United Kingdom · Payments & e-money
Fiat Republic Financial Services Limited
Legal name in the LEI recordFIAT REPUBLIC FINANCIAL SERVICES LTD
Fiat Republic Financial Services Ltd is a private limited company registered in England and Wales with its office in London. The Financial Conduct Authority (FCA) authorises it as an electronic money institution under reference 900524. Fiat Republic Ltd has owned it since May 2022. That was when the Fiat Republic group bought the company, then named Paybase Limited, to obtain a UK e-money licence. Through an API, it offers crypto-asset platforms virtual accounts, UK payment rails and FX in the United Kingdom.
Licences and registrations
Held by Fiat Republic Financial Services LTD (LEI 9845006D09CO8E7F1224). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| FCA Financial Services Register - E-Money InstitutionsFCALinked by LEI. Matched by Elucidate on the UK company number the register gives. | Authorised E-Money InstitutionE-Money / Stored Value Institution | 900524 | United Kingdom | Active | 2018-05-22 | — |
|
Search the register ↗ |
Trading names on the register: Fiat Republic (FCA-EMI)
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- PAYBGB21XXX head office
- Connection to Swift
- Passive participant (no connection)This BIC is registered for identification only. The institution has no direct connection to the Swift network. Messages and payments reach it through a correspondent bank. The “1” in the eighth character of PAYBGB21 marks a passive participant.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- No entry in the EPC registers, the ECB T2 and TIPS lists or the SIX Bank Master cites this BIC
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2018-08-04
- Last updated
- 2025-06-18
Overview
Researched 29 Sep 2026 · Sources
Ownership
Group subsidiary
100% Fiat Republic Ltd
Firm type
Banking as a service
Trades as Fiat Republic
- Standing
- Companies House shows the company as active, but its confirmation statement due by 13 July 2026 is overdue. The auditor's report on the 2024 accounts drew attention to a material uncertainty related to going concern. It cited the group's reliance on venture capital funding.
- Ownership
- Fiat Republic Ltd (Companies House 13466461) owns the firm, holding 75% or more of shares and voting rights, and the directors report no ultimate controlling party.
- Direct parent
- Fiat Republic Ltd, United Kingdom 100%
- Head office
- 60 Cannon Street, EC4N 6NP London, United Kingdom
- Company register
- Companies House 08649018
- Incorporated
- 13 Aug 2013
- Founders
- Adam Bialy · Paula Steiner · Sophie Guibaud · Martyna Lewinska
- Former names
- PAYBASE LIMITED · PAYFRIENDZ LIMITED
Online
- Websites & references
- fiatrepublic.com ↗
docs.fiatrepublic.com ↗ developer documentation (group)
status.fiatrepublic.com ↗ status page (group) - Official social accounts
- LinkedIn ↗ · YouTube ↗
Sources · 13 pages consulted
- find-and-update.company-information.service.gov.uk/company/08649018
- find-and-update.company-information.service.gov.uk/company/08649018/officers
- find-and-update.company-information.service.gov.uk/company/08649018/persons-with-significant-control
- find-and-update.company-information.service.gov.uk/company/08649018/filing-history
- find-and-update.company-information.service.gov.uk/company/08649018/filing-history/MzQ5NzA5NDM3N2FkaXF6a2N4/document?format=pdf&download=0
- fiatrepublic.com/
- fiatrepublic.com/group-companies
- fiatrepublic.com/security-compliance
- fiatrepublic.com/blog/fiat-republic-the-specialist-baas-platform-that-bridges-the-gap-between-web3-and-tra
- fiatrepublic.com/blog/seed-extension-release
- fiatrepublic.com/eaglenet-e-money-tokens-emts/
- uk.linkedin.com/company/fiatrepublic
- techfundingnews.com/fiat-nets-2-5m-to-bridge-banking-web3-gap-acquires-paybase-for-uk-emi-licence/
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The FCA authorises the firm as an electronic money institution, reference 900524. The group serves EEA clients through a sister company, Fiat Republic Netherlands BV, which De Nederlandsche Bank authorises as an electronic money institution.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Financial Conduct Authority United Kingdom | Authorised Electronic Money Institution | 900524 | In its own name | Active | fiatrepublic.com ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsAccording to its 2024 accounts, client funds are held in a segregated safeguarding account at Banking Circle S.A. Up to 70% of funds related to e-money tokens may be invested in money market funds, with JP Morgan as custodian.
