---
title: "Payward Services Limited · Authorised E-Money Institution (FCA) · United Kingdom | Elucidate"
description: "Payward Services Limited is authorised by FCA as an authorised e-money institution in the United Kingdom. Licence 1010381. LEI 254900PZD2SD6M12CH57. Register status, licences, activities and ownership."
url: https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a
---

1.  [Directory](https://elucidate.co/directory)
2.  [United Kingdom](https://elucidate.co/directory/country/gb)
3.  Payward Services Limited

United Kingdom · Payments & e-money

# Payward Services Limited

Trading as Kraken · Krak

Payward Services Limited is a private limited company incorporated in England and Wales in September 2020, with its registered office in London. The FCA has authorised it as an electronic money institution under the Electronic Money Regulations 2011 since 20 February 2025 (FRN 1010381). It is a wholly owned subsidiary of Seven Cities Pte. Ltd. of Singapore. Its ultimate parent is Payward, Inc. of the United States, the group behind the Kraken brand. The firm provides e-money wallets and related payment services to UK retail customers of Kraken and Krak, and it began operations in June 2025.

Register status

Licensed in the United Kingdom

Authorised E-Money Institution · FCA

Prudential licence

[1 licence or registration ↓](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#licences)

BIC **No BIC** LEI **[254900PZD2SD6M12CH57](https://search.gleif.org/#/record/254900PZD2SD6M12CH57)** [Licence no. **1010381**](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#licences)

## Licences and registrations

Held by Payward Services Limited (LEI 254900PZD2SD6M12CH57). 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 Institutions](https://elucidate.co/directory/register/fca-emi) FCA | Authorised E-Money InstitutionE-Money / Stored Value Institution | 1010381 | [United Kingdom](https://elucidate.co/directory/country/gb) | Active | 2025-02-20 | — | - Payment services - E-money / stored value | [Search the register ↗](https://register.fca.org.uk/s/) |

Trading names on the register: Kraken (FCA-EMI), Krak (FCA-EMI)

-   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.

## Swift network

Swift’s ISO 9362 BIC directory

Holds no BIC in Swift’s directory.

Its LEI is not mapped to a BIC in the Swift and GLEIF BIC-to-LEI relationship file.

## Overview

Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#overview-sources)

Customers

Not published

Employees

3

headcount · This entity · 31 Dec 2025 · [annual report ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history/MzU0MTA3NTg0M2FkaXF6a2N4/document?format=pdf&download=0)

Ownership

Group subsidiary

100% Seven Cities Pte. Ltd.

Firm type

E-money and accounts

Trades as Kraken

- **Ownership:** Seven Cities Pte. Ltd. of Singapore owns 100% of the firm, and Payward, Inc. of the United States is its ultimate parent and controlling party.
- **Direct parent:** Seven Cities Pte. Ltd., Singapore 100%
- **Ultimate owner:** Payward, Inc., United States
- **Head office:** 6th Floor, One London Wall, EC2Y 5EB London, United Kingdom
- **Company register:** Companies House 12861311
- **Incorporated:** 7 Sep 2020

### Online

- **Websites & references:** [kraken.com ↗](https://www.kraken.com/) [krak.app ↗](https://krak.app/) Krak money app site (group brand; UK card and e-money wallet disclosures) [support.kraken.com ↗](https://support.kraken.com/) support centre, including licensing page
- **Official social accounts:** [LinkedIn ↗](https://www.linkedin.com/company/krakenfx/) · [X ↗](https://x.com/krakenfx) · [Facebook ↗](https://www.facebook.com/KrakenFX/) · [Instagram ↗](https://www.instagram.com/krakenfx/) · [YouTube ↗](https://www.youtube.com/c/KrakenBitcoinExchange) · [TikTok ↗](https://www.tiktok.com/@krakenfx) · [Reddit ↗](https://www.reddit.com/r/Kraken/)

