Equals Money

What Equals Money does

Equals Money is an FCA-regulated Electronic Money Institution and Payment Institution headquartered in London, operating as a wholly-owned subsidiary of publicly listed Equals Group Limited (LSE: EQLS). The company provides an embedded payments platform that combines multi-currency accounts spanning 38+ currencies, physical and virtual card issuing (issued under a Mastercard license, with Apple Pay/Google Pay/Samsung Pay support), international payment processing, corporate FX services including spot, forward contracts, and limit orders, and spend management software. As of 2025/26 the platform processes more than £38 billion in annual transaction volume and serves over 50,000 business clients across multiple industries including film/TV production, hospitality, wholesale and manufacturing, banking, neobanking, digital assets, CFD trading, and iGaming.

The underlying technology is a RESTful API-first platform with sandbox and production environments, supporting a single integration for accounts, cards, payments, and FX. Distinctive technical capabilities include multi-currency account infrastructure, forward-contract FX APIs for currency risk hedging, Merchant Category Code-based card controls, real-time transaction activity APIs, and digital wallet token provisioning. The platform offers white-label and Banking-as-a-Service capabilities, currently powering neobank Bloxley's European financial infrastructure and Metro Bank's FX Forwards product. AI-enabled features are concentrated in security, including behavioral anomaly detection and Okta-powered authentication. USDC stablecoin payment capabilities were added in October 2025 through a partnership with BVNK.

Equals Money generates revenue from transaction fees on FX and international payments, card interchange and transaction fees, embedded finance and BaaS subscription revenue, spend management platform subscriptions, and stablecoin payment services. Its go-to-market is hybrid: API-first distribution for enterprise and embedded partners, dedicated enterprise sales for complex bank and fintech clients, OEM and white-label channels for neobanks, and product-led self-serve onboarding for SMBs. Following the 2025 merger with Railsr and the June 2026 rebrand to "Equals," the company expanded its senior leadership team with a CRO, SVP Customer Growth, SVP Marketing, and Head of Digital Assets, and continues to add enterprise partnerships across banking, neobanking, and digital assets.

Name

Equals Money

Legal name

Equals Money PLC

Website

https://equalsmoney.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Equals Money is a London-headquartered FCA-regulated embedded payments platform offering multi-currency accounts, cards, international payments, corporate FX, and BaaS/white-label infrastructure to over 50,000 business clients across 38+ currencies, with named partnerships including Metro Bank, Bloxley, Mastercard, and BVNK.

Ownership category

akta.pro rank

Product category

Cross-Border Payments & FX

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

International Affairs (9721), Finance Services (6199)

akta.pro primary industry

Cross-Border Payment Orchestration & Routing (FSAGAKAJ)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace) (FSAGAKAC)

Keywords

• Cross-border payments
• Foreign exchange services
• Embedded finance platform
• Multi-currency business accounts
• Spend management software

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. International Payments & FX Services: Revenue from currency exchange and international payment transactions. Services include spot trades, forward contracts, limit orders, and bespoke FX options with competitive rates and same-day payment processing.
2. Card Issuing & Management: Revenue from issuing prepaid expense cards, business debit cards, corporate cards, virtual cards, and purchasing cards. Cards issued by Equals Money International Limited under Mastercard license.
3. Embedded Finance & BaaS: White-label and embedded finance infrastructure fees from banking-as-a-service, API access, and card issuing capabilities delivered to partners including neobanks and financial institutions.
4. Spend Management Software: Platform fees for spend management software enabling businesses to track and control company spending, manage budgets, and monitor transactions in real-time.
5. Stablecoin Payments: USDC stablecoin payment services for global businesses enabling fast cross-border cryptocurrency transactions in partnership with BVNK.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Marketing channels7 records

Core offering

Equals Money operates an FCA-regulated Electronic Money Institution (EMI) and Payment Institution (PI) platform that delivers a unified global money movement solution spanning multi-currency business accounts, prepaid corporate cards, foreign exchange, international payments, spend management software, and embedded finance infrastructure (BaaS, APIs, white-label). The company serves over 50,000 business clients across 38+ currencies and processed more than £58 billion in transaction volume in 2025/26, with distribution via direct sales, self-serve, API, and integration partners such as Xero and SAP Concur.

Product overview

Equals Money is a next-generation global money movement platform that offers a unified platform-plus-modules architecture combining accounts, cards, payments, and FX capabilities through a single connection. The core product portfolio includes Spend Management Software, Multi-Currency Business Accounts, and Business Current Accounts for account management; Prepaid Expense Cards, Business Debit Cards, Corporate Cards, and Virtual Cards for card Issuing; International Payments, Corporate FX, FX Forward Contracts, and Mass Payments for currency and payment services; and Banking-as-a-Service, White Label Solutions, and the Equals API for embedded finance and developer access. The platform is FCA-regulated and processes over £58 billion in annual transaction volume, serving more than 50,000 business clients across 38+ currencies.

