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

  • 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
  • Czech Republic – 2
  • Denmark – 2
  • Hungary – 2
  • Romania – 2
  • Slovenia – 2
  • Slovakia – 1
  • Estonia – 1
  • Finland – 1
  • Poland – 1
  • Portugal – 1

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.

Largest Electronic Money Institutions in Europe

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.


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:

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