iGaming Payment Solutions
Equals Money Review
Is It the Right Account Provider for Your iGaming Business?
Equals Money gives gambling businesses a multi-currency account, Mastercard cards and an industry-specialist account manager under two FCA authorizations. The London group went private in April 2025 and merged with Railsr, and the combined business has traded as one brand, Equals, since June 2026.
- Trustpilot
- 4.7/5 (587)
- Founded
- Headquarters
- London, United Kingdom
- Regulator
- FCA
London, United KingdomQuick Info
- Type
- Payment institution
- Class
- Own license
- Regulator
- FCA
- License
- 488396
- HQ
- London, United Kingdom
- Pricing
- Published
Our Verdict: Should You Bank With Equals Money?
Final assessment for iGaming operators, studios and affiliates
Tier 2: on a regulator's register and open to gambling businesses
Summary
Equals Money PLC runs the accounts under its own FCA payment institution authorization (488396), and its sister Equals Money International Ltd issues the Mastercard cards under an e-money authorization (900493), with no agent layer in between. One multi-currency account covers the GBP and EUR rails and SWIFT, with FX rate locking, expense management, an API and a white-label option. Plans start at £25 a month, no regulator has taken action against either company, and the Trustpilot score of 4.7 on 587 reviews, with 5% one-star reviews, is the highest in this section. The decision turns on the FX margin and payment fees Equals sets for the operator's volume.
Strongest Point
One Equals account puts the UK's Faster Payments next to SEPA Instant and SWIFT, so a UK-licensed operator or a supplier paid in both GBP and EUR does not need a second provider for the other currency. Mastercard cards and expense management sit on the same platform, which spares a distributed operations team a separate card program.
Key Limitation
Equals fixes only the plan and card fees and prices FX and same-currency payments on volume. It collects pay-by-bank payments into the account but offers no acquiring, so it does not replace the cashier PSP.
Recommendation
Use Equals as the GBP and EUR treasury account for a UK- or EU-licensed operation, or as the card and expense layer for a team that already banks elsewhere. Get the FX margin and payment fees for your monthly volume in writing before you move settlement flows onto the account.
Pros
- Two FCA authorizations held by its own companies, a payment institution for the accounts and an e-money institution for the cards, with no agent layer
- Faster Payments, SEPA, SEPA Instant and SWIFT from one account, with FX rate locking
- Mastercard cards and expense management on the same platform
- Plans from £25 a month or £250 a year, with card spending free in 21 currencies
- Trustpilot 4.7 on 587 reviews with 5% one-star reviews, the highest score in this section
- USDC-to-fiat off-ramp and open-banking pay-by-bank collection
Cons
- FX and same-currency payments priced on volume
- No acquiring, so the cashier stays with a PSP even with pay-by-bank collection on the account
Ready to open the conversation with Equals Money?
Gambling Policy
Whether the company serves iGaming businesses, on what terms, and which licenses and client types it accepts
“Industry-specialist account manager who understands the gaming industry”
Our reading
Equals serves iGaming businesses through an industry-specialist account manager and has no separate gaming tariff.
Licenses named as accepted
Client types named
License, Read in the Register
Entity, license type and number as the regulator prints them, with the date we read the entry
- Financial Conduct AuthorityRead , regulator's extract
Equals Money PLC · Payment institution · 488396
Authorised Payment Institution (since May 31, 2018)
- Financial Conduct AuthorityRead , regulator's extract
Equals Money International Ltd · E-money institution · 900493
Authorised Electronic Money Institution (since May 21, 2018)
- Legal entity
- Equals Money PLC, 05539698
- Headquarters
- London, United Kingdom
- Founded
- 2007
- Class
- Own license
Safeguarding of client money
Equals safeguards client funds.
The Account
What the operator actually gets on the account, and what it costs to open
- IBAN in your company's nameYes
Dedicated account, not a pooled reference
- SEPAYes
Faster Payments, SEPA Instant, SEPA Credit Transfer, open banking pay-by-bank collection
- SEPA InstantYes
Instant euro transfers
- SWIFTYes
Multi-currency account with virtual IBANs
- CardsYes
Corporate cards on the account
- APIYes
Programmatic access to payments and reporting
- Bulk payoutsYes
Batch payments for affiliates and suppliers
- Crypto or stablecoinsYes
USDC to fiat off-ramp
- Card acquiring as wellNo
Accounts only, no player collection
| Feature | Status | Details |
|---|---|---|
| IBAN in your company's name | Yes | Dedicated account, not a pooled reference |
| SEPA | Yes | Faster Payments, SEPA Instant, SEPA Credit Transfer, open banking pay-by-bank collection |
| SEPA Instant | Yes | Instant euro transfers |
| SWIFT | Yes | Multi-currency account with virtual IBANs |
| Cards | Yes | Corporate cards on the account |
| API | Yes | Programmatic access to payments and reporting |
| Bulk payouts | Yes | Batch payments for affiliates and suppliers |
| Crypto or stablecoins | Yes | USDC to fiat off-ramp |
| Card acquiring as well | No | Accounts only, no player collection |
Onboarding
- Non-EU companies
- Not stated
- Time to open
- Not stated
- Licenses named
- Not stated
Pricing, published
The Business plan costs £25 a month or £250 a year for up to 20 cards, and Business Plus costs £35 a month or £350 a year for 21 to 50 cards, with Enterprise priced individually. A physical card costs £10, card spending is free in 21 currencies and 1.5% in the rest, and a cash withdrawal costs £1.50.
Named Clients and Reputation
Who vouches for the provider on the record, and what its own customers say
Named iGaming clients
None named on a first-party source. Every operator using this provider does so without a public reference.
Reputation
5% one-star, read Sep 1, 2026.
Not to be confused with: Equals Money UK Ltd (FCA 504547), a sister company that trades as Card One Money and does not run the gaming accounts.
Frequently Asked Questions
4 questions about Equals Money
No. Equals Money PLC is an FCA-authorized payment institution, and its sister company Equals Money International Ltd is an authorized e-money institution. The accounts run under the first and the cards under the second. Equals safeguards client funds.
Yes. Equals serves iGaming businesses through an industry-specialist account manager, and the account pays out over Faster Payments and SEPA Instant and converts USDC to fiat.
Alakazam Holdings BidCo, owned by TowerBrook, J.C. Flowers and the former Railsr shareholders, took Equals Group private on April 14, 2025, delisted it from AIM the next day and combined it with Railsr. The holding company is now Equals Group Limited, and Equals Money and Railsr have traded as one brand, Equals, since June 1, 2026. Equals Money PLC runs the accounts and Equals Money International Ltd issues the cards under that brand.
Not as a cashier rail. Equals collects open-banking pay-by-bank payments into the treasury account but offers no acquiring, so player deposits, cards included, still run through a PSP.