What Satchel does

Satchel (legal entity Satchelpay UAB) is a Vilnius, Lithuania-headquartered electronic money institution licensed by the Bank of Lithuania (EMI license No. 28, payment system participant code No. 30600), operating under PSD2 and Instant Payments Regulation frameworks. The company provides cloud-based multi-currency banking and payment infrastructure, offering unique IBAN business and personal accounts with SWIFT access across 20+ currencies and 100+ countries, SEPA Instant Credit Transfers, and a suite of card products (including white-label cards) issued through its principal membership with Mastercard Europe. Its core technology is an API-first platform that connects to CENTROlink (the Lithuanian national payment gateway) and Mastercard rails, enabling IBAN generation, payment processing, card issuance, and card acquiring as both packaged products and embeddable APIs.

Satchel monetizes through a mix of recurring account maintenance fees, transaction-based fees (SEPA, SWIFT, card), FX margins on currency exchange, card issuance/replacement/chargeback fees, and customized BaaS subscription contracts for institutional clients. Distribution is primarily self-serve product-led growth via web and mobile onboarding (my.satchel.eu with remote KYC), augmented by a direct enterprise sales motion for BaaS/embedded finance clients. The website is localized in eight languages (EN, LT, UA, IT, DE, PL, ES, FR, PT), indicating cross-European go-to-market.

The company serves a diversified vertical mix including import/export businesses, e-commerce merchants, online marketplaces, consulting and marketing agencies, travel and hospitality operators, cross-border trade companies, freelancers/entrepreneurs, and licensed gambling operators — a vertical segmentation approach. Institutional clients access the platform's infrastructure without obtaining their own EMI license. Founded in 2018 with 51-100 employees and no disclosed external funding, Satchel operates as an independent private company with a regulatory-anchored, API-driven banking model.

Name

Satchel

Legal name

Satchelpay UAB

Website

https://satchel.eu

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Satchel (Satchelpay UAB) is a Bank of Lithuania-licensed electronic money institution headquartered in Vilnius that provides cloud-based multi-currency business and personal accounts, SEPA/SWIFT payment processing, Mastercard-powered card issuing, and Banking as a Service APIs to SMBs, freelancers, e-commerce merchants, and institutional clients across 100+ countries.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

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

SIC

Finance Services (6199)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB), Travel Money Cards & Multi-Currency Prepaid (FSAMANAI)

Keywords

• Digital banking services
• Multi-currency accounts
• Payment processing
• Banking as a service
• API banking

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Account Maintenance Fees: Monthly account maintenance fees for business and personal accounts. Different fee structures apply to special client categories as determined by Satchel policies.
2. Payment Processing: Transaction fees for sending and receiving payments including SEPA and SWIFT transfers. Fees vary by transfer type and currency.
3. Currency Exchange: Currency exchange services with competitive FX rates. Revenue generated through exchange rate margins.
4. Card Services: Fees for card issuance, replacement, and delivery. Chargeback fees apply per Mastercard scheme rules.
5. Banking as a Service (BaaS): Customized payment and financial infrastructure solutions for institutional clients without license requirements. Customized pricing for enterprise clients reflecting services used, transaction volume, and commercial considerations.
6. BaaS Customized Pricing: Individual pricing agreements for BaaS clients that may differ from standard rates based on client profile, services used, transaction volume, and due diligence results.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Satchel (Satchelpay UAB) is a licensed electronic money institution providing multi-currency business and personal accounts, SEPA/SWIFT international payments, Mastercard-branded payment cards, and Banking-as-a-Service/API infrastructure. The platform supports operations across 20+ currencies and 100+ countries, enabling businesses and individuals to receive, pay, convert, and manage funds through self-serve web and mobile channels.

