MultiPass

What MultiPass does

MultiPass is a UK-regulated Electronic Money Institution that provides multi-currency business accounts and cross-border payment services to small and medium-sized enterprises trading internationally. Founded in 2017 in London as an internal payment solution for Dyninno Group before being spun out to external clients, MultiPass operates from UK headquarters (Baker Street, London) and a UAE branch in the Dubai International Financial Centre, holding FCA authorisation (FRN 900840) and DFSA regulation (F008489, License CL8375). The platform combines UK and UAE IBANs, support for 70+ currencies across 200+ countries, local payment rails (SEPA, ACH, Faster Payments) as alternatives to SWIFT, a live FX desk, batch payment processing, prepaid Mastercard corporate cards (issued via Moorwand Ltd), and an Open Banking API for payment creation, balance checks, and transaction retrieval.

The core technology stack is a multi-modular payment platform with proprietary IBAN issuance, SWIFT connectivity, and 25+ payment schemes, built on Dyninno Group's two decades of FinTech infrastructure and supported by data-driven risk management. MultiPass makes money through a layered revenue model: one-time account opening fees starting at £500, monthly maintenance fees from £100, annual due diligence fees, transaction fees structured across four geographic zones (from 0.10% in Zone 1 to 1% in Zone 4), FX margin on currency conversion (the dominant margin lever), card issuance and usage fees, and partner referral commissions. Distribution combines 100% remote self-serve onboarding (5–10 minute application) with dedicated enterprise relationship managers and a partner referral channel spanning company formation agents, accountants, lawyers, and consultants. Target verticals include import/export, IT and startups, e-commerce and dropshipping, travel agencies, digital marketing agencies, and holding companies with multi-entity treasury needs.

Name

MultiPass

Legal name

MultiPass Platforms Limited

Website

https://multipass.co

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

MultiPass is a UK FCA-regulated Electronic Money Institution providing multi-currency business accounts, local payment rails, FX, and corporate cards to SMEs trading internationally across 70+ currencies and 200+ countries.

Ownership category

akta.pro rank

Product category

Cross-Border Business Banking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210), Credit Intermediation and Related Activities (522)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Cross-Border & Multi-Currency Gateway Services (FSAMACAI)

akta.pro secondary industries

Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE), International / Multi-Currency Wallets (FSAMAEAL), Cross-Border FX, Multi-currency Settlement & Dynamic Currency Conversion (THACAJAF), Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH)

Keywords

• Multi-currency business accounts
• Cross-border payments
• Foreign exchange services
• Corporate banking solutions
• International money transfers

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Account Opening and Onboarding Fees: One-time fees for account opening and due diligence starting from £500, with priority onboarding available for additional £500.
2. Monthly Maintenance Fees: Recurring monthly fees starting from £100 for account maintenance, plus annual due diligence fees.
3. Payment Transaction Fees: Fees for incoming and outgoing payments including local EU payments (€2 incoming, from 0.10% outgoing), UK Faster Payments (£1 outgoing), ACH (from 0.15%), and international SWIFT transfers (£20-60 depending on direction and currency).
4. Currency Exchange (FX): Revenue generated from FX margins. MultiPass offers exchange rates with variable markups depending on customer business type and transaction volume. Claims to save up to 90% on exchange rates compared to traditional banks.
5. Corporate Card Fees: Fees for card issuance (£10), maintenance (£10/month), ATM withdrawals (1.5%), chargebacks (£50), and FX markup (1.5%) on card transactions in GBP and EUR.
6. Partner Commissions: Partners earn recurring commissions for each referred business client that funds an account. Commission structure based on funded accounts and other partner actions.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

MultiPass provides a regulated multi-currency business account that lets SMEs send, receive, hold and exchange money in 70+ currencies across 200+ countries, with local UK and UAE IBANs, 25+ local payment rails (SEPA, ACH, Faster Payments), batch payouts, FX, corporate cards and an Open Banking API. The service is delivered through a self-serve online platform backed by dedicated personal relationship managers, and is monetised via account opening fees, monthly maintenance, per-transaction fees and FX margins.