Sources · 16 pages consulted

1.  [register.fca.org.uk/s/firm?id=0014G00003EccAhQAJ](https://register.fca.org.uk/s/firm?id=0014G00003EccAhQAJ)
2.  [find-and-update.company-information.service.gov.uk/company/12861311/officers](https://find-and-update.company-information.service.gov.uk/company/12861311/officers)
3.  [find-and-update.company-information.service.gov.uk/company/12861311/filing-history?page=1](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history?page=1)
4.  [find-and-update.company-information.service.gov.uk/company/12861311/filing-history?page=3](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history?page=3)
5.  [find-and-update.company-information.service.gov.uk/company/12861311/filing-history/MzU0MTA3NTg0M2FkaXF6a2N4/document?format=pdf&download=0](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history/MzU0MTA3NTg0M2FkaXF6a2N4/document?format=pdf&download=0)
6.  [find-and-update.company-information.service.gov.uk/company/12861311/persons-with-significant-control](https://find-and-update.company-information.service.gov.uk/company/12861311/persons-with-significant-control)
7.  [kraken.com/legal/disclosures](https://www.kraken.com/legal/disclosures)
8.  [kraken.com/legal/global-terms](https://www.kraken.com/legal/global-terms)
9.  [kraken.com/](https://www.kraken.com/)
10.  [support.kraken.com/articles/where-is-kraken-licensed-or-regulated](https://support.kraken.com/articles/where-is-kraken-licensed-or-regulated)
11.  [blog.kraken.com/news/uk-emi-authorization](https://blog.kraken.com/news/uk-emi-authorization)
12.  [blog.kraken.com/product/kraken-card/introducing-the-kraken-card](https://blog.kraken.com/product/kraken-card/introducing-the-kraken-card)
13.  [krak.app/gb/legal/card-terms](https://krak.app/gb/legal/card-terms)
14.  [services.payward.com/](https://services.payward.com/)
15.  [fortune.com/2026/09/10/nasdaq-tokenized-stocks-100-million-investment-kraken-parent-payward/](https://fortune.com/2026/09/10/nasdaq-tokenized-stocks-100-million-investment-kraken-parent-payward/)
16.  [coindesk.com/business/2026/04/13/crypto-exchange-kraken-targeted-in-extortion-attempt-but-says-there-w](https://www.coindesk.com/business/2026/04/13/crypto-exchange-kraken-targeted-in-extortion-attempt-but-says-there-was-no-breach-and-no-client-funds-at-risk)

## Authorisation

Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#overview-sources)

- **Operates under:** Its own licences

The FCA authorises the firm as an electronic money institution under the Electronic Money Regulations 2011. Its UK sister company Payward Ltd provides Kraken's cryptoasset exchange and custody services as an FCA-registered cryptoasset business. Monavate Limited issues the UK cards under its own FCA e-money authorisation.

| Authority | Licence or registration | Number | Held | Status | Source |
| --- | --- | --- | --- | --- | --- |
| Financial Conduct Authority (FCA) United Kingdom | Authorised Electronic Money Institution | 1010381 | In its own name | Active | [register.fca.org.uk ↗](https://register.fca.org.uk/s/firm?id=0014G00003EccAhQAJ) |

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](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#overview-sources)

- **Safeguarding:** Segregated safeguarding accountsThe firm states that it safeguards funds held as e-money by placing them in a separate, dedicated client money bank account, and that the e-money is not covered by the Financial Services Compensation Scheme. [kraken.com ↗](https://www.kraken.com/legal/disclosures)
- **Card issuer:** Monavate Limited United Kingdom [blog.kraken.com ↗](https://blog.kraken.com/product/kraken-card/introducing-the-kraken-card)
- **Payment schemes and card networks:** Mastercard Through a partner [blog.kraken.com ↗](https://blog.kraken.com/product/kraken-card/introducing-the-kraken-card)

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](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#overview-sources)

-   E-money wallet
-   Domestic payments
-   Debit cards

The firm holds UK retail customers' fiat balances on Kraken as e-money and supports the UK Kraken and Krak Mastercard debit cards, which Monavate Limited issues. According to its 2025 accounts, it also provides fiat banking services to other Payward group companies.

It serves retail customers in the United Kingdom only. Kraken's EEA customers contract with Payward Ireland Limited.

