What ISX Financial does

ISX Financial EU Plc (rebranded to Xryma Plc in March 2026) is a Cyprus-headquartered banktech company operating as an EEA-authorised eMoney Institution regulated by the Central Bank of Cyprus, with a UK subsidiary authorised by the FCA. Founded in 2013 by Nikogiannis Karantzis around a patented payments instrument verification method, the company has built a fully proprietary in-house technology stack spanning multi-currency corporate eMoney accounts (ISXMoney®), payment processing across open banking, card schemes, and direct debit (ISXPay®), account-to-account open banking checkout (PaidBy®), patented video-based multi-biometric identity verification (Paydentity™), and a licensable core banking platform (Probanx®). The company processes transactions across 150+ countries, has handled over €354B in cumulative volume and 151M+ transactions since 2020, and serves small/mid-market businesses, large enterprises, financial institutions (via Probanx), and retail consumers (via flykk®).

The business operates a transaction-fee model supplemented by core banking licensing royalties: ISX earns fees on payment processing, FX margins on multi-currency IBAN accounts, open banking A2A transaction fees, KYC/identity verification services, and Probanx platform licensing. Go-to-market combines dedicated enterprise field sales (SVP UK & Ireland, sales directors, senior relationship managers), API-led integration for technical merchants (documented at the Probanx Atlassian wiki), and self-service onboarding for smaller businesses and flykk consumers. Distribution channels include direct sales, API integrations, fintech events (iFX EXPO, iGB Live, SBC Summit), and the APOEL FC sports sponsorship in Cyprus.

Most of the engineering and operational base sits in Cyprus (140+ employees), with offices in London, Vilnius, Melbourne, and presence in Malta, Israel, and the Netherlands. The company has filed a prospectus with CySEC for admission to the Cyprus Stock Exchange, holds PCA and ISO 27001 certifications, and achieved a key structural milestone in October 2025 when the Central Bank of Cyprus authorised it to access the Eurosystem's T2 RTGS platform directly, making it one of the first non-bank participants in the network.

Name

ISX Financial

Legal name

ISX Financial EU Plc

Website

https://isx.financial

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

ISX Financial (now Xryma Plc) is a Cyprus-headquartered, EEA-authorised eMoney Institution providing proprietary banktech services — multi-currency corporate accounts, open banking A2A payments, card processing, and identity verification — to SMBs, large enterprises, financial institutions, and retail consumers across the EEA, UK, and 150+ countries.

Ownership category

akta.pro rank

Product category

BankTech & Payment Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

akta.pro secondary industries

FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines) (FSAGAKAG), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Cross-Border & FX Payments Platforms (BPAMAFAK), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

Keywords

• Payment processing services
• Open banking solutions
• EMoney account services
• Core banking platform
• Identity verification services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Open Banking Services: Revenue generated from account-to-account payment initiation services through the PaidBy® platform, including instant payment processing and settlement fees.
2. Payment Processing: Fees from processing card payments, direct debits, and other payment transactions through ISXPay® merchant acquiring services.
3. E-Money Account Services: Revenue from multi-currency IBAN account services, including transaction fees, currency exchange margins, and account maintenance.
4. Core Banking Technology: Licensing and service fees from providing Probanx® core banking solutions to financial institutions, including CorePlus and CoreConnect offerings.
5. Identity Verification: Revenue from KYC/identity verification services (Paydentity™) provided to merchants and financial institutions for compliance and fraud prevention.
6. Global Transfers: Fees from international money transfers via SWIFT and rapid cross-border payments including SEPA Instant, UK FPS, and mass payout services.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

ISX Financial provides a unified BankTech ecosystem of multi-currency corporate eMoney accounts (ISXMoney®), payment processing across open banking, card schemes and direct debits (ISXPay®), instant account-to-account settlement (PaidBy®), global mass payouts (MassPay), identity verification with patented Video KYC (Paydentity™), personal digital wallet (flykk®), and a core banking platform licensed to financial institutions (Probanx®). Services are delivered under EEA eMoney authorisation via Central Bank of Cyprus and FCA UK authorisation, with direct T2 RTGS access enabling real-time cross-border Euro settlement.

Product overview

ISX Financial operates as a BankTech company offering a unified ecosystem of transactional banking and payment services. The portfolio centers on ISXMoney® (multi-currency corporate eMoney accounts with EU/UK IBANs), ISXPay® (payment processing across Open Banking, card schemes, and direct debits), and PaidBy® (proprietary open banking A2A payment solution). Supporting products include MassPay (global bulk payouts), flykk® (retail digital wallet with card issuing), Paydentity™ (identity verification via patented video KYC), Probanx® (core banking platform with CorePlus and CoreConnect modules), and FinOps (advanced reporting). The ecosystem enables merchants to connect, transact, and settle across EU, UK, and global markets with real-time payment capabilities, compliance tools, and AI-driven fraud prevention.

