iGaming Payment Solutions
Satchel Review
Is It the Right Account Provider for Your iGaming Business?
A Lithuanian e-money institution that accepts Anjouan and Curaçao licenses and publishes its fees, with a Bank of Lithuania record that runs from a 2019 ban on issuing e-money to EUR 53,000 in fines through 2023.
- Trustpilot
- 2.6/5 (49)
- Headquarters
- Vilnius, Lithuania
- Regulator
- BoL
- Licenses named
- Anjouan, Curaçao
Vilnius, LithuaniaQuick Info
- Type
- E‑money institution
- Class
- Own license
- Regulator
- BoL
- License
- LB000448
- HQ
- Vilnius, Lithuania
- Pricing
- Published
Our Verdict: Should You Bank With Satchel?
Final assessment for iGaming operators, studios and affiliates
Tier 2: on a regulator's register and open to gambling businesses
Summary
The Bank of Lithuania suspended SatchelPay's e-money issuance from August to November 2019 and fined the company in 2019, 2020 and 2023. It has taken no measure since the August 2023 fine, and SatchelPay's e-money license remains in force. On that license Satchel sells a dedicated IBAN in the client's name with SEPA Instant, SWIFT in 20-plus currencies, physical and virtual Mastercard cards, white-label issuing and an API. Service is the other risk, because Trustpilot reviewers complained in 2026 that incoming transfers had been returned since May 22, 2026, and that a EUR 16,782 SWIFT payment never arrived.
Strongest Point
Satchel takes Anjouan and Curaçao operators as well as companies from outside the EU, and its published fee schedule, starting at EUR 375 to open and EUR 35 a month, lets an operator model the cost before applying. It issues physical and virtual Mastercard cards as a principal member of Mastercard Europe, and white-label issuing runs on the same license.
Key Limitation
A suspension and fines in three separate years add up to a pattern at the institution that would hold an operator's settlements, and the first fine, in December 2019, was for inadequate safeguarding of client funds. The 2026 complaints land on the same nerve, since returned incoming transfers and a lost SWIFT payment are the failures a settlement account exists to prevent. A balance fee applies above EUR 20,000, which makes a working float on the account expensive.
Recommendation
If you hold a Curaçao or Anjouan license and need a euro IBAN with cards, Satchel is a workable secondary account. Move settlements out promptly, because the enforcement record, the 2026 complaints and the balance fee all argue against leaving money there. If you hold an MGA or UKGC license, Narvi accepts both and has no enforcement record.
Pros
- Own Bank of Lithuania e-money license since March 2018, with cross-border services in 29 other EEA countries
- Anjouan and Curaçao licenses accepted by name, along with companies from outside the EU
- Published fees of EUR 375 to open, EUR 35 a month, EUR 2 to 5 per SEPA transfer, and 0.5% out and 0.2% in on SWIFT
- 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
- Bank of Lithuania fines totaling EUR 53,000 between 2019 and 2023
- 2026 Trustpilot complaints of returned incoming transfers and a lost SWIFT payment
- 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
- Aug 2, 2019. The Bank of Lithuania temporarily barred SatchelPay from issuing electronic money and lifted the ban on November 18, 2019. source
- Dec 2, 2019. The Bank of Lithuania fined SatchelPay EUR 23,000 for inadequate safeguarding of client funds, and a second fine of EUR 5,000 followed on August 31, 2020. source
- Aug 22, 2023. The Bank of Lithuania fined SatchelPay EUR 25,000. It is the Bank's most recent measure against the company and brings the fines since December 2019 to EUR 53,000. source
Gambling Policy
Whether the company serves iGaming businesses, on what terms, and which licenses and client types it accepts
“Accounts for regulated iGaming businesses”
Our reading
Satchel runs a dedicated iGaming use case for regulated businesses and accepts Anjouan and Curaçao licenses by name. Companies incorporated outside the EU qualify as well.
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
- Bank of LithuaniaRead , register page
SatchelPay, UAB · E-money institution · LB000448
Electronic money institution, holding a licence issued in Lithuania for non-limited activity (since Mar 6, 2018)
- Legal entity
- SatchelPay, UAB, 304628112
- Headquarters
- Vilnius, Lithuania
- Founded
- Not stated
- Class
- Own license
Safeguarding of client money
Satchel holds client funds in a segregated bank account.
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
SEPA Instant, SEPA Credit Transfer
- SEPA InstantYes
Instant euro transfers
- SWIFTYes
20+ currencies, on a Lithuanian IBAN
- CardsYes
Corporate cards on the account
- APIYes
Programmatic access to payments and reporting
- Bulk payoutsNo
Not stated by the provider
- Crypto or stablecoinsNo
None on the account
- 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 | SEPA Instant, SEPA Credit Transfer |
| SEPA Instant | Yes | Instant euro transfers |
| SWIFT | Yes | 20+ currencies, on a Lithuanian IBAN |
| Cards | Yes | Corporate cards on the account |
| API | Yes | Programmatic access to payments and reporting |
| Bulk payouts | No | Not stated by the provider |
| Crypto or stablecoins | No | None on the account |
| Card acquiring as well | No | 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
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 accepts by name for its iGaming accounts, companies outside the EU qualify, and onboarding runs fully remotely in 14 days. An MGA or UKGC licensee should get acceptance in writing before applying.
The Bank of Lithuania barred SatchelPay from issuing electronic money from August 2 to November 18, 2019, and on December 2, 2019, fined it EUR 23,000 for inadequate safeguarding of client funds. Fines of EUR 5,000 on August 31, 2020, and EUR 25,000 on August 22, 2023, brought the total to EUR 53,000. The August 2023 fine is the Bank's most recent measure, and SatchelPay's e-money license, held since March 6, 2018, remains in force.
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, so a client balance is e-money held in a segregated bank account.