- **Revenue:** GBP 1.31mThis entity · 31 Dec 2025 · [annual report ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history/MzU0MTA3NTg0M2FkaXF6a2N4/document?format=pdf&download=0)
- **Sells to:** Consumers · Other
- **Serves customers in:** United Kingdom

## Leadership

Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#overview-sources)

- **Executive:** Bivu Das Director; UK General Manager, Kraken Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/officers)
- **Executive:** Mathieu Doidy Director Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/officers)
- **Executive:** Natasha Isobel Louise Powell Director Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/officers)
- **Executive:** Louise Marie Smith Director Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/officers)

## Recent events 1 enforcement or investigation item

Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/payward-services-limited-6bd0a4a1645a#overview-sources)

1.  Sep 2026

    Funding

    Nasdaq invested USD 100 million in the group parent Payward, Inc., according to Fortune. The investment was made at group level.

    [fortune.com ↗](https://fortune.com/2026/09/10/nasdaq-tokenized-stocks-100-million-investment-kraken-parent-payward/)

2.  Apr 2026

    Security incident

    The Kraken group disclosed two insider incidents in which support staff may have viewed data from about 2,000 client accounts. An extortion attempt followed.

    [coindesk.com ↗](https://www.coindesk.com/business/2026/04/13/crypto-exchange-kraken-targeted-in-extortion-attempt-but-says-there-was-no-breach-and-no-client-funds-at-risk)

3.  Feb 2026

    Leadership

    The firm appointed Louise Marie Smith as a director on 10 February 2026. Stephanie Lemmerman resigned as a director on 12 January 2026.

    [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/officers)

4.  Jun 2025

    Other

    The firm began operations as an electronic money institution, according to its 2025 annual report.

    [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history/MzU0MTA3NTg0M2FkaXF6a2N4/document?format=pdf&download=0)

5.  Feb 2025

    Licence

    The FCA authorised the firm as an electronic money institution on 20 February 2025.

    [blog.kraken.com ↗](https://blog.kraken.com/news/uk-emi-authorization)

6.  Dec 2024

    Leadership

    The firm appointed Mathieu Doidy, Natasha Powell and Stephanie Lemmerman as directors on 17 December 2024.

    [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/filing-history?page=1)

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

- **Licence no. · FCA-EMI:** 1010381
- **BIC:** Holds no BIC in Swift’s directory
- **LEI:** [254900PZD2SD6M12CH57 ↗](https://search.gleif.org/#/record/254900PZD2SD6M12CH57)
- **How the LEI was matched:** Matched by Elucidate on the UK company number the register gives
- **Companies House no.:** [12861311 ↗](https://find-and-update.company-information.service.gov.uk/company/12861311)
- **Elucidate firm ID:** 6bd0a4a1645a

## Profile

- **Type:** Payments & e-money
- **Regulation:** Prudential licence
- **Main licence class:** E-Money / Stored Value Institution
- **Activities:** - Payment services - E-money / stored value
- **Licensed in:** [United Kingdom](https://elucidate.co/directory/country/gb) · Europe & Central Asia
- **First registered:** 2025-02-20

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 [12861311 ↗](https://find-and-update.company-information.service.gov.uk/company/12861311) · as at 9 October 2026

The company states that no person or legal entity has significant control over it.

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 ↗](https://find-and-update.company-information.service.gov.uk/company/12861311/persons-with-significant-control)

## Addresses

- **Address on the register:** 6th Floor, One London Wall, London, EC2Y 5EB
- **Country:** United Kingdom

## ISO 20022 identification

As an agent in a Swift cross-border payment message (CBPR+)

This institution holds no BIC. A CBPR+ message identifies it by name and postal address, and may add its LEI or a clearing code.

- **Identified by:** Name and postal address, with its LEI
- **Postal address:** Hybrid: town, postcode and country in their own elements, the rest in one address line

```xml
<FinInstnId>
  <LEI>254900PZD2SD6M12CH57</LEI>
  <Nm>PAYWARD SERVICES LIMITED</Nm>
  <PstlAdr>
    <PstCd>EC2Y 5EB</PstCd>
    <TwnNm>London</TwnNm>
    <Ctry>GB</Ctry>
    <AdrLine>6th Floor, One London Wall</AdrLine>
  </PstlAdr>
</FinInstnId>
```

-   The address line repeats the town or postcode. Remove the repeat if your payment system rejects it.

