Dear reader,
Every month someone tells me they want “an EMI licence”. When I ask what for, the answer is payments, cards, maybe crypto later. Then I ask how much cash they have set aside, and the conversation slows down. The licence is the cheap part. On our own figures, an EMI needs about €700,000 of cash on day one, €100,000 or more for the licence work and €350,000 for software, then €35,000 to €65,000 a month to run, before the first customer pays a cent.
So, as promised, this issue is about EMIs and payment institutions in Europe: which licence you actually need, where to apply, what it really costs, when buying an existing EMI beats applying, how the regulator’s approval works when you buy, and how far passporting really goes. There is also a third way most founders should look at first: working under someone else’s licence. If you are thinking of launching a payments business, this is worth ten minutes.
New this week
Swiss Crypto Licence the Fast Way: A Turnkey SRO on a Shelf Company, Before the New Law Arrives
A shelf company and a complete SRO file, done for you: what is included, and why now.
Real Estate Tokenisation: What Can I Do With a Token That I Couldn’t Do Without One?
A one-million-dollar building tokenised in seven steps: who gains, who pays, and what the owner can do on Monday that he could not do on Friday.
About 150 incidents this year: what was lost, how the attackers got in, and what all these cases have in common.
White Label Crypto Under MiCA: Can You Run Your Business on Someone Else’s CASP Licence?
MiCA’s transition ended on 1 July 2026. What works with a partner’s licence, what does not, and the routes that do.
Crypto Promised to Remove the Middlemen. Who Are All These People Charging Fees?
Bridges, paymasters, accelerators and TRON Energy each take a cut. How to measure what crypto payments really cost.
Stablecoins, Bitcoin and the Rest: Should Swiss Banks Touch Crypto at All?
The Swiss draft sends bank stablecoins to a separate company but keeps crypto trading inside the bank. The Binance hack shows why that is backwards.
Stay up to date: get our free app. All our analysis and the regulated companies we have for sale, in one place on your phone. No account, no download: open fintechlex.com/app and add it to your home screen.
EMIs and payment institutions: apply, buy, or use someone else’s
From the first question to the regulator’s approval, in the order the questions arrive.
Bank, EMI or Payment Institution: Which Licence Does Your Fintech Actually Need?
Start from what you do with client money, not from the licence you like the sound of. Swiss and EU licences, capital and traps.
Deposit or E-Money? What Happens to Your Money If Your Fintech Fails
A bank deposit, safeguarded e-money or money passing through a partner: three levels of protection behind the same app.
White Label, Your Own EMI Licence, or Buy an EMI? Three Ways to Launch a Payments Business in 2026
What each route really costs in time, control and risk, and how to choose before you sign.
How Much Does an EMI Really Cost? Capital, Software, Office and Running Costs Before You Apply
About €700,000 of cash on day one, €350,000 for software and €35,000 to €65,000 a month to run it. Why most founders start with white label.
EMI Licence in Europe 2026: Lithuania, Latvia, Ireland, France, Liechtenstein, or Buy One?
Capital, real timelines and budgets country by country, what PSD3 changes, and when buying beats applying.
EMI for Sale in Europe: What You Are Really Buying, What It Costs, and What Can Go Wrong
The money you need beyond the price, and what to check on SEPA, CENTROlink, SWIFT, cards and the regulator.
Buying a Bank or an EMI: How the Regulator’s Approval Really Works
You can sign the deal, but you cannot take control until the regulator says yes. How change of control works in the EU and Switzerland.
Your EMI Is Licensed in Sweden. Your 60 Employees Are in Lisbon. Is That Legal?
Passporting allows it, up to a point. Where the head office really is decides whether you keep the licence.
EMI, MiCA and Stablecoin Licences in Europe: Three Regimes, and What PSD3 Changes
Payments, crypto and stablecoins sit under three regimes. How they fit together, and what changes next.
Launching, buying or selling an EMI or a payment institution? Write to us before you sign anything: insight@fintechlex.com
The cheaper Swiss route, explained
What Nobody Tells You About the Swiss SRO in 2026
Who Needs One, How to Get It, and What You Can Actually Do with It
Not every payments business needs an EMI on day one. Many founders who come to us for an EMI end up starting in Switzerland instead: a company affiliated to an SRO can already run a payment or crypto business, for a fraction of the cost. This book explains who needs an SRO, how to get one, what you can really do with it, and what changes when the new FINMA licences arrive.
Amazon Kindle · Google Play · All our books
On the market
A full Lithuanian EMI with principal membership for acquiring, direct CENTROlink access, EEA passport, platform and team. Price on request.
EMI Licence for Sale: A Live EU E-Money Institution in Lithuania
A live e-money institution with CENTROlink, a card programme, 1,716 active customers and €56.5 million of volume. Price on request.
EU Payment Institution for Sale: Licensed, Passported and Already Sending Money to Asia
Passporting rights, remittance to Southeast Asia, its own platform, EUR 20 million+ annual volume and break-even reached.
Licensed Payment Company for Sale in Europe: An Acquiring Licence, Ready to Operate
An EU payment company in Southern Europe with an acquiring licence, physical and virtual POS, existing merchants and an operating brand.
Singapore Major Payment Institution for Sale: MAS Licence for Cross-Border Money Transfer
100% of a Singapore company holding a MAS Major Payment Institution licence for cross-border money transfer.
Details are shared with qualified buyers after a first call and a confidentiality agreement.
Next Tuesday
Crypto licences in 2026: Swiss VASP, MiCA and the UK FCA. Where to set up a crypto business, and what each licence really lets you do.
Write to us
Thinking about an EMI or a payment institution, to launch, buy or sell? Write to insight@fintechlex.com. WhatsApp: +41 787 983 770.
Rene-Philippe
FintechLex SA · Geneva | Hong Kong | London · fintechlex.com
This newsletter is for general information only and does not constitute legal advice or an offer to sell any shares or securities.
