Overview
Papaya, at a glance.
Papaya is an e-money institution headquartered in Malta, regulated by MFSA. Business accounts cost €25 a month. Opening an account takes 3–5 days.
E-money funds are safeguarded and segregated through partner institutions. They are not covered by Malta's Depositor Compensation Scheme.
Why businesses pick Papaya
- Cheap to start: €30 to open and €25 a month
- Works with fintech, crypto and gambling businesses
- Incoming SEPA payments are free
- Companies outside the EU can get an IBAN-only package
Watch out for
- Euro only, with no SWIFT payments
- An outgoing SEPA payment costs €7, plus €25 above €100,000
- Card spending in other currencies costs 3%
- Cards are only for companies registered in the EU and EEA
- Only three Trustpilot reviews
Business fit
Will Papaya accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Papaya's published rules
Needs review
Papaya works with Fintech, but does not publish the countries it accepts companies from.
Papaya does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Papaya publishes about the businesses it takes on.
Who Papaya serves
- Financial institutions
- Crypto
- iGaming
- Startups and SMEs
All 6 industries on Papaya's accepted list
- Fintech
- Crypto
- Gambling
- SME/business banking
- Payment services
- White-label payment infrastructure
Not supported
Industries and countries Papaya does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use Papaya?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
EUR
- EUR
Payment reach
Not published
Who can apply
Company incorporation countries
Not publishedOwner nationality
Not publishedOwner residency
Not publishedCompany types
Companies
Pricing
What does Papaya cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
€30
Monthly fee
€25
Corporate account
€25 per month
€30 setup · €330 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| SEPA | Free | No charge |
| Outgoing | ||
| SEPA | €7 | Fixed fee · Plus €25 on payments over €100,000 |
| SWIFT / international | Not offered | Not available |
Other fees
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Physical card issue | Free | No charge · €25 a year, and €25 for an additional or replacement card |
| Card FX | 3% | Percentage of the amount · Not charged on SEK, CZK, PLN or RON |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is Papaya a bank?
No. Papaya Ltd is an e-money institution licensed by the Malta Financial Services Authority. Funds are safeguarded and are not covered by Malta's Depositor Compensation Scheme.
How much does a Papaya corporate account cost?
€30 to open and €25 a month. Incoming SEPA payments are free and outgoing ones cost €7. Cards cost €25 a year.
Can a company outside the EU open a Papaya account?
Papaya offers an IBAN-only package to companies outside its EU and EEA list, at higher prices and after its checks. Cards are only for companies registered in the EU and EEA.
Does Papaya support SWIFT?
No. The account is in euros and works on SEPA and SEPA Instant.
Alternatives
How Papaya compares.
If Papaya is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
| PapayaThis pageE-money institution |  | SEPA onlyCrypto-friendly |
 FinXPE-money institution | | Dedicated EUR IBANHigh-risk industries |
 MoneybaseE-money institution | | Low feesMastercard cards |
 PaynovateE-money institution |  | Dedicated EUR IBANSEPA only |
 NexpayE-money institution |  | Dedicated IBANCrypto and gaming |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.