CBPR+ identifies the instructing and instructed agents by BIC only. An institution without a BIC can be the debtor, creditor or an intermediary agent.

The values are as published by the register. Check them against your own records before use.

## Related institutions

### Other payments & e-money institutions in the United Kingdom

-   [Stonex Financial LTD BIC IGLUGB2L Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 446717 (FCA-PSD) · also on FINTRAC-MSB · LEI 549300AWF3TOHRYL7754](https://elucidate.co/directory/stonex-financial-ltd-iglugb2l)
-   [Dex International Limited · trading as DEXREMIT No BIC Payments & e-money Crypto Money service business Prudential licence United Kingdom · Licensed by FCA · 503929 (FCA-PSD) · also on HMRC-MLR, FINTRAC-MSB · LEI 9845003995D06S994R04](https://elucidate.co/directory/dex-international-limited-ff2b0c01c725)
-   [Euronet Payment Services Ltd · trading as Ria Money Transfer, Ria No BIC Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 504630 (FCA-PSD) · also on HMRC-MLR · No LEI mapped](https://elucidate.co/directory/euronet-payment-services-ltd-6f4dec33a392)
-   [Instinet Europe Limited BIC ISNTGB2L Payments & e-money Prudential licence United Kingdom · Licensed by FCA · 140822 (FCA-PSD) · LEI 213800MXAKR2LA1VBM44](https://elucidate.co/directory/instinet-europe-limited-isntgb2l)
-   [Isx Financial UK LTD BIC ISFIGB22 Payments & e-money Prudential licence United Kingdom · Licensed by FCA · 901034 (FCA-EMI) · LEI 2138007BDV9IRS8AYD07](https://elucidate.co/directory/isx-financial-uk-ltd-isfigb22)
-   [Western Union Payment Services GB Limited · trading as Manning House, WU No BIC Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 816890 (FCA-PSD) · also on HMRC-MLR · No LEI mapped](https://elucidate.co/directory/western-union-payment-services-gb-limited-0741de977896)
-   [A to Z 4U Ltd · trading as SAAK REMIT, Saakpay No BIC Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 570837 (FCA-PSD) · also on HMRC-MLR · No LEI mapped](https://elucidate.co/directory/a-to-z-4u-ltd-25c2ca0fa3b5)
-   [Allied Wallet Limited No BIC Payments & e-money Prudential licence United Kingdom · Licensed by FCA · 900124 (FCA-EMI) · also on FCA-PSD · LEI 213800HO66BDXP716G24](https://elucidate.co/directory/allied-wallet-limited-8983cc2e32eb)

[See all →](https://elucidate.co/directory/search?type=payments&cc=GB) [Other entries on FCA-EMI →](https://elucidate.co/directory/register/fca-emi)

Sources & method

Register entries come from the public registers of financial regulators, standardised into one taxonomy. LEIs are matched through GLEIF, and a BIC is linked only through a shared LEI.

An institution missing from these registers is not necessarily unregulated.

Register entries are not matched against the OFAC or EU sanctions lists. Where the legal entity also holds a BIC, the matches for that BIC are on its page. Always screen against the official lists.

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 →](https://elucidate.co/directory/methodology)

Register for this page

-   **FCA Financial Services Register - E-Money Institutions**—Financial Conduct Authority (FCA) · [source ↗](https://register.fca.org.uk/s/) as at 25 September 2026
-   **Persons with significant control**—Companies House · [source ↗](https://download.companieshouse.gov.uk/en_pscdata.html) 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.

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Licence and registration data are drawn from the public registers of the regulators named on each page and shown for information only; the official register is always the authority. LEIs and ownership are from GLEIF. Directory and gpi data are drawn from SWIFT's public sources. SWIFT, Swift gpi and UETR are trademarks of S.W.I.F.T. SC, Avenue Adèle 1, 1310 La Hulpe, Belgium. Elucidate is not affiliated with, endorsed by or sponsored by SWIFT or any regulator named here. Elucidate does not provide payment or other financial services.