Comparison · 2026 edition
Magnetiq Bank vs Memo Bank: safeguarding banks compared 2026.
Magnetiq Bank and Memo Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
WhatsApp and Telegram +44 7563 115980
[email protected]
Magnetiq Bank and Memo Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
In the Safeguarding Banks Index, Memo Bank scores higher overall: 3.6 out of 5 (72 out of 100) against 3.5 (71), ranking 4 and 5 of 14. Magnetiq Bank scores higher for firms applying for a licence; Memo Bank scores higher for e-money institutions and payment institutions.
Overall and segment scores out of 100, and the score out of 5.
| Score | Magnetiq Bank | Memo Bank |
|---|---|---|
| Score out of 5 | 3.5 | 3.6 |
| Score out of 100 | 71 | 72 |
| Overall rank | 5 of 14 | 4 of 14 |
| For E-money institutions (out of 100) | 71, rank 5 | 76, rank 4 |
| For payment institutions (out of 100) | 71, rank 5 | 75, rank 4 |
| For firms applying for a licence (out of 100) | 70, rank 4 | 66, rank 7 |
| Type | Latvian bank (AS Magnetiq Bank) supervised by the Bank of Latvia | French bank licensed by the ECB, supervised by the ACPR |
Each score with the evidence behind it.
| Criterion | Magnetiq Bank | Memo Bank |
|---|---|---|
| Who it serves | 4/5 Licensed and pre-licensed EMIs, PIs and crypto firms in Latvia or the EEA named; no minimums published. | 3/5 PIs, EMIs and exempt entities named; a Memo current account is required and countries and minimums are not published. |
| Products | 4/5 Safeguarding and current accounts with one API to SEPA, SEPA Instant and TARGET2, principal SWIFT membership and virtual IBANs; no agency banking stated. | 4/5 Safeguarding accounts paired with settlement accounts in EUR, USD and GBP with SEPA and international transfers; no agency banking. |
| Published pricing | 2/5 General business account and payment fees published as fixed figures; no safeguarding fee or interest published. | 4/5 Interest on client account balances published (25% of €STR); safeguarding account fees on request and plan fees only as a "from" price. |
| Onboarding | 3/5 Firms in the licensing queue targeted and a paid 48-hour application review published; no document list. | 2/5 Online opening stated; no timeline, document list or pre-authorisation route. |
| Technology | 4/5 API with webhooks, instant virtual IBANs and reconciliation support; real-time balances not stated. | 5/5 API with real-time webhooks on every movement and virtual IBAN reconciliation. |
| Standing | 4/5 Licensed bank supervised by the Bank of Latvia with 1000+ client companies published; deposit protection not stated. | 5/5 ECB-licensed bank with FGDR deposit protection and a published count of 50+ client account clients. |
Each criterion is scored 0 to 5 against the best published offer in the Safeguarding Banks Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 21 October 2026.
| Fact | Magnetiq Bank | Memo Bank |
|---|---|---|
| Legal status | "AS Magnetiq Bank is a licensed credit institution supervised by the Bank of Latvia." Registration number 50103189561; "Licence No. 06.01.04/255 (issued on 12 September 2008)", "Reregistered on 20 December 2017, No. 06.01.02.01.340/491". Describes itself as a "Fully Licensed EU Bank". | "Memo Bank is a limited company (Société Anonyme)"; "We're a credit institution, licensed by the ECB and supervised by the ACPR". |
| Who it serves | "PSD2-compliant safeguarding for licensed and pre-licensed EMIs, PIs, MSB and crypto firms." Target clients page: payment and electronic money institutions "registered and licensed in Latvia or the EEA"; crypto companies also listed. Excludes "Unlicensed financial institutions conducting actual business operations" and residents of FATF blacklisted countries. No minimums published. | "Serving Payment Institutions, Electronic Money Institutions, fiduciaries, financing companies, and collection agencies"; also "ACPR-exempt entities". A Memo Bank business current account is required first. Countries and minimums not published. |
| Products | Safeguarding accounts with "Ring-fenced client funds, separated from business accounts"; current accounts, overnight deposits and virtual IBANs; "one API connecting to SEPA, SEPA Instant, TARGET2" plus Visa Direct and Mastercard MoneySend; "Direct principal membership with SWIFT, Visa, and Mastercard." "Balances can be held in EUR and other major currencies, subject to agreement with the Bank." FX, business cards and acquiring. Agency banking not stated. | Client (safeguarding) accounts, each paired with a settlement account; "By default, all our client accounts are denominated in euros (EUR)", with USD or GBP on request; French IBANs; SEPA transfers and direct debits; international transfers. |
| Pricing | Price list for EEA legal entities: current account opening 350 EUR, account maintenance 200 EUR a month, minimum account balance 300 EUR; electronic SEPA payments from 15 EUR (standard). No safeguarding-specific fee or interest rate published. | Client account balances earn 25% of the €STR, paid monthly, "from the first euro". Payments plans "From €449 excl. VAT per month". The tariff PDF (updated 8 September 2026) lists safeguarding and settlement account pricing as "Nous consulter" (on request). |
| Onboarding | "Quick and simplified onboarding"; its Nexpay page targets "EMI & PI Applicants": "Firms in the licensing queue needing immediate infrastructure." Tariff: "Additional fee for express consideration of an application for Current account opening within 48 hours", 350 EUR. No document list or standard timeline. | "signing the terms and conditions and opening the client account can be done online." No timeline or document list; accounts before authorisation not stated. |
| Technology | "Through a single API integration, you gain access to regulated banking capabilities without building your own banking stack." "Webhook notifications"; virtual IBANs issued "from 1 to 1,000+ virtual IBANs in seconds"; "Support reconciliation and external audits"; "Real-time fund transfers". Real-time balances not stated. | "Plug our Premium API into your own systems"; "You are notified in real time (webhooks) upon the creation of the account, as well as on incoming and outgoing movements." Virtual IBANs for "precise, granular reconciliation". |
| Protection and scale | "1000+" "Companies already use our products"; assets "€178.8 million"; capital and reserves "€34.8 million". Deposit protection not stated on the pages read. | "covered by the FGDR, France's deposit guarantee scheme"; LCR of 477% and CET1 ratio of 50%; "more than 50 clients" supported in opening client accounts. |
| Date read | 21 October 2026 | 21 October 2026 |
Not published or not stated by Magnetiq Bank: who it serves, products, pricing, technology, protection and scale, published pricing and standing.
Not published or not stated by Memo Bank: who it serves and onboarding.
Facts read on 21 October 2026 from: magnetiqbank.com/safeguarding-accounts, magnetiqbank.com/banking-as-a-service, magnetiqbank.com/legal/target-clients, magnetiqbank.com/…, magnetiqbank.com/price-list, magnetiqbank.com/wp-content/uploads/2026/06/…, magnetiqbank.com/contacts, magnetiqbank.com; and memo.bank/en/product/client-accounts, memo.bank/en/usage/safeguarding-funds, memo.bank/en/pricing, assets.memo.bank/documents/….
Awards follow from the published scores and cannot be bought.
No award in this index.
From each provider's strongest criteria and published terms.
EEA EMIs and PIs still in the licensing queue.
EU firms wanting interest on safeguarded euros.
Tell us what you need and where you operate.