iGaming Payment Solutions
OpenPayd Review
Is It the Right Account Provider for Your iGaming Business?
A London e-money institution that allocates virtual IBANs to gambling operators and to each of their players, with 35 currencies and a stablecoin leg, and a Maltese arm that spent 2024 and 2025 in front of the financial services arbiter over scam money routed through those IBANs.
London, United KingdomQuick Info
- Type
- E-money institution
- Class
- Own license
- Regulator
- Financial Conduct Authority
- License
- 900483
- HQ
- London, United Kingdom
- Pricing
- On request
Our Verdict: Should You Bank With OpenPayd?
Final assessment for iGaming operators, studios and affiliates
Tier 2: register-verified and gambling stated on its own site
Summary
OpenPayd (SettleGo Solutions Limited) has held an FCA e-money authorization in its own name since May 2018 (900483), and the group adds a Maltese financial institution license dated 6 May 2019 that is unverified in the MFSA register, a Maltese VFA entity and a FINTRAC-registered Canadian company. The product is an unlimited supply of virtual IBANs across 35 currencies, with SEPA, Faster Payments, open banking, global payouts, FX, stablecoins outside the UK and an API; there are no cards, and neither SWIFT nor SEPA Instant is named. The iGaming pitch reaches past treasury into the cashier: a virtual IBAN for every end user to top up, get paid and move between fiat and crypto. That player-facing model is where the trouble sits. Malta's Arbiter for Financial Services decided three cases against OpenPayd Malta over scam proceeds that passed through its virtual IBANs (ASF 228-2024, 135-2025 and 223-2025), and the Court of Appeal annulled the EUR 26,600 in awards on 25 February 2026. Trustpilot stands at 1.8 on 16 reviews, every one a single star from a scam victim. There is no FCA or MFSA fine, and also no pricing, no onboarding terms and no named client.
Strongest Point
Currency breadth and the per-user IBAN model. Thirty-five currencies, a virtual IBAN for each customer, open banking and a stablecoin leg outside the UK, all behind an API, on a UK license in the company's own name. An operator that wants every player to fund by bank transfer into a reference IBAN, and to settle affiliates and suppliers from the same balance, gets more currencies here than from any other licensee in this section.
Key Limitation
The record on the receiving end of those IBANs. Three arbiter decisions in two years turned on scam transfers that OpenPayd Malta's virtual IBANs accepted; the Court of Appeal annulled the awards in February 2026, and the 16 one-star reviews describe the same flow from the victim's side. On top of that, OpenPayd publishes no pricing, no onboarding conditions, no accepted-license list and no client, and the account has no cards and no named SWIFT or SEPA Instant rail.
Recommendation
Consider OpenPayd if the per-player virtual IBAN is the product you want and you can carry the monitoring load that comes with it; ask for pricing, onboarding conditions and the accepted-license list in writing, and confirm whether SWIFT is available before you commit a currency plan to it. For a plain settlement and payout account, another licensee in this section gets you there with fewer open questions.
Pros
- FCA-authorized e-money institution in its own name since 2018, with Maltese and Canadian group companies
- Unlimited virtual IBANs across 35 currencies, one per end user if wanted
- SEPA, Faster Payments, open banking, global payouts and FX on one platform
- Stablecoin rails outside the UK
- API access
Cons
- Three Malta Arbiter for Financial Services decisions over scam flows through its virtual IBANs, 2024 to 2025; awards annulled on appeal in February 2026
- Trustpilot 1.8 on 16 reviews, all of them one star
- No pricing and no onboarding conditions published
- No cards; SWIFT and SEPA Instant are not named
- No gambling license named as accepted, no named clients
- Maltese license unverified in the MFSA register
Ready to open the conversation with OpenPayd?
On Record
1 enforcement or dispute item an operator should read before opening an account
- Feb 25, 2026. Malta's Arbiter for Financial Services decided three cases against OpenPayd Financial Services Malta Ltd (ASF 228-2024, 135-2025, 223-2025) over scam proceeds routed through its virtual IBANs; on February 25, 2026 the Court of Appeal annulled the EUR 26,600 in awards. Dispute-resolution decisions, not a regulator fine. source
Gambling Policy, in the Provider's Own Words
What the company itself says about serving iGaming, and how we read it
“Allocate virtual IBANs to every end user, so they can top up, get paid instantly, and move between fiat and crypto”
Our reading
iGaming has its own product page, and the pitch is partly player-facing: a virtual IBAN for each end user to top up and get paid, with movement between fiat and crypto, rather than a treasury account alone. Accepted licenses and client types are not stated.
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
| Regulator | Entity | Type · number | Status | Read |
|---|---|---|---|---|
| Financial Conduct Authority | SettleGo Solutions Limited | E-money institution · 900483 | Authorised Electronic Money Institution (since May 17, 2018) | Sep 1, 2026, regulator's extract |
- Legal entity
- SettleGo Solutions Limited (trading as OpenPayd), 09570221
- Headquarters
- London, United Kingdom
- Founded
- 2015
- Class
- Own license
Safeguarding of client money
The provider publishes no safeguarding statement we could quote. Ask where client funds are held and under which regime before you fund the account.
The Account
What the operator actually gets on the account, and what it costs to open
| Feature | Status | Details |
|---|---|---|
| IBAN in your company's name | Available | Dedicated account, not a pooled reference |
| SEPA | Available | SEPA Credit Transfer, Faster Payments, open banking |
| SEPA Instant | Not available | Not stated by the provider |
| SWIFT | Not available | 35 currencies; unlimited virtual IBANs; global payouts |
| Cards | Not available | No card program |
| API | Available | Programmatic access to payments and reporting |
| Bulk payouts | Not available | Not stated by the provider |
| Crypto or stablecoins | Available | Stablecoins, outside the UK |
| Card acquiring as well | Not available | Accounts only, no player collection |
Onboarding
- Non-EU companies
- Not stated
- Time to open
- Not stated
- Licenses named
- Not stated
Pricing, on request
No pricing and no onboarding conditions are published. Fees and eligibility are quoted individually.
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
16 reviews, 100% one-star, read Sep 1, 2026.
Not to be confused with: Openpay, the Australian buy-now-pay-later company that collapsed in 2023, and Openpay Mexico, a BBVA product, are unrelated.
Frequently Asked Questions
4 questions about OpenPayd
No. SettleGo Solutions Limited, trading as OpenPayd, is an e-money institution authorized by the FCA since May 2018. The Maltese group company holds a financial institution license dated May 2019 that is unverified in the MFSA register, and the Canadian company is registered with FINTRAC.
Yes. That is the iGaming pitch: a virtual IBAN for every end user to top up, get paid instantly and move between fiat and crypto, across 35 currencies. It puts OpenPayd's IBANs in your cashier rather than only in the back office, so your transaction monitoring carries the flows those IBANs receive.
Scam victims whose money landed in virtual IBANs issued by OpenPayd Malta took their claims to the Arbiter for Financial Services, who decided three cases against the company (ASF 228-2024, 135-2025, 223-2025) and awarded EUR 26,600 in total. The Court of Appeal annulled those awards on 25 February 2026. There is no FCA or MFSA fine.
Not published. There is no rate card and no onboarding conditions, so fees and eligibility are quoted individually; ask for both in writing before you build on the account.