Neobanks authorised as e-money institutions
short answer48 of the 368 neobanks tracked here are e-money institutions. An e-money institution may issue electronic money and cards but may not lend your deposits. The largest by disclosed users are PhonePe, GCash and Wise; all 48 are listed below with custody, licence and geography.
An e-money institution may issue electronic money and cards but may not lend your deposits. Funds are safeguarded in segregated accounts rather than insured as deposits, which protects you in an insolvency but is not the same guarantee as deposit insurance.
All 48 e-money institutions
| neobank | type | hq | custody | licence / structure | reported users |
|---|---|---|---|---|---|
| PhonePe | traditional | Bengaluru, IN | Custodial | RBI PPI wallet (e-money issuer) + payment aggregator licence (2025); IRDAI insurance broking | 200M MAU (2025) |
| GCash | traditional | Manila, PH | Custodial | E-money issuer licence (EMI-NBFI, Bangko Sentral ng Pilipinas) via G-Xchange Inc.; Mynt group | 94M users (2024) |
| Wise | traditional | London, UK | Custodial | E-money/payment licences globally | 19M customers (FY26) |
| Algbra | traditional | London, UK | Custodial | E-money institution (FCA, FRN 952360, UK) | — |
| ANNA Money | traditional | Cardiff, UK | Custodial | E-money | — |
| Bling | traditional | Berlin, DE | Custodial | E-money distributor of Treezor (ACPR-licensed French EMI, Société Générale group) | — |
| Chipper Cash | hybrid | San Francisco, US | Custodial | Licensed e-money/payments across Africa (CBN, BoG, BoU, BNR); 40+ US money-transmitter licences; FCA EMI (UK) | — |
| Curve | traditional | London, UK | Custodial | E-money institution (FCA UK, FRN 900926); EEA via Curve Europe UAB EMI (Bank of Lithuania) | — |
| DANA | traditional | Jakarta, ID | Custodial | E-money issuer licence (Bank Indonesia) | — |
| eToro Money | hybrid | Tel Aviv, IL | Custodial | Broker-led; e-money institution (eToro Money UK, FCA FRN 900203; eToro Money Malta, MFSA) | — |
| Eversend | traditional | Kampala/Paris | Custodial | E-money issuer + PSP licences (Bank of Uganda); FinCEN and FINTRAC registrations | — |
| Finom | traditional | Amsterdam, NL | Custodial | E-money institution (FINOM Payments B.V., DNB Netherlands); EU/EEA passporting | — |
| Flowe | traditional | Milan, IT | Custodial | E-money institution (IMEL, Bank of Italy, 2019); founded by Banca Mediolanum | — |
| Global66 | traditional | Santiago, CL | Custodial | Prepaid-card e-money issuer licence (CMF, Chile); cross-border FX via Global 81 SpA | — |
| Gnosis Pay | web3-native | Zug, CH | Self-custodial | E-money via Monavate (UK/EU); funds in your own Safe | — |
| GoPay | traditional | Jakarta, ID | Custodial | E-money issuer licensed by Bank Indonesia (PT Dompet Anak Bangsa, since 2014); PJP Category 1; Bank Jago partner | — |
| GrabPay | traditional | Singapore, SG | Custodial | Major payment institution (MPI) licence (MAS Singapore, PS20200167); e-money issuer | — |
| Holyheld | web3-native | London, UK | Self-custodial | E-money partners (EU); non-custodial top-ups | — |
| Hype | traditional | Milan, IT | Custodial | E-money institution (IMEL, Banca d'Italia); being merged into Banca Sella (2026) | — |
| Indy | traditional | Lyon, FR | Custodial | Accounts via Swan, ACPR-licensed e-money institution (France); French IBAN | — |
| Kestrl | traditional | London, UK | Custodial | Accounts and cards issued by AF Payments Ltd, FCA-authorised e-money institution (FRN 900440) | — |
| Moneco | traditional | Paris, FR | Custodial | Accounts and cards via regulated EMI partners (Europe/US); Moneco Canada registered with FINTRAC | — |
| Monese | traditional | London, UK | Custodial | FCA-authorised e-money institution (FRN 900960); UK accounts as agent of PrePay Technologies; owned by Pockit | — |
| Movii | traditional | Bogotá, CO | Custodial | SEDPE e-money licence (Superintendencia Financiera, Colombia) | — |
| NayaPay | traditional | Karachi, PK | Custodial | E-money institution (State Bank of Pakistan EMI licence, 2021) | — |
| Neon | traditional | São Paulo, BR | Custodial | Payment institution / e-money issuer authorised by Banco Central do Brasil (2021); Neon CTVM brokerage | — |
