UAB Monavate

UAB Monavate Logo
TheBanks.eu Rating
Average  (3.28)
providing frameworks for FinTechs

UAB Monavate (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Monavate is focused on providing frameworks for FinTechs. The company offers white-label card issuing, BIN sponsorship, ATM BIN sponsorship, white-label banking to companies, institutions. In 2023 UAB Monavate total safeguarded customer funds were 23.02 mln EUR and revenue was 4.94 mln EUR.


Company Profile Content


Services

white-label card issuing
BIN sponsorship
ATM BIN sponsorship
white-label banking

Clients

companies
institutions

Card Providers

  • Visa
  • MasterCard
  • Discover

TheBanks.eu Review

  13 August 2024, by Anna Mileiko

TheBanks.eu has developed a proprietary methodology to assign ratings to payment institutions based on their operating environment, company background, business model, market niche, product range, transparency, customer support and customer sentiment. According to the methodology, UAB Monavate is assigned the overall rating 3.28 (average) which is explained in details below.

Operating EnvironmentVery Friendly (4.96)
Product RangeAverage (2.67)
Market NicheAverage (3.24)
Company BackgroundAverage (2.96)
Customer SupportAverage (2.67)
Customer SentimentBad (1.56)
TransparencyHigh (4.08)
Overall RatingAverage (3.28)

TheBanks.eu has also identified the following pros and cons of the company:

Pros

 High transparency

Cons

 Bad customer sentiment

Monavate Crypto Assets Support

Monavate is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services.

FCIS Registration

No

The FCIS is responsible for supervision of the activities of Virtual currency exchange operators and (or) Depository virtual currency wallet operators related to the prevention of money laundering and/or terrorist financing.

UAB Monavate is not registered with the FCIS as a virtual asset services provider.

Crypto Assets Services

No

Monavate do not offer crypto assets services.

See Also

Financial Highlights

UAB Monavate Customer Funds
UAB Monavate Revenue
thn EUR20222023change (%)
Customer Funds5,294.0023,018.00+334.79%
Total Equity915.001,621.00+77.16%
Revenue704.004,940.00+601.70%

Customer Funds

According to the Electronic Money Directive of the European Union, an electronic money institution must safeguard customer funds in a separate account in a credit institution or invested in secure, liquid low-risk assets. Monavate keeps its customer funds as follows:

thn EUR2023share (%)
Customer Funds In Central Banks0.000.00%
Customer Funds In Credit Institutions23,018.00100.00%
Customer Funds In Low-Risk Liquid Assets0.000.00%

Own Funds

According to the Electronic Money Directive of the European Union, an electronic money institution must maintain a certain level of own funds which is calculated as a maximum of the initial capital required and 2.00 % of its customer's funds. Monavate own funds adequacy calculation is shown below:

thn EUR
Initial Capital Requirement350.00
Customer Funds23,018.00
Customer Funds Requirement (2%)460.36
Own Funds Requirement460.36
Own Funds1,621.00

See Also

Market Share

UAB Monavate Competitors
UAB Monavate Market Share
RankNameMarket %Customer Funds
18 ( ) Via Payments UAB1.60 %30.98 mln EUR   (+23.48%)
19 (+15 ) UAB Monavate1.19 %23.02 mln EUR   (+334.79%)
20 ( ) UAB B4B Payments Europe1.05 %20.20 mln EUR   (+4.13%)

See Also

Company Details

Country of Registration
LTLithuania
Company Number
305628001
Authorized By
Bank of Lithuania
Authorization Type
E-Money Institution
Authorization Number
LB002139
Authorization Granted
31 March 2022
Authorized Activities
issuance of electronic money
placing cash to a payment account
withdrawing cash from a payment account
execution of payment transactions on a payment account (not covered by a credit line)
execution of payment transactions on a payment account (using a credit line)
issuing payment instruments or acquiring payment transactions
money remittance
account information services
payment initiation services

UAB Monavate is authorized by the Bank of Lithuania as a e-money institution (authorization number LB002139) for issuance of electronic money, distribution and redemption of electronic money, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions; the authorization was granted on 31 March 2022.

Funds Safeguarding
Yes
Deposit Guarantee
No

UAB Monavate is not a bank, it can't collect deposits from public or loan out its clients’ money. Hence, it does not have to participate in deposit guarantee schemes. However, Monavate is required to safeguard its customers’ money.

EEA Passport
Yes

Due to EEA passport rules UAB Monavate, can conduct its activities in any of the 30 EEA member states. UAB Monavate can provide its services toUK-based customers via MONAVATE LTD (United Kingdom).

See Also

Membership

Visa
MasterCard
Discover

UAB Monavate is connected to the following major payment card schemes: Visa, MasterCard, Discover.

Contacts

addressGirulių g. 10-201, LT-12112, Vilnius, Lithuania
Website Languages
GBEnglish

Customer Support

FAQ / Help Center
E-Mail / Contact Form
Live Chat
Phone
Account Manager
Multi-Lingual

Transparency

About Us / Company
Owners / Shareholders
Pricing
Management Team

See Also

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See Also

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