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.
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 Environment | Very Friendly | (4.96) |
| Product Range | Average | (2.67) |
| Market Niche | Average | (3.24) |
| Company Background | Average | (2.96) |
| Customer Support | Average | (2.67) |
| Customer Sentiment | Bad | (1.56) |
| Transparency | High | (4.08) |
| Overall Rating | Average | (3.28) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Monavate is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services.
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.
Monavate do not offer crypto assets services.
| thn EUR | 2022 | 2023 | change (%) |
|---|---|---|---|
| Customer Funds | 5,294.00 | 23,018.00 | +334.79% |
| Total Equity | 915.00 | 1,621.00 | +77.16% |
| Revenue | 704.00 | 4,940.00 | +601.70% |
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 EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 0.00 | 0.00% |
| Customer Funds In Credit Institutions | 23,018.00 | 100.00% |
| Customer Funds In Low-Risk Liquid Assets | 0.00 | 0.00% |
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 Requirement | 350.00 |
| Customer Funds | 23,018.00 |
| Customer Funds Requirement (2%) | 460.36 |
| Own Funds Requirement | 460.36 |
| Own Funds | 1,621.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 18 () |  Via Payments UAB | 1.60 % | 30.98 mln EUR (+23.48%) |
| 19 (+15) | UAB Monavate | 1.19 % | 23.02 mln EUR (+334.79%) |
| 20 () |  UAB B4B Payments Europe | 1.05 % | 20.20 mln EUR (+4.13%) |
Lithuania
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.
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.
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).
UAB Monavate is connected to the following major payment card schemes: Visa, MasterCard, Discover.
Girulių g. 10-201, LT-12112, Vilnius, Lithuania
English
Estonia
France
Lithuania
Slovenia
Cyprus
Italy
