Review of Nexpay — Next generation financial infrastructure for the digital business world

Looking for innovative financial solutions for your business ambitions? It is worth paying attention to Nexpay electronic money institution!

Finscanner will review this fintech startup that focuses on providing IBAN accounts and crypto exchange. Our Nexpay analysis covers everything you need to know about their open solutions and services, containing the latest information.

Learn more about EMIs in our article «Banking with Electronic Money Institutions».

• Nexpay is an authorized electronic money institution based in Vilnius, Lithuania in 2017. It offers virtual IBAN accounts, cryptocurrency exchange, cryptocurrency trading to individuals, businesses, and financial institutions.

• The company has more than 400 business clients using its services. A large part of its clients is cryptocurrency exchanges. Nexpay processes an average of 250 million euros per month. In 2021, the volume of payments processed reached three billion euros.

• Nexpay is placed in the Top-10 best e-Money Institutions for high-risk businesses in 2022. Learn more here.

✅ Pros

• Low transaction fees
• API integration
• Crypto-friendly accounts

❌ Cons

• Long onboarding procedure
• Poor customer support service
• No debit cards
• Offshore entities are not accepted
• No C2B operations

NOTE: The above-mentioned pros and cons are drawn up by the Finscanner team’s point of view, while other Nexpay reviews may say otherwise.

Profile

UAB NexPay (registration code 304708124) is an authorized Electronic Money Institution (EMI) holding a license from the Bank of Lithuania (license No. 18).

• Currency: EUR, cryptocurrencies
• Business focus: providing IBAN accounts and crypto exchange (Globitex).
• Customer groups: EEA and UK low-risk, all countries.
• Authorized activities: issuance of electronic money, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions.
• Operations with cryptocurrencies: Yes

Business Accounts, Pricing

EEA and UK Residents (Basic):

• Initial Fee: 100 EUR
• Monthly Fee: Free
• SEPA Outgoing: 0.05%, min 1 EUR
• SEPA Incoming: 0.05%, min 1 EUR

All countries (Basic+):

• Initial Fee: 1000 EUR
• Monthly Fee: Free
• SEPA Outgoing: 0.1% + 1 EUR
• SEPA Incoming: 0.1% + 1 EUR

Premium:

• Initial Fee: Free
• Monthly Fee: 1000 EUR
• SEPA Outgoing: Free
• SEPA Incoming: Free

##Personal Accounts, Pricing

EEA and UK Residents (Basic):

• Initial Fee: 100 EUR
• Monthly Fee: Free
• SEPA Outgoing: 1 EUR
• SEPA Incoming: 1 EUR

All countries (Basic+):

• Initial Fee: 100 EUR
• Monthly Fee: Free
• SEPA Outgoing: 0.05%, min 1 EUR
• SEPA Incoming: 0.05%, min 1 EUR

Premium:

• Initial Fee: 100 EUR
• Monthly Fee: 5 EUR
• SEPA Outgoing: Free
• SEPA Incoming: Free

Summary

To assign a rating score, Finscanner assesses such key criteria as the pricing of the services, onboarding difficulty, support quality (customer service), and service popularity. In summary, Nexpay was assigned the overall rating of 3.0 (Average) which is explained in detail below.

Expert Review of Nexpay

“Nexpay is focused on providing a new generation of financial infrastructure to replace legacy financial institutions. According to the reports, it copes quite well. Like many other e-money institutions, it strives not only to be the leader in Lithuania but also to become the largest in its niche in Europe. However, keep in mind that the company serves mainly crypto-oriented projects, which temporarily limits the scope of its activities on the one hand, but allows it to take a leading position in the future as the industry grows on the other.”

Are you ready to start using Nexpay?

All you need to do is to go to the Finscanner marketplace, search for the Nexpay profile, and hit the "Apply" button. Next, you need to set up your business or personal account by registering a new profile and filling out an online application form.

If you still have any questions left, feel free to contact us directly today!