E-money Institution in Latvia for Sale

Key details

• Home and regulator: Latvia, under the Central Bank
• Clients: more than 20, with EUR SEPA operations live
• Core banking: TSP CORE, a platform developed in-house
• Dashboard for clients: fully functional
• Compliance tooling: SumSub integration for KYC/KYB and transaction monitoring
• Team: 6 people, 4 of them C-level (CEO, COO, CTO, CCO), who can all stay after the sale
• Monthly burn: about €35,000

Banking and payments

• Magnetic Bank and Industra Bank hold the operational and segregated accounts
• SEPA payments run live through Magnetic Bank
• Direct own SEPA rails via EKS cost €0.006 per transaction, described as the most cost-effective SEPA globally
• Visa Principal Membership is in progress, which could allow card issuing

Why a Latvian AEMI licence

• Can be passported to every EU country
• Direct access to SEPA through EKS gives a strong cost advantage on payments
• The technology stack is complete and free of vendor lock-in
• Able to operate immediately
• A strategic route into European fintech

Suitable for

• Fintech groups moving into the EU
• Neobanks that are launching digital accounts and cards
• Providers of cross-border payments
• Crypto-fiat ramps, with infrastructure ready for compliance
• Investors after a regulated e-money platform that works plug-and-play