- Safeguarding bank
- Banking Circle S.A. Luxembourg
- Safeguarding bank
- JP Morgan
- Payment schemes and card networks
- Faster Payments Through a partner fiatrepublic.com ↗
Swift Through a partner fiatrepublic.com ↗
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
It provides crypto-asset platforms with named virtual accounts, fiat pay-ins and pay-outs, treasury services and FX through one API. The 2024 accounts describe this as an e-money payments platform delivered on a software-as-a-service model.
The firm serves business clients in the United Kingdom under its FCA licence, and its 2024 accounts state that all turnover arose in the UK.
- Revenue
- GBP 171,989
- Sells to
- Platforms and marketplaces · Enterprises
- Serves customers in
- United Kingdom
- Latest funding round
- Seed extension · USD 7m Dec 2023
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
- Adam Bialy Founder and CEO; Director
- Compliance / MLRO
- Paula Steiner Co-founder and Chief Compliance Officer; Director
- Executive
- Antonio De Lorenzo Company Secretary
Recent events
Researched 29 Sep 2026 · Sources
-
Other
Buzzacott Audit LLP drew attention to a material uncertainty over going concern in its report on the firm's 2024 accounts.
find-and-update.company-information.service.gov.uk ↗ -
Funding
The Fiat Republic group secured interim financing of USD 1.11 million from new and existing investors in July and August 2025.
find-and-update.company-information.service.gov.uk ↗ -
Other
Companies House published a first Gazette notice for compulsory strike-off, then discontinued the action on 22 March 2025 after the accounts were filed.
find-and-update.company-information.service.gov.uk ↗ -
Other
Companies House published a first Gazette notice for compulsory strike-off, then discontinued the action on 30 March 2024.
find-and-update.company-information.service.gov.uk ↗ -
Funding
The Fiat Republic group announced a USD 7 million seed extension from investors including Kraken Ventures, Fabric Ventures, Arca and Inovo Ventures.
fiatrepublic.com ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- PAYBGB21XXX
- How the BIC breaks down
- PAYBBank
- GBCountry · United Kingdom
- 21Location · passive
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 9845006D09CO8E7F1224
- LEI record
- View on GLEIF ↗
- Licence no. · FCA-EMI
- 900524
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate on the UK company number the register gives.
- Register-entry ID
- 1c3b760c6d3c
- Companies House no.
- 08649018 ↗
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Payment services
- E-money / stored value
- Licensed in
- United Kingdom
- Website (register)
- www.fiatrepublic.com ↗
- Country · region
- United Kingdom · Europe & Central Asia
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Persons with significant control
Companies House · company 08649018 ↗ · as at 9 October 2026
Companies House lists 1 person with significant control for Fiat Republic Financial Services Ltd: 1 company.
| Name | Type | Nature of control | Notified |
|---|---|---|---|
| Fiat Republic Ltd ↗ | Company · UK | 75–100% of shares · 75–100% of votes · Can appoint or remove directors | 23 May 2022 |
| Adam Leszek Bialy | Individual · through Fiat Republic Ltd | 25–50% of shares · 25–50% of votes | 20 June 2021 |
Companies report persons with significant control to Companies House. Elucidate has not verified them.
A person with significant control holds more than 25% of the shares or votes, can appoint or remove the board, or has significant influence or control. Dates of birth and addresses are not shown.
Matched on the Companies House number that the FCA register gives for this firm.
See the register at Companies House ↗Addresses
- Registered address
- 60 CANNON STREET LONDON EC4N 6NP UNITED KINGDOM
- Operational address
- 60 CANNON STREET LONDON LONDON EC4N 6NP UNITED KINGDOM
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Debtor agent, creditor agent or an intermediary agent
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>PAYBGB21XXX</BICFI>
<LEI>9845006D09CO8E7F1224</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>PAYBGB21XXX</BICFI>
<LEI>9845006D09CO8E7F1224</LEI>
<Nm>FIAT REPUBLIC FINANCIAL SERVICES LIMITED</Nm>
<PstlAdr>
<TwnNm>LONDON</TwnNm>
<Ctry>GB</Ctry>
<AdrLine>60 CANNON STREET LONDON EC4N 6NP</AdrLine>
</PstlAdr>
</FinInstnId>This BIC is not connected to Swift. Messages reach the institution through a correspondent bank, so it cannot be the instructing or instructed agent.
The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
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Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- FCA Financial Services Register - E-Money Institutions—Financial Conduct Authority (FCA) · register ↗ as at 25 September 2026
- Persons with significant control—Companies House · source ↗ as at 9 October 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
- Images—logos and photos from Wikimedia Commons (credited with their author and licence) or from the institution's own website, where Wikimedia has none. Elucidate keeps a copy of each; the links lead to the source and the original image. Logo: fiatrepublic.com (official website).
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