| NG.cash | traditional | Rio de Janeiro, BR | Custodial | Payment institution (Banco Central do Brasil, e-money issuer licence, May 2025) | — |
| NOW Money | traditional | Dubai, AE | Custodial | E-money institution / Stored Value Facility licence (Central Bank of UAE); funds safeguarded at UAE banks incl. CBI | — |
| OVO | traditional | Jakarta, ID | Custodial | Bank Indonesia e-money licence (PT Visionet Internasional, 2017); QRIS + funds-transfer licences | — |
| Papara | traditional | Istanbul, TR | Custodial | E-money institution (CBRT, Turkey); licence revoked Oct 2025, reinstated under state trusteeship | — |
| Paysera | traditional | Vilnius, LT | Custodial | E-money institution licence (Bank of Lithuania, 2012); EEA passported | — |
| Pixpay | traditional | Paris, FR | Custodial | E-money distributor — agent of Treezor (ACPR-licensed EMI, Société Générale group); acquired by GoHenry/Acorns | — |
| Pockit | traditional | London, UK | Custodial | E-money via FCA-authorised EMIs (Modulr, PSI-Pay); owns Monese's EMI licence | — |
| Prex | traditional | Montevideo, UY | Custodial | E-money (UY/AR/PE) | — |
| SadaPay | traditional | Karachi, PK | Custodial | E-money institution (EMI) licence from State Bank of Pakistan; owned by Papara | — |
| SpectroCoin | hybrid | Vilnius, LT | Custodial | Crypto VASP (Lithuania); e-money IBANs and Visa cards via UAB Pervesk (Bank of Lithuania EMI No. 17) | — |
| Suits Me | traditional | Cheshire, UK | Custodial | E-money accounts issued by PrePay Technologies (FCA EMI, FRN 900010); Suits Me acts as agent/programme manager | — |
| Sumeria (Lydia) | traditional | Paris, FR | Custodial | E-money institution (Lydia Solutions, ACPR France, CIB 17598); credit-institution licence applied for | — |
| Tap Global | hybrid | London, UK | Custodial | Gibraltar DLT/VASP licence (GFSC, No. 25532); cards via Transact Payments EMI | — |
| Tide | traditional | London, UK | Custodial | E-money; deposits via ClearBank | — |
| Touch 'n Go eWallet | traditional | Kuala Lumpur, MY | Custodial | E-money issuer licence (Bank Negara Malaysia) | — |
| TrueMoney | traditional | Bangkok, TH | Custodial | E-money licence (Bank of Thailand) via Ascend Money; local e-money/payments licences across 7 SEA markets | — |
| Tweeq | traditional | Riyadh, SA | Custodial | SAMA e-money licence | — |
| Wave | traditional | Dakar, SN | Custodial | First non-telecom e-money issuer (BCEAO) | — |
| Wirex | hybrid | London, UK | Custodial | E-money institution (FCA, FRN 902025); crypto via Wirex Digital Services VASP (OAM Italy) | — |
| YouTrip | traditional | Singapore, SG | Custodial | Major Payment Institution (MPI) licence from MAS, Singapore — e-money issuance; funds safeguarded at DBS/StanChart/UOB | — |
| ZEN.com | traditional | Vilnius, LT | Custodial | E-money institution (Bank of Lithuania, LB000457, 2018) | — |
| Zinli | traditional | Panama City, PA | Custodial | Registered e-money issuer (MFTECH S.A.) with Superintendencia de Bancos de Panamá — AML/CFT supervision only | — |
Common questions
Neobanks authorised as e-money institutions: how many are there?
48 of the 368 neobanks tracked here are e-money institutions. Every entry is verified active and listed on this page with its custody model, licence detail and the regions it serves.
Which are the biggest e-money institutions?
By self-reported users, PhonePe, GCash and Wise. Only 3 of these 48 disclose a user figure, so treat any ranking by size as partial rather than complete.
What does this category actually mean?
An e-money institution may issue electronic money and cards but may not lend your deposits. Funds are safeguarded in segregated accounts rather than insured as deposits, which protects you in an insolvency but is not the same guarantee as deposit insurance.
Related
Neobanks running on someone else’s banking licence (77) · Neobanks that hold their own banking licence (127) · Neobanks operating under crypto and money-transmitter licences (24) · Neobanks authorised as crypto-asset service providers under MiCA (8) · Neobanks authorised as payment institutions (13) · Neobanks that never hold your money (51)
go deeperFilter these live in the interactive directory, browse every cut of the dataset, or take the raw fields from data.json.
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.