ConnectPay is a Lithuanian-licensed Electronic Money Institution offering embedded finance for online businesses. It provides IBAN accounts, virtual and physical cards, SEPA and SWIFT payments, and multi-currency exchange, all accessible through a single API.
Features
Direct EMI license: ConnectPay holds a direct Electronic Money Institution license from the Central Bank of Lithuania, rather than relying on a third-party sponsor bank. This gives the platform more control over compliance, uptime, and product speed.
In-house core banking system: ConnectPay runs its own proprietary core banking system, called Mars, instead of depending on external infrastructure providers.
Broad payment rails: Businesses get SEPA instant payments within the Eurozone, cross-border SWIFT transfers, and multi-currency exchange across 80+ currencies, all from one account structure.
Fast onboarding: Automated onboarding averages around 8 seconds, with most account setup completed without manual review.
Certifications: ConnectPay is ISO/IEC 27001 and ISO 22301:2019 certified, covering information security and business continuity management.
Card issuing: Businesses can issue virtual and physical cards, including white-label card programs, for their own customers or employees.
Use Cases
For marketplaces and platforms: Marketplaces can embed IBAN accounts, cards, and payment processing directly into their own product, letting sellers or partners manage funds without leaving the platform.
For fintechs and neobanks: Fintechs building their own banking-style product can use ConnectPay's infrastructure instead of applying for their own EMI license, cutting time to market significantly.
For lending platforms: Lending businesses can use ConnectPay's accounts and payment rails to disburse funds and collect repayments as part of their loan servicing flow.
For e-commerce businesses: Online sellers can accept card and bank payments, hold multi-currency balances, and manage payouts through a single provider.
For businesses needing a direct account: Companies that don't need embedded infrastructure can simply open a business or personal IBAN account with ConnectPay directly, without integrating any API.
For loyalty and rewards programs: Businesses running loyalty schemes can use ConnectPay's account infrastructure to hold and disburse reward balances to members.
Company Background
ConnectPay was founded in 2018 and is based in Vilnius, Lithuania, under CEO Marius Galdikas. It is a member of the Lithuanian Fintech Association and works closely with the Bank of Lithuania and the GovTech Lab agency on regulatory technology initiatives. ConnectPay is also a member of the British Chamber of Commerce in Lithuania and the Ukrainian-Lithuanian Chamber of Commerce.
In 2025, ConnectPay processed 1.9 million transactions with €3.6 billion in annual payment turnover, serving clients across 6 continents, with 92% of transactions completed via API rather than manual processing. The platform safeguarded roughly €86 million in client funds during the year.
Why It's Different
Unlike many embedded finance providers that rely on a third-party bank to hold the actual license, ConnectPay operates under its own direct EMI license. This reduces dependency risk for clients and gives ConnectPay more flexibility to build and ship new financial products faster. Running its own core banking system, rather than licensing one from a third party, also means ConnectPay can iterate on new features without waiting on an external vendor's roadmap.
Businesses evaluating embedded finance providers often weigh licensing structure heavily, since it directly affects long-term stability and regulatory risk. ConnectPay's direct license and in-house infrastructure are positioned as a way to reduce that risk for the platforms and fintechs that build on top of it.
