ConnectPay

ConnectPay is an electronic money institution licensed by the Central Bank of Lithuania under license number 24, offering multi-currency business accounts aimed at companies operating across the European Economic Area and beyond. The platform positions itself as a pan-European solution for businesses that need to operate in multiple currencies, send and receive payments globally, and access a broader spectrum of payment methods than traditional banks provide. Like other e-money institutions, ConnectPay's client funds are held separately and safeguarded but not covered by a traditional banking deposit guarantee scheme, a legal status that is important to understand before moving significant working capital onto the platform.

The account structure is built around business IBANs. When you open a ConnectPay account, you receive IBAN-based payment details that allow clients and partners to send money using standard European and international payment rails, like SEPA payments, cross-border transfers via SWIFT, and the various national faster payment schemes. Rather than a single account in a single currency, the platform supports multi-currency holdings and can handle transactions in more than eighty currencies, though local account numbers are not available for every currency on the platform. The company's positioning emphasizes supporting businesses that operate within the EEA or want to expand into it, as well as non-EEA companies that need to reach clients within the European market. This positioning suggests the platform is designed around European payment rails and regulatory compliance, rather than serving truly global operations in the way that some broader fintech platforms do.

ConnectPay's account opening process is heavily automated. The platform quotes an average account opening time of eight seconds for automated onboarding, which is among the fastest in the category and reflects a streamlined digital process with minimal manual review for most qualifying businesses. The speed depends on your company profile and risk assessment, which happens during the application process. Based on your profile, you are assigned to one of three account tiers, Tree, Forest, and Jungle, each with different service fees, payment costs, and limits. This tiered system is designed to scale with your business: a small startup might operate on a Tree account with minimal fees and lower transaction limits, while a growing company would graduate to Forest or Jungle tiers as volume increases.

Pricing follows the tiered structure. Account maintenance fees range from zero euros per month on Tree accounts up to seven hundred fifty euros per month on Jungle accounts, with Forest tier sitting in the middle. SEPA outbound payments on Tree accounts cost around twenty-five cents each, while cross-border SWIFT payments on the same tier start at a twenty-five euro flat fee. Card issuance depends on the tier and card type, ranging from free to fifty-five euros, and monthly card fees span from two to twenty-five euros. Currency exchange is charged at a fixed two point ninety-four percent markup across all tiers, which is higher than some competitors but represents a transparent and predictable cost. ATM withdrawals incur a one to two percent fee depending on whether the ATM is located in Lithuania or abroad. The company also offers card acquiring services for businesses that want to accept card payments from customers, with setup fees from free to one hundred euros and per-transaction fees ranging from one to three percent depending on the card type and geography.

The payment capabilities are comprehensive for companies already operating within Europe. SEPA Instant and SCT payments allow euro transfers within the eurozone to settle in seconds or minutes. Cross-border and SWIFT transactions let you send money to accounts globally in multiple currencies, though with longer settlement times and higher fees reflecting the correspondent banking costs. The platform also offers open banking integrations with Lithuanian banks, allowing you to connect and access transaction data from other financial institutions through standardized APIs if your accounting or treasury system needs to aggregate accounts across multiple providers. Twenty-four hour access to funds is emphasised, meaning you can send and receive payments at any time rather than during business hours only, though settlement times for international payments still follow standard banking timelines.

ConnectPay is a European-first platform with strong infrastructure for operating within the EEA but less emphasis on non-European corridors. It competes with other Lithuanian and Eastern European e-money providers like Genome and Wise Business, as well as broader fintechs like Revolut Business and Wamo. The strengths are the fast onboarding, the broad currency support across eighty currencies, and the tiered pricing structure that allows you to only pay for the service level you need. The tiered approach is particularly useful for companies that expect to grow: you can start lean on a Tree account and migrate to higher tiers as your transaction volume justifies the additional costs. The published pricing is transparent, with no hidden fees, and the company makes all rates publicly available. The weaknesses include higher currency exchange markups compared to some competitors, a reliance on SWIFT for non-EUR transfers which involves longer settlement, and the fact that local account numbers are not available in every currency, which can complicate payment collection in some markets.

ConnectPay works best for European companies with stable, predictable international payment flows who want a streamlined digital onboarding experience and do not mind paying on a tiered structure that rewards growth. If your business is primarily operating within the EEA and sending money to other EEA countries, the SEPA rails will be efficient and low-cost. If you need to operate at higher transaction volumes and justify a Jungle tier account with access to better pricing and higher limits, the structure can become competitive. The platform is less suitable if you need true global coverage with local payment methods in non-European countries, or if you need to minimize currency conversion costs and prefer real-time interbank rates over a fixed markup. The eight-second onboarding is appealing for rapid scaling, but the assignment to a tier based on your risk profile means you may not get the lowest-cost option if ConnectPay's automated assessment is conservative.

For European-focused companies ready to move their multi-currency banking operations onto a fintech platform, ConnectPay offers a practical and accessible solution with fast onboarding, tiered pricing, and straightforward European payment rails. The eighty-currency support and pan-European licensing provide flexibility to operate in multiple markets, though the structure works best when paired with complementary tools for non-European operations if your business extends beyond the EEA.