Product overview

MultiPass is a bank challenger providing a multi-modular neo-banking platform for businesses. The core offering consists of the Global Account with built-in MultiCurrency & FX capabilities, supported by add-on modules including Local Payouts for domestic payment rails, Batch Payments for bulk processing, and Corporate Cards for business expenses. An Open Banking API enables developer integration for payment automation. All services operate through a single platform accessible via online banking, with dedicated personal managers providing corporate-level customer support.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Account Multi-currency business account providing UK and UAE IBANs with support for 70+ currencies. Enables SWIFT transfers, 25+ local payment methods and transactions across 200+ countries and territories with a dedicated personal relationship manager. Built for SMEs trading internationally.
• MultiCurrency & FX Currency exchange and multi-currency management service enabling businesses to receive, hold, convert and pay in 70+ currencies from a single dashboard with live FX desk rates. Provides bank-beating exchange rates with transparent, fixed rates disclosed in advance.
• Local Payouts Local payment rail access providing over 20 local payment methods including SEPA for Europe, ACH for US, Faster Payments for UK and various country-specific rails, enabling cost-effective domestic transfers as alternatives to SWIFT that can be up to 40x cheaper.
• Batch Payments Bulk payout service allowing businesses to process multiple payments in different currencies to various recipients via CSV file upload, with team management, user roles and approval workflows. Saves hours per week for businesses paying many suppliers.
• Open Banking API Developer API suite providing payment creation, balance checking and transaction history retrieval for system integration and financial operations automation. Built on secure, scalable infrastructure with customizable integration options.
• Corporate Cards Prepaid Mastercard business cards available in virtual and plastic formats, supporting GBP and EUR balances, up to 15 cards per company, with online management for issuance, activation, top-up and blocking. Includes FX markup, ATM withdrawal and chargeback fees.

Quantifiable outcome

• Save up to 90% on exchange rates for 70+ currencies
• +4 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered strategic, core and minor.

• TerraPaystrategicTechnology or Integration · 6 May 2024TerraPay, a leading global money movement company, partnered with MultiPass to redefine cross-border payment solutions for corporate customers. This partnership expands MultiPass's payment reach and capabilities for international business transactions.
• Dyninno GroupcoreStrategic or Co-development PartnerMultiPass was founded in 2017 as an in-house cross-border payment solution for Dyninno Group. MultiPass is a wholly-owned subsidiary of Dyninno Group, an international holding founded in 2004 with headquarters in San Francisco. The partnership provides MultiPass with access to Dyninno's 20+ years of FinTech experience, established infrastructure, and group resources including 5,100+ employees across 25 offices worldwide.
• The Payments AssociationminorOthersMultiPass is an accepted member of The Payments Association, providing industry recognition and networking opportunities within the payments ecosystem.
• Moorwand LtdcoreOEM/ Whitelabel/ Licensing PartnerMultiPass corporate cards are provided by Moorwand Ltd (FCA Reference No 900709), a Principal member of Mastercard International Incorporated. Moorwand issues the physical and virtual prepaid Mastercard cards used by MultiPass business clients. MultiPass Card is provided by Moorwand Ltd which handles card operations and is responsible for card-related customer complaints.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Wise: Wise (formerly TransferWise) offers multi-currency business accounts with local account details in 40+ currencies and cross-border payments at mid-market FX rates. It is the most direct competitor to MultiPass for SMEs trading internationally.
• Revolut Business: Revolut Business provides multi-currency accounts, international payments, FX, and corporate cards to SMEs and larger companies — directly competing with MultiPass's core product suite and target SME segment.
• Airwallex: Airwallex offers multi-currency business accounts, local payment rails in 60+ countries, FX, corporate cards, and APIs — closely mirroring MultiPass's modular platform and e-commerce/SME focus.
• OFX: OFX provides international money transfers, multi-currency accounts, and FX risk management for businesses and individuals — directly comparable to MultiPass's cross-border payment and FX offerings.
• WorldFirst: WorldFirst (owned by Ant Group) provides multi-currency accounts and cross-border payment services to SMEs and e-commerce sellers — competing head-on with MultiPass for international SMBs and online merchants.
• Payoneer: Payoneer offers multi-currency business accounts, cross-border payments, mass payouts, and corporate cards to freelancers, SMBs, and marketplaces — comparable to MultiPass's import/export, travel, and digital agency use cases.
• Brex: Brex provides corporate cards, multi-currency accounts, and expense management for businesses — competing with MultiPass's corporate card and business banking offerings, particularly for internationally operating SMEs.

Broad incumbents

• Currencycloud: Currencycloud (owned by Visa) provides cross-border payment infrastructure and FX APIs to banks and fintechs — overlapping with MultiPass's Open Banking API and SWIFT connectivity, but operating primarily as a B2B infrastructure layer.

Emerging players

• TerraPay: TerraPay is a global money movement network that MultiPass partnered with in May 2024 to expand cross-border reach. It operates as both a partner and a partial competitor in cross-border payment orchestration.
• Remitly: Remitly provides cross-border remittances and money transfer services globally. While primarily consumer-focused, it overlaps with MultiPass's cross-border payment rails and emerging market currency coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/multipassplatforms
• Facebookfacebook.com/multipassplatforms

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 MultiPass