Key Data

• Trading Names: Monetley
• Legal Entity: Monetley
  
• Activities: e-Money Institution (IBAN/SEPA)
• Location: United Kingdom
• Regulation: UK FCA
• Key People: Dimitrijs Lapkovskis (LinkedIn)
  

Monetley is the trading name of the FCA-regulated e-Money Institution Monetley Ltd. The company is controlled by the Latvian-born British Dimitrija Lapkovskis.

Monetley works for payment infrastructure and banking-as-a-service (Baas) provider Mercuryo (PR42 profile), among others, and operates IBAN and SEPA services for its customers.

The Offering

Monetley offers IBAN accounts for individuals and merchants.

For individuals from the UK and EU, onboarding and opening an IBAN account is free of charge. There are also no monthly fees.

Merchants pay an opening fee of €400 in the low-risk area and €750 in the high-risk area for onboarding. The opening of an IBAN account costs an additional €400 and €750. The monthly fees are €100 and €200 respectively.

Different fixed fees are payable for incoming and outgoing SEPA payments. In addition, there is also an inactivity fee and other additional costs that are not negligible.

The pricing details can be found the Monetley website here.

News

Russian-owned MRCR Holdings Ltd acquired UK-based Monetley Ltd without disclosing the transaction. MRCR Holdings also controls Russian-controlled crypto payment processor Mercuryo, whose ownership structure is opaque, raising concerns about potential financial risks and involvement in illegal activities. The Estonian Financial Supervisory Authority (FIU) revoked Mercuryo’s crypto license, citing insufficient beneficial ownership disclosure and a lack of transparency. The U.K. FCA should investigate to ensure compliance with regulatory requirements.

The Conclusion

The company has FCA regulation and provides comprehensive information on the website. Due to the difficult new ownership situation, we put it on Orange.