Phoenix Payments
Phoenix Payments Ltd (Paytah) was a Malta-licensed payment institution under PSD2 offering blockchain-based multicurrency payment accounts, SEPA/SWIFT transfers, and crypto-friendly banking services to underbanked individuals and SMBs across the EU/EEA. Operations ceased on 1 January 2022 following MFSA license surrender.
- Company typePrivate
- Founded-
- HeadquartersBirkirkara, Malta
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Phoenix Payments does
Phoenix Payments Ltd, doing business as Paytah, was a Malta-incorporated payment institution (C-77764) licensed by the Malta Financial Services Authority under PSD2, with passporting rights across the 28 EU/EEA member states. The company operated a digital-first, self-serve platform — web, mobile apps, and an SDK — targeting crypto and digital-asset businesses, underbanked individuals, and underbanked SMBs. Its core product, the Paytah Wallet (launched December 2018 in partnership with Heat Ledger), was a multicurrency account application running on 3rd-generation distributed-ledger technology supporting 26 fiat currencies, instant internal transfers, SEPA/SWIFT transfers, credit card processing, and encrypted client messaging.
Underlying technology centered on blockchain-based payment accounts with private-key authentication (replacing SMS/token devices), in-house IBAN issuance (claimed as a global first for blockchain-based IBANs), and direct integration with Bank of Lithuania's CENTROlink SEPA infrastructure, enabling SEPA Instant Credit Transfers in under 10 seconds. ML pattern-recognition tools were applied to AML, KYC, and transaction monitoring, with automated decisions subject to GDPR-mandated human review. The product portfolio expanded through add-ons including Instah Pay (2020), virtual IBANs, personalized IBANs, mass payments, and a programmable SDK for B2B/B2C flows.
Revenue came from transaction-based fees (SEPA, SWIFT, card, cross-border with ECB-rate currency conversion), plus recurring charges such as dormant-account administrative fees of €500-€5,000/month, 0.5% per-annum negative interest on balances above €100,000, and early-termination fees for sub-six-month customers. The 11-50 person organization was founder-led (Chairman Marco Lavanna) and operated until it gave notice to surrender its MFSA license on 29 October 2021, ceasing all payment-service activities effective 1 January 2022.
Phoenix Payments firmographics
Firmographics- Name
- Phoenix Payments
- Legal name
- Phoenix Payments Ltd
- Website
- https://paytah.com
- Company type
- Private
- Operating status
- Closed
- Headcount range
- 11–50 employees
- Short description
- Phoenix Payments Ltd (Paytah) was a Malta-licensed payment institution under PSD2 offering blockchain-based multicurrency payment accounts, SEPA/SWIFT transfers, and crypto-friendly banking services to underbanked individuals and SMBs across the EU/EEA. Operations ceased on 1 January 2022 following MFSA license surrender.
- Ownership category
- akta.pro rank
Phoenix Payments industry classification
Industry- Product category
- Payment Institution Services / Blockchain-based Payment Accounts
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
- akta.pro secondary industries
- Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC), Payments Operations (ACH/Wire/RTGS, SWIFT, SEPA, Checks) (FSABALAB), Marketplace & Platform Seller Payouts (FSAMAKAE), Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)
Keywords
Where Phoenix Payments is headquartered
LocationHeadquarters
- HQ city
- Birkirkara
- HQ country
- Malta
- HQ region
- Europe
Offices4 records
Markets served
Phoenix Payments business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Payment Transaction Fees: Fees charged for processing payment transactions including SEPA transfers, SWIFT international wires, and credit card transactions. Fees are set out in the Agreement and may be amended with two months' notice.
- Account Maintenance and Minimum Balance Fees: High-risk customers may be required to maintain minimum balances. Dormant accounts (inactive for 6+ months) are charged administrative fees ranging from €500 to €5,000 per month.
- Cross-Border Payment Fees: Fees for cross-border payments with client assuming all associated costs and risks. Currency conversion using ECB rates with margin applied.
- Negative Interest on Large Balances: 0.5% per annum negative interest charged on balances exceeding €100,000, applied daily on weekdays.