Differentiator

Problem solved

Functional benefit

Products and services

• ISXMoney® Multi-currency corporate eMoney account offering EU and UK IBANs that lets businesses manage finances, execute payments, and transfer funds across USD, AUD, CAD, JPY, NZD and additional currencies under a single regulated relationship.
• ISXPay® Payment processing solution offering secure and instant payment options including Open Banking, SEPA Direct Debit, and card payments across Visa, Mastercard, UnionPay, AMEX, JCB, and Diners Club to help businesses increase cash flow.
• PaidBy® Proprietary open banking solution for instant account-to-account (A2A) checkout and settlement, providing real-time API hooks, dedicated IBANs, automated refund management, business intelligence dashboards, and AI-driven fraud prevention.
• flykk® Personal digital wallet with IBAN issuance, reduced fees, instant Euro payments, and card-issuing capabilities including the Diners Club International debit card.
• Probanx® (CorePlus and CoreConnect) Core banking solution comprising CorePlus (complete core banking functionality for digital banking transformation) and CoreConnect (technical connections to payment systems) for financial institutions worldwide.
• MassPay Global mass payout solution enabling bulk payment processing to employees, suppliers, and customers worldwide via SWIFT and local payment networks across 150+ countries.
• Global Transfers Rapid worldwide money transfer services including SEPA Instant transfers (10-second cross-border within EEA), UK FPS transfers up to £1 million per transaction, and SWIFT global transfers in up to 127 currencies.
• ISX Direct Debit Automated recurring payment service supporting SEPA Direct Debit across Europe and Bacs Direct Debit in the UK for subscription, auto top-up and bill payments.
• Card Acquiring Card payment processing service offering merchant acquiring across major card schemes (Visa, Mastercard, UnionPay, AMEX, JCB, Diners Club International) under direct principal licensing.
• Paydentity™ Identity verification and KYC solution using multi-biometric verification (facial, speech, iris, fingerprint, gait, heartbeat, heart rate) via patented video KYC technology for remote identity verification and fraud prevention.
• FinOps Advanced financial operations reporting solution providing business intelligence dashboards, transaction pattern analysis, and streamlined operational reporting.
• Verification of Payee (VoP) SEPA payment verification service that confirms payee name matches IBAN before transaction execution, reducing fraud and misdirected payments under the EU Instant Payments Regulation.

Quantifiable outcome

• 81% revenue growth to €58.7 million in FY 2024
• +5 more outcomes

Named customers2 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability8 records

Feature9 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Wix.comcoreTechnology or IntegrationISX Financial launched its PaidBy® open banking solution with Wix.com, enabling Wix merchants to accept instant bank payments through ISX's A2A payment platform.
• Central Bank of CypruscoreOthersHome regulator authorizing ISX Financial EU Plc as EEA Electronic Money Institution. Granted T2 RTGS access authorization enabling direct participation in Eurosystem payment infrastructure.
• Financial Conduct Authority (FCA) UKcoreOthersUK financial regulator authorizing ISX Financial UK Ltd as eMoney Institution under FRN 901034, enabling provision of payment and eMoney services in the UK.
• Central Bank of LatviacoreTechnology or IntegrationISX Financial integrated with Central Bank of Latvia for T2 RTGS connectivity, providing path diversity and systems redundancy alongside Central Bank of Lithuania connection.
• Central Bank of LithuaniacoreTechnology or IntegrationISX Financial finalizing connectivity with Central Bank of Lithuania for T2 RTGS access, complementing Latvia connection for redundancy and path diversity.
• APOEL FCminorGTM or Marketing PartnerSports sponsorship renewal for 2025-2026 and 2026-2027 seasons. APOEL FC is the most successful football team in Cyprus with 29 national championships. Sponsorship aligns with ISX 'Dream Big' initiative supporting sports and community.

Scale indicators14 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Modulr: UK FCA-authorised electronic money institution offering API-first payments infrastructure, multi-currency accounts, and open banking services to businesses — directly comparable e-money + payments-rails business model to ISX.
• ClearBank: UK-regulated bank with direct Faster Payments access providing clearing, settlement, and embedded banking infrastructure to fintechs — overlapping with ISX's Probanx® core banking and direct scheme-connectivity thesis.
• Banking Circle: Payments-focused financial institution providing multi-currency accounts, FX, and payment rails specifically built for other banks and fintechs — comparable wholesale-payments and BaaS positioning.
• Equals Money: Multi-currency corporate accounts and FX/payments platform serving SMEs and corporates — directly competitive with ISXMoney® on multi-currency IBANs and international payments.
• Currencycloud: Visa-owned cross-border payments and FX-as-a-service infrastructure for FIs and fintechs — directly comparable to ISX's multi-currency and global-transfer capabilities.

Emerging players

• Wirex: Multi-currency digital wallet with crypto and card-issuing capabilities competing in the same e-money + consumer wallet space as ISX's flykk® offering.

Broad incumbents

• Revolut: Global super-app with multi-currency accounts, payments, and business banking — overlapping end-to-end with ISXMoney®, ISXPay®, and flykk® but at vastly greater scale.
• Wise: Multi-currency accounts and low-cost cross-border money transfer leader — directly competitive with ISX's global transfer and multi-currency corporate account proposition.
• Worldline: One of Europe's largest payment processors and an early commercial partner of ISX; overlapping merchant acquiring, SEPA, and open banking capabilities across the EEA.
• Nuvei: Global payments technology platform offering card acquiring, alternative payment methods, and cross-border capabilities — adjacent competitor for enterprise payment processing and mass payouts comparable to ISXPay and MassPay.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/FinancialIsx

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 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 ISX Financial