory guidance, and white-label systems. Dive deeper and stay updated by following us on Linkedin or directly at: info@gbo-il.com

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