- Early Termination Fees: Early termination costs may apply for customers who have been with Paytah for less than six months.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard payment account services |
| Subscription | Monthly | Dormant account management |
| Subscription | Pay-as-you-go | Large balance accounts |
| Other | One time/ perpetual license | Early termination |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Phoenix Payments product offering
Product offeringCore offering
Phoenix Payments Ltd (doing business as Paytah) operates a blockchain-based payment institution that issues multicurrency payment accounts and IBANs to individuals and businesses across the EU/EEA. Its core offering is the Paytah Wallet, a distributed-ledger-backed account application supporting 26 fiat currencies with instant internal transfers, SEPA and SWIFT transfers, SEPA Instant (Instah Pay), credit card processing, mass payments, virtual IBANs, and encrypted messaging, combined with in-house IBAN issuance for faster onboarding of underbanked and crypto-friendly customers.
Product overview
Phoenix Payments (operating as Paytah) offers a unified payment platform centered around the Paytah Wallet—a blockchain-powered multicurrency account application. The core wallet provides instant internal transfers, SEPA transfers, SWIFT international transfers, credit card processing, and encrypted messaging across 26 fiat currencies. The product portfolio extends through add-on modules including Instah Pay (SEPA Instant Credit Transfer for sub-10-second Euro transfers), Virtual IBAN (virtual account routing for business payment management), Personalized IBAN (in-house issued IBANs for faster onboarding), Mass Payments (batch processing), and an SDK for automated payment integrations. All services are regulated by MFSA under PSD2 and passport to EU/EEA member states.
Differentiator
Problem solved
Functional benefit
Brands
- Paytah Wallet: Multi-currency account application running on blockchain technology, offering instant transfers, SEPA transfers, Euro deposits, and encrypted messaging services
Products and services
- Paytah Wallet Multicurrency blockchain-based payment account application (Paytah Wallet) providing instant transfers, SEPA, SWIFT, credit card services, encrypted messaging, and support for 26 fiat currencies for individual and business customers in the EU/EEA.
- Instah Pay (SEPA Instant Credit Transfer) SEPA Instant Credit Transfer service enabling Euro transfers within the SEPA region in under 10 seconds, available 24/7 including weekends and holidays.
- Virtual IBAN Virtual International Bank Account Number service enabling businesses to assign unique virtual accounts for each client, product line, currency, or payment, routing to a master actual bank account for simplified reconciliation.
- Personalized IBAN Custom International Bank Account Numbers issued in-house to facilitate faster account opening for businesses and individuals, reducing bureaucracy and onboarding time.
- SDK for Automated Payments Software development kit enabling businesses to integrate automated payment capabilities including settlement IBAN accounts, payment accounts, segregated accounts, custom IBANs, instant internal transfers, and B2B and B2C payments.
- SEPA Transfer Euro transfers to external accounts via the SEPA payment system, including both standard and Instant Credit Transfer options.
- SWIFT Transfer International wire transfer service for cross-border payments outside the SEPA region.
- Mass Payments Bulk payment processing capability allowing businesses to send multiple payments in a single batch operation.
- Credit Card Processing Credit card transaction services enabling businesses to accept and process credit card payments.
Quantifiable outcome
- Transfers processed in under 10 seconds for SEPA Instant
- +2 more outcomes
Companies that use Phoenix Payments
Customer profileSegments4 records
Ideal customer profiles3 records
Phoenix Payments technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability3 records
Feature5 records
Phoenix Payments partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Bank of LithuaniacoreIntegration with Bank of Lithuania's CENTROlink system providing direct SEPA payment access to all Paytah clients. This partnership enables dedicated IBANs and faster processing times for Euro transfers within the SEPA region. Marco Lavanna, founder of Paytah, expressed pride in this significant milestone enabling direct SEPA payment access.
- European Payments CouncilcorePaytah is listed as a participant of the European Payments Council and SCT (SEPA Credit Transfer) participant. This enables compliance with European payment standards and connectivity to the broader SEPA payment infrastructure.
- Heat LedgercoreStrategic technology partnership for developing the Paytah Wallet - a multicurrency payment account application running on 3rd generation distributed ledger technology. Heat Ledger provided the blockchain infrastructure enabling Paytah's innovative payment services with enhanced security, privacy, and transparency features.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Phoenix Payments competitors and assessment
Company assessmentDirect peers
- Banking Circle: Banking Circle is a licensed EU payment institution providing multi-currency accounts, SEPA Instant, and B2B payment infrastructure to PSPs and fintechs, directly comparable to Paytah's regulated, API-first payment institution offering.
