Provider profile · 2026 edition
Magnetiq Bank review 2026: scores, fees and alternatives.
A Latvian bank built for fintech and e-commerce firms.
WhatsApp and Telegram +44 7563 115980
[email protected]
A Latvian bank built for fintech and e-commerce firms.
Magnetiq Bank scores 3.5 out of 5 (71 out of 100) in the Buckingham Intelligence Safeguarding Banks Index 2026 and ranks 5 of 14. It is strongest for EEA EMIs and PIs still in the licensing queue, and its best criterion is who it serves at 4 out of 5. Not published or not stated on the pages read: who it serves, products, pricing, technology, protection and scale, published pricing and standing.
Scores from the Safeguarding Banks Index 2026.
No award in the Safeguarding Banks Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For E-money institutions | 71 | 5 of 14 |
| For payment institutions | 71 | 5 of 14 |
| For firms applying for a licence | 70 | 4 of 14 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
EEA EMIs and PIs still in the licensing queue.
What Magnetiq Bank publishes on its own pages, read on 21 October 2026.
A Latvian bank built for fintech and e-commerce firms. It publishes safeguarding accounts for licensed and pre-licensed EMIs, PIs and crypto firms registered in Latvia or the EEA, one API connecting to SEPA, SEPA Instant and TARGET2, principal SWIFT membership and virtual IBANs issued in seconds. Its tariff publishes general business account and payment fees but no safeguarding fee or interest, and no document list.
| Fact | What the provider publishes |
|---|---|
| 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". |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| Date read | 21 October 2026 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
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.
Each score with the evidence behind it.
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
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| ClearBank | 4.2 | 1 of 14 | EMIs and PIs needing direct UK and EU scheme access |
| European Merchant Bank | 3.8 | 2 of 14 | EU EMIs wanting a published safeguarding tariff |
| Mano Bank | 3.8 | 3 of 14 | EU EMIs and PIs wanting fixed published safeguarding fees |
| Memo Bank | 3.6 | 4 of 14 | EU firms wanting interest on safeguarded euros |
| Banking Circle | 3.5 | 6 of 14 | Multi-currency safeguarding across the UK and EEA |
| Bank of London | 3.5 | 7 of 14 | Firms opening accounts during authorisation |
| Griffin | 3.2 | 8 of 14 | Dedicated per-customer safeguarding accounts |
| LHV Bank | 3.0 | 9 of 14 | GBP and EUR safeguarding with agency banking |
| Starling Banking Services | 2.8 | 10 of 14 | UK payment firms wanting their own sort code |
| Solaris | 2.2 | 11 of 14 | A second safeguarding account for licensed EMIs and PIs |
| CaixaBank | 2.1 | 12 of 14 | Payment firms licensed or passported into Spain |
| BNY | 1.9 | 13 of 14 | Large EMIs investing safeguarded cash in money market funds |
| Sutor Bank | 1.9 | 14 of 14 | Digital e-money and payment firms using banking as a service |
Side by side on every criterion, fact and award.
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