United Kingdom · Payments & e-money
Monavate LTD
Monavate Ltd is a private limited company registered in England and Wales, with its office in Duxford, Cambridge. The FCA authorises the firm as an electronic money institution under Firm Reference Number 901097. Monavate Holdings Limited owns it, and Exodus Movement, Inc. (NYSE American: EXOD) acquired Monavate Holdings Limited in May 2026. The firm issues payment cards and provides BIN sponsorship, processing and programme management to fintech, Web3 and business clients as a principal member of Mastercard, Visa and Discover.
Licences and registrations
Held by Monavate LTD (LEI 9845004DSE5B857A7245). 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 | 901097 | United Kingdom | Active | 2020-11-04 | — |
|
Search the register ↗ |
- 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
- MNVTGB22XXX head office
- Connection to Swift
- Reverse billingThe institution is connected to Swift. Messages sent to it are billed to the institution, not to the sender. The “2” in the eighth character of MNVTGB22 marks reverse billing.
- 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
- 2021-08-14
- Last updated
- 2021-08-14
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Employees
Not published
Ownership
Group subsidiary
Monavate Holdings Limited
Firm type
Banking as a service
Trades as Monavate
- Standing
- Exodus Movement, Inc. announced on 1 May 2026 that it had acquired Monavate Holdings Limited, the firm's parent. It bought the shares from UK receivers appointed after W3C Corp defaulted on a secured loan.
- Ownership
- Monavate Holdings Limited (Companies House 12749770) holds 75% or more of the firm's shares and voting rights, and Exodus Movement, Inc. has owned Monavate Holdings Limited since May 2026.
- Direct parent
- Monavate Holdings Limited, United Kingdom
- Ultimate owner
- Exodus Movement, Inc., United States
- Head office
- The Officers' Mess Business Centre, Royston Road, CB22 4QH Duxford, Cambridge, United Kingdom
- Company register
- Companies House 12472532
- Incorporated
- 19 Feb 2020
- Founder
- Scott Lucas
Online
- Websites & references
- monavate.com ↗
- Official social accounts
- LinkedIn ↗
Sources · 13 pages consulted
- find-and-update.company-information.service.gov.uk/company/12472532
- find-and-update.company-information.service.gov.uk/company/12472532/persons-with-significant-control
- find-and-update.company-information.service.gov.uk/company/12472532/officers
- monavate.com/legal
- monavate.com/about
- monavate.com/newsroom
- monavate.com/post/monavate-and-baanx-combine-to-form-w3c-corp-a-new-global-payments-infrastructure-gro
- monavate.com/post/uab-monavate-statement
- lb.lt/en/news/uab-monavate-must-inform-its-customers
- exodus.com/investors/news-events/press-releases/detail/108/exodus-movement-acquires-outstanding-shar
- exodus.com/investors/news-events/press-releases/detail/106/exodus-movement-appoints-receiver-in-unit
- nasdaq.com/press-release/lithic-and-monavate-partner-power-card-programs-across-traditional-and-chai
- krak.app/legal/card-terms
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The FCA authorises the firm as an electronic money institution (FRN 901097) to issue e-money and provide payment services. The firm is itself the card issuer for its clients' programmes, and clients often act as its programme managers.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Financial Conduct Authority United Kingdom | Authorised Electronic Money Institution | 901097 | In its own name | Active | register.fca.org.uk ↗ |
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 accountsThe firm states that it keeps customer funds separate from its own money under the Electronic Money Regulations 2011, in designated safeguarding accounts with authorised credit institutions.
- Payment schemes and card networks
- Mastercard Direct monavate.com ↗
Visa Direct monavate.com ↗
Discover Direct monavate.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 issues cards and provides BIN sponsorship, processing and programme management for fintech, Web3, travel, insurance, media-buying and fleet card programmes.
The firm issues cards in the UK under its FCA authorisation, and the group says it is live in more than 50 countries through UAB Monavate and other entities.
- Sells to
- Enterprises · Platforms and marketplaces · Financial institutions
- Serves customers in
- United Kingdom
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
- Michael Rolph Chief Executive Officer
- Chief financial officer
- Lee Johnstone Chief Financial Officer
- Founder
-
Scott Lucas
Co-Founder & President
- Executive
-
Elizabeth Agricole-Barnes
Chief Operating Officer
- Executive
-
David Nyamatore
General Counsel
- Executive
-
Mat Peck
Chief Technology Officer
Recent events 1 enforcement or investigation item
Researched 29 Sep 2026 · Sources
-
Merger / acquisition
Exodus Movement, Inc. acquired the firm's parent, Monavate Holdings Limited, from UK receivers for USD 76.3 million.
exodus.com ↗ -
Other
Exodus appointed UK receivers over the shares of Monavate Holdings, Monavate Ltd and Baanx after W3C Corp defaulted on a USD 70 million loan.
exodus.com ↗ -
Enforcement
The Bank of Lithuania ordered UAB Monavate, a Lithuanian group company, to stop providing services through six named distributors.
lb.lt ↗ -
Merger / acquisition
Monavate combined with Baanx under W3C Corp, a new holding company for Monavate Holdings Ltd.
monavate.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
- MNVTGB22XXX
- How the BIC breaks down
- MNVTBank
- GBCountry · United Kingdom
- 22Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 9845004DSE5B857A7245
- LEI record
- View on GLEIF ↗
- Licence no. · FCA-EMI
- 901097
- 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
- ff4f47be92b5
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.monavate.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.
Addresses
- Registered address
- THE OFFICERS MESS BUSINESS CENTRE THE ANTE ROOM ROYSTON ROAD DUXFORD CAMBRIDGE CB22 4QH UNITED KINGDOM
- Operational address
- THE OFFICERS MESS BUSINESS CENTRE THE ANTE ROOM ROYSTON ROAD DUXFORD CAMBRIDGE CAMBRIDGE CB22 4QH 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+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>MNVTGB22XXX</BICFI>
<LEI>9845004DSE5B857A7245</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>MNVTGB22XXX</BICFI>
<LEI>9845004DSE5B857A7245</LEI>
<Nm>MONAVATE LTD</Nm>
<PstlAdr>
<TwnNm>CAMBRIDGE</TwnNm>
<Ctry>GB</Ctry>
<AdrLine>THE OFFICERS MESS BUSINESS CENTRE THE ANTE ROOM ROYSTON ROAD DUXFORD</AdrLine>
<AdrLine>CAMBRIDGE CB22 4QH</AdrLine>
</PstlAdr>
</FinInstnId>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
- 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: monavate.com (official website) · original; Scott Lucas: monavate.com (official website) · original; Elizabeth Agricole-Barnes: monavate.com (official website) · original; David Nyamatore: monavate.com (official website) · original; Mat Peck: monavate.com (official website) · original.
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