United Kingdom · Payments & e-money
Pax2pay LTD
Pax2Pay Ltd is a private limited company based in Bristol, England. The Financial Conduct Authority (FCA) authorises it as an electronic money institution (firm reference number 967198). It is also a registered agent of Modulr FS Limited, which provides its customers' accounts and related payment services. Transact Payments Limited of Gibraltar issues its Visa and Mastercard cards, and Pax2Pay acts as programme manager. Pax2Pay AB of Sweden owns the firm, and Paxport Group AB is its ultimate parent. It sells virtual cards, supplier bank transfers, funding accounts and invoice payments to travel businesses such as online travel agents.
Licences and registrations
Held by Pax2pay LTD (LEI 9845006009ABE50Q0377). 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 | 967198 | United Kingdom | Active | 2022-11-14 | — |
|
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
- PXPAGB22XXX 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 PXPAGB22 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
- 2026-03-07
- Last updated
- 2026-03-07
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Group subsidiary
100% Pax2Pay AB
Firm type
E-money and accounts
Trades as Pax2pay
- Ownership
- According to its 2025 accounts, Pax2Pay AB owns 100% of the firm and Paxport Group AB of Sweden is the ultimate parent. The Companies House register names Lars Gunnar Osterberg and Sven Anders Steen as persons with significant control, each holding more than 25% but not more than 50%.
- Direct parent
- Pax2Pay AB, Sweden 100%
- Ultimate owner
- Paxport Group AB, Sweden
- Major shareholders
- Lars Gunnar Osterberg (person with significant control, 25–50%)
Sven Anders Steen (person with significant control, 25–50%) - Head office
- The Landing, 125 Redcliff Street, BS1 6HU Bristol, United Kingdom
- Company register
- Companies House 11747127
- Incorporated
- 2 Jan 2019
- Former name
- PXPAY LTD
Online
- Websites & references
- pax2pay.com ↗
portal.pax2pay.com ↗ customer web portal
pax2pay.uk ↗ alternative domain linked from the site header - Official social accounts
- LinkedIn ↗ · X ↗ · Vimeo ↗
Sources · 12 pages consulted
- pax2pay.com/regulations/
- find-and-update.company-information.service.gov.uk/company/11747127
- find-and-update.company-information.service.gov.uk/company/11747127/officers
- find-and-update.company-information.service.gov.uk/company/11747127/persons-with-significant-control
- find-and-update.company-information.service.gov.uk/company/11747127/filing-history
- find-and-update.company-information.service.gov.uk/company/11747127/filing-history/MzUzODAzOTQwMmFkaXF6a2N4/document?format=pdf&download=0
- pax2pay.com/about/
- pax2pay.com/terms-and-conditions/
- pax2pay.com/wp-content/uploads/2026/03/Transaction-Payments-Terms-and-Conditions-03FEB26-Visa.pdf
- travolution.com/news/pax2pay-rolls-out-visa-commercial-choice-travel-program/
- travolution.com/news/pax2pay-signs-deal-with-diners-club-international-for-further-travel-sector-penetrat
- travolution.com/news/pax2pay-secures-e-money-licence-to-support-growth-plans-in-the-uk/
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Several models
- Licensed firm it operates under
- Modulr FS Limited, United Kingdom registered EMD agent; Modulr FS Limited provides the customer account and related payment services
The FCA authorises the firm as an electronic money institution under firm reference number 967198. The firm is also a registered EMD agent of Modulr FS Limited, which the FCA authorises as an electronic money institution (firm reference number 900573). European customers' accounts are provided by Modulr Finance B.V., which the Dutch Central Bank (DNB) authorises. Transact Payments Limited, which the Gibraltar Financial Services Commission authorises, issues the cards, and Pax2Pay acts as programme manager.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Financial Conduct Authority United Kingdom | Authorised Electronic Money Institution | 967198 | In its own name | Active | pax2pay.com ↗ |
| Financial Conduct Authority United Kingdom | Registered EMD agent of Modulr FS Limited (FRN 900573) | — | As agent | Active | pax2pay.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 accountsFor accounts provided by Modulr FS Limited, the firm states that customer funds are held in segregated accounts and safeguarded under the Electronic Money Regulations 2011. For its European accounts, Modulr Finance B.V. safeguards funds under the Dutch Financial Supervision Act.
- Safeguarding bank · Partner
- Modulr FS Limited United Kingdom
- Safeguarding bank · Partner
- Modulr Finance B.V. Netherlands
- Card issuer
- Transact Payments Limited Gibraltar
- Payment schemes and card networks
- Visa Through a partner pax2pay.com ↗
Mastercard Through a partner pax2pay.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 single-use and multi-use virtual Visa and Mastercard cards for business-to-business travel supplier payments. It also offers bank transfers, business funding accounts and invoice payments, sold to online travel agents and other travel businesses directly and through travel technology platforms.
According to its 2025 accounts, most of its revenue came from the UK and most of the rest from Europe. Its European customers' accounts are provided by Modulr Finance B.V., and a sister company, Pax2Pay UAB in Lithuania, covers the EEA.
- Revenue
- GBP 20m
- Payment volume
- GBP 1.1bnvalue of transactions settled by customers on its platform (2.24 million transactions), as stated in the strategic report
- Sells to
- Enterprises · Small businesses · Platforms and marketplaces
- Serves customers in
- United Kingdom
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
-
Päivö Eerola
CEO; Director
- Executive
- Ian David (Dave) Robinson MD Pax2pay Ltd; Director
- Executive
- Claes Mikael Wandt Director
- Executive
- Alan John Hadley Director
Recent events
Researched 29 Sep 2026 · Sources
-
Leadership
The firm appointed Alan John Hadley as a director on 11 August 2026.
find-and-update.company-information.service.gov.uk ↗ -
Other
The firm launched a Visa Commercial Choice Travel programme and named Visa its preferred card scheme.
travolution.com ↗ -
Leadership
Lars Gunnar Osterberg resigned as a director of the firm on 27 March 2025.
find-and-update.company-information.service.gov.uk ↗ -
Other
The firm signed an agreement with Diners Club International to issue travel virtual cards as a UK issuing partner.
travolution.com ↗ -
Merger / acquisition
Paxport Group UK Ltd ceased to control the firm on 24 November 2023, and ownership moved to the Pax2Pay AB structure.
find-and-update.company-information.service.gov.uk ↗
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
- PXPAGB22XXX
- How the BIC breaks down
- PXPABank
- GBCountry · United Kingdom
- 22Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 9845006009ABE50Q0377
- LEI record
- View on GLEIF ↗
- Licence no. · FCA-EMI
- 967198
- 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
- ad84c537602d
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.pax2pay.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 LANDING 125 REDCLIFF STREET BRISTOL BS1 6HU UNITED KINGDOM
- Operational address
- THE LANDING 125 REDCLIFF STREET BRISTOL BRISTOL BS1 6HU 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>PXPAGB22XXX</BICFI>
<LEI>9845006009ABE50Q0377</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>PXPAGB22XXX</BICFI>
<LEI>9845006009ABE50Q0377</LEI>
<Nm>PAX2PAY LTD</Nm>
<PstlAdr>
<TwnNm>BRISTOL</TwnNm>
<Ctry>GB</Ctry>
<AdrLine>THE LANDING 125 REDCLIFF STREET BRISTOL BS1 6HU</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: pax2pay.com (official website) · original; Päivö Eerola: pax2pay.com (official website) · original.
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