iGaming Payment Solutions
Satchel Review
Is It the Right Account Provider for Your iGaming Business?
A Lithuanian e-money institution that names Anjouan and Curaçao as accepted licenses and prints its price list, and that carries the longest enforcement record in this section: an e-money suspension in 2019, four sanctions since, and a safeguarding fine in September 2025.
Vilnius, LithuaniaQuick Info
- Type
- E-money institution
- Class
- Own license
- Regulator
- Bank of Lithuania
- License
- LB000448
- HQ
- Vilnius, Lithuania
- Pricing
- Published
Our Verdict: Should You Bank With Satchel?
Final assessment for iGaming operators, studios and affiliates
Tier 2: register-verified and gambling stated on its own site
Summary
The enforcement record comes first. The Bank of Lithuania suspended SatchelPay's e-money issuance from August to November 2019, imposed four sanctions worth about EUR 53,000 between 2019 and 2023, and in September 2025 fined the company EUR 23,000 for inadequate safeguarding of client funds, the one failure that reaches straight into an operator's float. The license itself (EMI LB000448, since 6 March 2018) remains active for the full range of services. Behind it sits a broad product: a dedicated IBAN in the client's name, SEPA Instant, SWIFT, 20-plus currencies, physical and virtual Mastercard cards, white-label issuing and an API, with a published fee schedule and fully remote onboarding in 14 days, open to companies outside the EU. Satchel is also the one licensee in this section that names Anjouan and Curaçao as accepted; MGA and UKGC go unmentioned. Trustpilot stands at 2.6 on 49 reviews with 63% one star, and the 2026 reviews describe incoming transfers being returned since 22 May and a SWIFT payment of EUR 16,782 that never arrived. No client is named.
Strongest Point
Access for the offshore license tier, at a published price. Anjouan and Curaçao are named as accepted, companies outside the EU qualify, onboarding runs remotely in 14 days, and the fee schedule (EUR 375 to open, EUR 35 a month, SEPA at EUR 2 to 5, SWIFT at 0.5% out and 0.2% in) lets an operator model the cost before applying. Mastercard cards and white-label issuing on the same license add a card program that a Curaçao operator rarely gets from an EU account provider.
Key Limitation
Trust. A suspension, four sanctions and a safeguarding fine inside seven years add up to a pattern, and the 2025 fine concerns the segregation of client money, which is the promise an account provider exists to keep. The 2026 Trustpilot complaints about returned and missing transfers land on the same nerve. The Mastercard Europe principal membership is Satchel's own claim, no client is named, and a balance fee kicks in above EUR 20,000, so the account discourages the float it would need in order to earn confidence.
Recommendation
If you hold a Curaçao or Anjouan license and need a euro IBAN with cards, Satchel is a workable secondary account, and the fee schedule lets you price it before you apply. Keep the balance working rather than parked: move settlements out promptly, because the 2025 safeguarding fine, the 2026 complaints about returned and missing transfers and the balance fee above EUR 20,000 all argue against leaving money there. If you hold an MGA or UKGC license, other licensees in this section come with a cleaner record.
Pros
- Own Bank of Lithuania e-money license since March 2018, active for the full range of services
- Anjouan and Curaçao named as accepted licenses; companies outside the EU accepted
- Published fee schedule: EUR 375 to open, EUR 35 a month, SEPA EUR 2 to 5, SWIFT 0.5% out and 0.2% in
- Dedicated IBAN, SEPA Instant, SWIFT and 20-plus currencies, with Mastercard cards and white-label issuing
- Fully remote onboarding in 14 days, with an API
Cons
- E-money issuance suspended by the Bank of Lithuania from August to November 2019
- Four sanctions totaling about EUR 53,000 between 2019 and 2023
- EUR 23,000 fine for inadequate safeguarding of client funds in September 2025
- Trustpilot 2.6 on 49 reviews, 63% one star, with 2026 reports of returned incoming transfers and a missing EUR 16,782 SWIFT payment
- Mastercard Europe principal membership is self-claimed; no named clients
- MGA and UKGC not mentioned; balance fee above EUR 20,000
Ready to open the conversation with Satchel?
On Record
3 enforcement and dispute items an operator should read before opening an account
- Jan 1, 2019. Four Bank of Lithuania sanctions between 2019 and 2023, about EUR 53,000 in total. Individual dates are not stated, so the entry carries the first day of the first year. source
- Aug 1, 2019. The Bank of Lithuania suspended SatchelPay's issuance of electronic money from August to November 2019. Month-level dates; the entry carries the first day of the month. source
- Sep 1, 2025. EUR 23,000 fine from the Bank of Lithuania for inadequate safeguarding of client funds, September 2025. Month-level date; the entry carries the first day of the month. source
Gambling Policy, in the Provider's Own Words
What the company itself says about serving iGaming, and how we read it
“Accounts for regulated iGaming businesses”
Our reading
iGaming has a dedicated use case aimed at regulated businesses, and the licenses it names are Anjouan and Curaçao; MGA and UKGC go unmentioned. Onboarding is fully remote in 14 days, and companies outside the EU are accepted.
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 |
|---|---|---|---|---|
| Bank of Lithuania | SatchelPay, UAB | E-money institution · LB000448 | Electronic money institution licence, active, full range of services (since Mar 6, 2018) | Sep 1, 2026, register page |
- Legal entity
- SatchelPay, UAB, 304628112
- Headquarters
- Vilnius, Lithuania
- Founded
- Not stated
- Class
- Own license
Safeguarding of client money
Client funds sit in a segregated bank account under the terms and conditions. The Bank of Lithuania fined Satchel EUR 23,000 in September 2025 for inadequate safeguarding.
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 Instant, SEPA Credit Transfer |
| SEPA Instant | Available | Instant euro transfers |
| SWIFT | Available | Lithuanian IBAN; 20+ currencies |
| Cards | Available | Corporate cards on the account |
| API | Available | Programmatic access to payments and reporting |
| Bulk payouts | Not available | Not stated by the provider |
| Crypto or stablecoins | Not available | None on the account |
| Card acquiring as well | Not available | Accounts only, no player collection |
Onboarding
- Non-EU companies
- Yes
- Time to open
- 14 days, fully remote
- Licenses named
- Anjouan, Curaçao
Pricing, published
Account opening EUR 375, EUR 35 a month, SEPA EUR 2 to 5, outgoing SWIFT 0.5% with a EUR 35 minimum, incoming SWIFT 0.2% with a EUR 10 minimum, plus a balance fee above EUR 20,000.
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
49 reviews, 63% one-star, read Sep 1, 2026.
Not to be confused with: Satchel One, the UK school-software brand, is unrelated.
Frequently Asked Questions
4 questions about Satchel
Yes. Curaçao and Anjouan are the two licenses Satchel names for its iGaming accounts, companies outside the EU qualify, and onboarding runs fully remotely in 14 days. MGA and UKGC licensees are not mentioned, so ask before you apply.
It suspended SatchelPay's e-money issuance from August to November 2019, applied four sanctions worth about EUR 53,000 between 2019 and 2023, and fined the company EUR 23,000 in September 2025 for inadequate safeguarding of client funds. The license stays active for the full range of services.
Account opening costs EUR 375, then EUR 35 a month. SEPA transfers cost EUR 2 to 5, outgoing SWIFT 0.5% with a EUR 35 minimum, incoming SWIFT 0.2% with a EUR 10 minimum, and a fee applies to balances above EUR 20,000.
No. SatchelPay, UAB is an electronic money institution licensed by the Bank of Lithuania in March 2018. Its terms place client funds in a segregated bank account, and the September 2025 fine was for falling short of that safeguarding duty.