Differentiator

Problem solved

Functional benefit

Products and services

• Spend Management Software

Quantifiable outcome

• £58 billion in annual transaction processing volume in 2025/26
• +3 more outcomes

Named customers6 records

Segments10 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Visa Consulting & AnalyticsminorStrategic or Co-development Partner · 16 June 2026Commissioned research partnership to understand embedded finance and payments strategy realities. Research interviewed 150+ senior leaders across banks, fintechs, trading portals and digital asset exchanges in UK and Western Europe. Study explores service gaps limiting growth in embedded finance.
• BloxleycoreStrategic or Co-development Partner · 28 April 2026AI-driven neobank partnering with Equals Money to power European financial infrastructure. Equals provides multi-currency accounts and international payment rails for Bloxley's Gen Z and Millennial targeting platform. Bloxley raised €2.5M seed funding at $25M valuation ahead of 2026 public launch across four initial countries with plans to expand to US market.
• Metro BankcoreStrategic or Co-development Partner · 18 March 2026Metro Bank launched FX Forwards service powered by Equals Money infrastructure under Embedded Finance model. Enables Metro Bank's corporate and commercial customers to lock in exchange rates for future international transactions as a hedge against currency volatility. Metro Bank brings new product to market without developing proprietary FX technology.
• OktacoreTechnology or Integration · 19 December 2025Identity and access management partnership to reinforce security and governance across Equals Money's AI-enabled payments infrastructure. Building on 16-month relationship using Okta's Auth0 platform and Okta workforce identity products. Partnership provides behavioral monitoring, role-based access control, shadow AI oversight, and secure authentication to protect against AI-enabled threats.
• BVNKcoreTechnology or Integration · 27 October 2025Joint service enabling fast USDC stablecoin payments for global businesses. Equals Money, Railsr, and BVNK collaborate to facilitate cryptocurrency transactions and improve cross-border payment efficiency using USDC stablecoin infrastructure.
• XerocoreTechnology or IntegrationIntegration partnership enabling Equals Money customers to connect financial workflows with Xero accounting software for seamless reconciliation and expense management.
• SAP ConcurcoreTechnology or IntegrationIntegration partnership announced for SAP Concur expense management users to access Equals Money payment and expense capabilities within their travel and expense workflows.
• Cross River BankcoreTechnology or IntegrationUS banking partner issuing Equals Money Corporate Prepaid Mastercard. Deposits held at Cross River Bank, Member FDIC, insured up to $250,000.
• MastercardcoreTechnology or IntegrationCard issuing partnership enabling Equals Money International Limited to issue cards under Mastercard license. Supports physical and virtual card products including prepaid expense cards, business debit cards, corporate cards, and purchasing cards.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• OFX: Specialist cross-border payments and FX provider for businesses and individuals. Comparable to Equals's corporate FX, forward contracts, and international payments suite.
• WorldFirst: Ant Group-owned cross-border payments and multi-currency account platform for SMBs and enterprises. Direct competitor on cross-border collections, payments, and FX.
• Nium: Cross-border payments and BaaS infrastructure provider serving banks, fintechs, and corporates. Closely comparable to Equals's embedded finance, multi-currency accounts, and card-issuing API offerings.
• Revolut Business: Revolut's business banking product offers multi-currency accounts, corporate cards, expense management, and international payments. Direct overlap with Equals on FX, cards, and spend management for SMBs.
• Currencycloud: Visa-owned cross-border payments infrastructure and FX API provider. Competes with Equals at the API/BaaS layer for banks, fintechs, and platforms needing multi-currency rails.
• Airwallex: Global cross-border payments and multi-currency account platform targeting businesses. Competes head-to-head with Equals on FX, international payments, and embedded/API distribution.
• Wise: Publicly listed UK-based cross-border payments and multi-currency account specialist. Most direct competitor to Equals Money's international payments, FX, and business account offerings for SMBs and mid-market clients.
• PingPong: Cross-border payments platform focused on e-commerce, marketplaces, and B2B payouts. Comparable to Equals on international payouts, multi-currency balances, and embedded distribution.

Broad incumbents

• Brex: US-based corporate card and spend management platform expanding into international payments and FX. Overlaps with Equals on cards, expense management, and increasingly on cross-border capability.
• Payoneer: Publicly listed cross-border payments and multi-currency account platform for SMBs, freelancers, and marketplaces. Overlaps with Equals on international payments, multi-currency accounts, and mass payouts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/equalsmoney
• LinkedInlinkedin.com/company/equalsmoney
• Instagraminstagram.com/equals_money
• Xx.com/meetequals

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 Equals Money