Product overview

Satchel is a cloud-based digital banking and payment solutions platform offering a unified suite of products centered around multi-currency accounts. The core offering includes Business, Personal, Merchant, and Freelancer accounts with unique IBAN generation, SWIFT access for international transactions, and SEPA payment capabilities. The product portfolio spans multi-currency management across 20+ currencies, payment cards powered by Mastercard (including white-label options), currency exchange services, and SEPA Instant Transfers. For developers and businesses, Satchel provides Banking as a Service (BaaS), Software as a Service (SaaS), Payment Infrastructure solutions, and an extensive API for payment gateway (CENTROlink), card issuance, card acquiring, and payment processing. The platform operates under electronic money institution licensing from the Bank of Lithuania and serves businesses across Europe with coverage in 100+ countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Account Multi-currency business account enabling companies to send and receive international payments with unique IBANs and SWIFT access. For SMBs and companies managing supplier payments, payroll, and cash flow.
• Multi-Currency Business Account Unique multi-currency SWIFT business account allowing operations in over 20 currencies (EUR, USD, GBP, JPY, AUD, CAD, CHF, CNY, HKD, SEK, NOK, DKK, SGD, CZK, PLN, HUF, RON, IDR, INR, MYR, MXN, PHP) with global reach across 100+ countries. For import/export businesses, e-commerce, and agencies with international operations.
• Multi-Currency Personal Account Personal multi-currency account for individuals to manage funds across different currencies with SWIFT access.
• Merchant Account International payment acceptance solutions for online businesses, e-commerce merchants, and marketplaces requiring cross-border settlements and multi-currency payment acceptance.
• Freelancer Account Digital banking account designed for freelancers, entrepreneurs, and individual professionals to receive international payments and manage expenses across currencies.
• Personal Account Day-to-day simple and secure personal money management account for individuals handling everyday finances and online payments.
• Banking as a Service (BaaS) Advanced, customized payment and financial infrastructure provided to institutional clients without requiring them to obtain their own banking license. Includes business and personal accounts, customized payment cards, transparent reporting, and full compliance onboarding.
• White Label Cards White-label card solution powered by Mastercard enabling businesses to issue their own branded payment cards under their own brand identity.
• API Banking Developer API suite providing payment gateway integration to CENTROlink, card issuance, card acquiring, IBAN generation, and payment processing capabilities for businesses embedding banking functions into their workflows.
• Payment Infrastructure Payment infrastructure solutions enabling businesses to process and manage payments across European and global rails.
• Software as a Service (SaaS) SaaS solutions for digital banking and payment infrastructure delivered to businesses on a subscription basis.
• Fintech Consulting Consulting services for businesses seeking to enter the fintech space, covering EMI licensing, regulatory compliance, and operational setup.

Quantifiable outcome

• Access to 20+ major world currencies through unique multi-currency business accounts
• +2 more outcomes

Segments9 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Mastercard EuropecoreTechnology or IntegrationSatchel is a principal member of Mastercard Europe for card issuing. This partnership enables Satchel to issue payment cards under the Mastercard brand, including white-label card solutions. Cards powered by Mastercard support secure online shopping, daily payments, and global acceptance wherever Mastercard is accepted.
• CENTROlinkcoreTechnology or IntegrationPayment gateway connection to CENTROlink, the Lithuanian payment system infrastructure. Enables seamless payment processing for SEPA and other European payment transactions through direct connection to national payment infrastructure.
• Bank of LithuaniacoreOthersRegulatory oversight by the Bank of Lithuania. Satchel operates under electronic money institution licence No. 28. Customer funds are stored in a segregated account at the Bank of Lithuania for protection.
• Plastics for ChangeminorGTM or Marketing PartnerEnvironmental partnership focused on reducing plastic footprint. Satchel supports social change initiatives through this partnership, demonstrating corporate social responsibility commitments.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• N26: Berlin-headquartered European digital bank with multi-currency accounts, business banking, and Mastercard-powered cards. Directly overlaps with Satchel's SMB business account, multi-currency, and card proposition.
• Wise: Wise operates multi-currency accounts, SWIFT/SEPA payments, and FX for individuals and businesses globally. Directly comparable to Satchel on core multi-currency business account proposition and target SMB/international freelancer customer base.
• Revolut: Revolut offers multi-currency accounts, cards, FX, and business banking across Europe under EMI/UK banking licences. Competes directly with Satchel on multi-currency accounts, card issuing, and BaaS-style platform extensions.
• Bunq: Dutch-based European neobank and EMI offering multi-currency business accounts, cards, and API banking. Comparable to Satchel in core account/card proposition and API-first distribution to developers and businesses.
• Paysera: Lithuanian-licensed EMI providing multi-currency accounts, payments, and merchant services across Europe. Closely comparable to Satchel in regulatory jurisdiction, customer profile (SMBs, freelancers, e-commerce), and product mix.

Broad incumbents

• Banking Circle: European licensed bank offering banking-as-a-service, multi-currency accounts, and payment infrastructure to fintechs and corporates. Comparable to Satchel on BaaS proposition and API-first banking infrastructure distribution.
• Adyen: Global payment processor with unified acquiring, multi-currency processing, and embedded financial products. Comparable to Satchel on cross-border payment processing and card acquiring API capabilities.
• Stripe: Global payments infrastructure provider offering card acquiring, multi-currency settlement, and embedded finance APIs. Comparable to Satchel on merchant accounts, card acquiring API, and developer-first distribution.

Emerging players

• Wallester: Estonian EMI specializing in white-label card issuing and business accounts with API-first infrastructure. Closely comparable to Satchel on card issuance, white-label solutions, and BaaS-style institutional offering.
• Pleo: European fintech providing business multi-currency accounts, expense management, and corporate cards. Comparable to Satchel on SMB business accounts, multi-currency cards, and freelancer/consulting target segment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/satchel_pay
• Facebookfacebook.com/satchel.eu
• LinkedInlinkedin.com/company/satcheleu

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Satchel