- Paysera: Paysera is a Lithuania-based licensed payment institution offering multi-currency accounts, IBANs, SEPA/SWIFT transfers and mass payouts across the EEA, mirroring Paytah's core product stack and EU/EEA passporting posture.
- Equals Money: Equals Money (formerly FairFX) provides multi-currency accounts, IBANs, and international payment services to SMEs and individuals in the EEA, closely overlapping with Paytah's IBAN-centric, cross-border offering.
- Clear Junction: Clear Junction is a regulated payment institution offering multi-currency accounts, IBAN issuance, and B2B payouts, with explicit servicing of fintechs and crypto-adjacent clients - a near-direct comparator to Paytah's high-risk/underbanked GTM.
- Wirex: Wirex is a crypto-friendly multi-currency payment account and card platform operating in the EU, directly comparable to Paytah's positioning as a regulated, IBAN-issuing, crypto-friendly PSP serving underbanked and digital-asset customers.
- Modulr: Modulr is a UK/EU licensed payment institution providing API-driven payment accounts, IBANs, and SEPA connectivity to businesses - a close peer to Paytah's API/SDK-enabled, B2B-focused payment institution model.
Broad incumbents
- Wise: Wise (formerly TransferWise) operates multi-currency accounts and low-cost cross-border payments globally under EU/UK regulatory licenses, overlapping with Paytah's IBAN, SEPA, and SWIFT-based value proposition but at materially larger scale.
- Bunq: Bunq is an EU-licensed digital bank offering multi-currency accounts and SEPA Instant transfers across the EEA, sharing Paytah's EU regulatory posture and multi-currency, instant-transfer value proposition.
- Revolut: Revolut is a large-scale EU-licensed multi-currency account and payment platform covering the same EU/EEA customer base as Paytah, but at much greater scale and with a broader consumer product set.
Emerging players
- Cryptopay: Cryptopay is a smaller crypto-friendly payment and IBAN-issuing provider in the EEA, comparable to Paytah's niche positioning as a crypto-friendly PSP with multi-currency accounts for underbanked clients.
Market position
Strengths3 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Phoenix Payments social profiles
Digital presencePhoenix Payments compliance and trust
Trust signalCompliance6 records
Phoenix Payments financial estimates
Financial estimateRevenue estimate
Valuation estimate
Phoenix Payments leadership team
Management profileNumber of profiles
Profiles3 records
Phoenix Payments funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Phoenix Payments M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Phoenix Payments
What does Phoenix Payments do?
Phoenix Payments Ltd (doing business as Paytah) operates a blockchain-based payment institution that issues multicurrency payment accounts and IBANs to individuals and businesses across the EU/EEA. Its core offering is the Paytah Wallet, a distributed-ledger-backed account application supporting 26 fiat currencies with instant internal transfers, SEPA and SWIFT transfers, SEPA Instant (Instah Pay), credit card processing, mass payments, virtual IBANs, and encrypted messaging, combined with in-house IBAN issuance for faster onboarding of underbanked and crypto-friendly customers.
Is Phoenix Payments a public or private company?
Phoenix Payments is a private company. It is classified as founder individual operated bootstrapped and is currently closed.
When was Phoenix Payments founded?
Phoenix Payments was founded in -1. It employs 11 to 50 people.
Where is Phoenix Payments based?
Phoenix Payments is headquartered in Birkirkara, Malta, in the Europe region.
How does Phoenix Payments make money?
Five revenue lines are on record. Payment Transaction Fees are the primary driver. The others are account Maintenance and Minimum Balance Fees, cross-Border Payment Fees, negative Interest on Large Balances and early Termination Fees.
Who are Phoenix Payments's main competitors?
Direct peers on record are Banking Circle, Paysera, Equals Money, Clear Junction, Wirex and Modulr. Broad incumbents are Wise, Bunq and Revolut. Cryptopay is listed as an emerging player.
Does Phoenix Payments have an API?
Yes. Paytah offers an SDK for automated payments. The SDK is available for businesses to integrate automated payment capabilities including settlement IBAN accounts, payment accounts, segregated accounts, custom IBAN, instant internal transfers, and B2B and B2C payments.
What industry is Phoenix Payments in?
Phoenix Payments's product category is Payment Institution Services / Blockchain-based Payment Accounts. Its primary akta.pro industry code is FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services, with a secondary code of FSAMAFAC, Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant). Its NAICS code is 522320 and its SIC code is 6200.