Satchel

Satchel is a Lithuanian electronic money institution operating through SatchelPay, UAB, which is licensed by the Bank of Lithuania (licence number 28, company number 304628112). The institution states that client funds are safeguarded in a segregated account.

Accounts and payments Satchel provides European business, personal and freelancer accounts, each with a unique IBAN and multi-currency capabilities. Payments run over SEPA and SEPA Instant, and the company supports exchange between more than 20 currencies. Payment cards are part of the offer.

Infrastructure for partners Beyond accounts, the company offers BaaS and white-label infrastructure through an API, which suits fintechs that want to build their own account or card product on a licensed e-money base rather than apply for a licence themselves.

Who it suits Freelancers and small companies in Europe that need an IBAN and cheap currency exchange, as well as startups that look for a licensed provider of banking-as-a-service. Prospective clients should ask for the current price list, the supported country list and the onboarding documents required for each account type.