What Membrane Finance does

Membrane Finance Oy was a Finnish fintech company that issued EUROe, described as Europe's first EU-regulated full-reserve EUR stablecoin, and provided Banking-as-a-Service infrastructure to crypto and payments counterparties. The company operated as a licensed Electronic Money Institution (EMI) under oversight of the Finnish Financial Supervisory Authority, with authorization extending across the EU and EEA, and positioned EUROe as MiCA-compliant from inception.

The core product was a 1:1 fiat-backed ERC-20 stablecoin issued on Ethereum, with euro reserves held at European financial institutions to enable near-instant, low-cost euro-denominated settlement for crypto exchanges, DeFi platforms, payment providers, and institutional clients. Distribution was blockchain-native through wallets, exchanges, and DeFi protocols, with marketing concentrated at fintech and payments industry events such as Money 20/20 Europe. Revenue was generated from minting and redemption fees on the EUROe token, though pricing was not publicly disclosed.

In 2025, Paxos completed the acquisition of Membrane Finance Oy, integrating the regulated EMI infrastructure into Paxos Issuance Europe Oy. Following the acquisition, the EUROe stablecoin business line was decommissioned, and the platform transitioned to Redemption-Only Mode, with all existing holders able to redeem tokens at a guaranteed 1:1 EUR rate via SEPA after completing KYC. As an independent entity, Membrane Finance had a headcount of 1-10 employees and had raised approximately €2.1 million in a December 2022 seed round led by Maki.vc; no further funding events were disclosed.

Name

Membrane Finance

Legal name

Membrane Finance Oy

Website

https://membrane.fi

Company type

Private

Founded year

2023

Operating status

Acquired

Headcount range

1–10 employees

Short description

Membrane Finance Oy was a Finnish fintech that issued EUROe, Europe's first EU-regulated full-reserve EUR stablecoin on Ethereum, serving crypto exchanges, payment providers, and institutional clients. Acquired by Paxos in 2025, with the EUROe business subsequently decommissioned to redemption-only.

Ownership category

akta.pro rank

Product category

Stablecoin Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Commercial Banking (522110)

SIC

Finance Services (6199), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Compliance, Attestations, Proof-of-Reserves & Reporting (Stablecoins) (FSADADAI), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• EUR stablecoin issuance
• Regulated digital assets
• Electronic money institution
• Blockchain payment infrastructure
• MiCA-compliant stablecoin

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Stablecoin Minting/Redemption Fees: Revenue generated from minting and redemption operations of the EUROe stablecoin. Following Paxos acquisition in 2025, the business line is being decommissioned with redemption-only operations remaining at a guaranteed 1:1 rate.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Membrane Finance Oy issued EUROe, Europe's first EU-regulated full-reserve EUR stablecoin built on the Ethereum blockchain. EUROe was fully backed 1:1 by fiat Euros held in European financial institutions and operated under an Electronic Money Institution (EMI) license issued by the Finnish Financial Supervisory Authority, enabling near-instant, low-cost EUR transactions within a MiCA-compliant framework. Following Paxos's 2025 acquisition, the EUROe business line has been decommissioned and the platform operates in Redemption-Only Mode.

Product overview

Membrane Finance was a Finnish fintech company that offered a unified product centered around EUROe, Europe's first EU-regulated full-reserve EUR stablecoin and payment network on Ethereum. The product was fully backed by fiat Euros held in European financial institutions and provided near-instant, low-cost transactions within a regulated framework. In 2025, Membrane Finance was acquired by Paxos, and the EUROe stablecoin business was subsequently decommissioned, with the platform transitioning to Redemption-Only Mode for existing holders.

Differentiator

Problem solved

Functional benefit

Brands

• EUROe: Europe's first EU-regulated full-reserve EUR stablecoin and payment network on Ethereum, fully backed by fiat Euros stored in European financial institutions.

Products and services

• EUROe Stablecoin EUROe is a MiCA-compliant euro stablecoin and payment network on Ethereum, fully backed 1:1 by fiat Euros held in European financial institutions. It enabled near-instant, low-cost EUR transactions for crypto exchanges, payment providers, financial institutions, and institutional digital asset participants. Following the 2025 Paxos acquisition, EUROe operations ceased and the token is now redeemable for EUR fiat at a guaranteed 1:1 rate through KYC-verified redemption.

Quantifiable outcome

• Guaranteed 1:1 redemption rate for EUR

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• PaxosflagshipStrategic or Co-development Partner · 1 January 2025Paxos completed the acquisition of Membrane Finance Oy in 2025. As part of the integration, the EUROe stablecoin business line is being decommissioned. Paxos is streamlining product offerings and transitioning EUROe to Redemption-Only Mode, ensuring a seamless exit for all current holders. The acquisition brings Membrane's regulated EMI infrastructure into the Paxos ecosystem.

Scale indicators3 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Stasis: Stasis issues EURS, one of the longest-running euro-backed stablecoins. It is the closest direct peer to Membrane's EUROe given comparable regulatory positioning in Europe and a similar full-reserve EUR stablecoin model.
• Monerium: Monerium issues EURe, a regulated euro on-chain token backed by fiat at licensed EU institutions. It is directly comparable to Membrane in operating as a regulated electronic money institution issuing a euro stablecoin on public blockchains.
• Société Générale-Forge: Société Générale's crypto subsidiary issues EURCV, a euro stablecoin deployed on Ethereum and other public chains. It is a direct peer in the regulated EUR stablecoin category with strong institutional backing.
• Quantoz Payments: Quantoz Payments issues EURQ, a regulated euro stablecoin targeting enterprise payments and DeFi. It is a direct peer to Membrane given the shared focus on regulated EUR on-chain money for institutional use cases.
• Circle: Circle issues USDC, the leading fiat-backed, regulated USD stablecoin. Comparable to Membrane in business model (full-reserve fiat-backed token, regulatory licensing, payment network positioning), although at vastly greater scale and in USD rather than EUR.

Broad incumbents

• Tether: Tether issues USDT, the largest stablecoin by circulation. While USD-denominated rather than EUR, Tether is a direct comparable as the dominant fiat-backed stablecoin issuer competing for the same exchange and institutional liquidity flows.
• Paxos: Paxos is both the acquirer of Membrane Finance and an issuer of regulated stablecoins (USDP, PYUSD for PayPal). It is directly comparable in regulated stablecoin issuance infrastructure and now houses Membrane's EMI license.
• PayPal: PayPal launched PYUSD, a US dollar stablecoin issued via Paxos. As a major consumer payments incumbent moving into regulated stablecoins, it represents the broader strategic direction that EUROe-style regulated euro tokens are also pursuing.

Emerging players

• Schuman Financial: Schuman Financial is building EURR, a euro stablecoin targeted at European DeFi and payments use cases. It overlaps with Membrane's EUROe in regulated EUR on-chain money positioning as a more recent entrant.
• MakerDAO: MakerDAO issues DAI, a crypto-collateralized decentralized stablecoin. While structurally different (over-collateralized vs. fiat-backed), it competes for the same on-chain EUR/USD liquidity and DeFi stablecoin use cases that Membrane targeted.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/EUROemoney
• LinkedInlinkedin.com/company/membrane-finance

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Membrane Finance