Latvia · Payments & e-money
Sia 'xpate'
Legal name in the LEI recordSIA "xpate"
SIA "xpate" is a Latvian limited liability company based in Riga. Latvijas Banka authorises it as an electronic money institution under licence No. 27-55/2023/7, granted in October 2023. It is the EEA entity of the xpate brand. Sister companies serve the United Kingdom (xpate Ltd, authorised by the FCA) and Singapore. It offers business customers multi-currency accounts with IBANs, card acquiring, transfers, payouts and currency conversion. In April 2025 it became a direct participant in Latvijas Banka's Electronic Clearing System (EKS).
Licences and registrations
Held by Sia "xpate" (LEI 984500A663B1FTB0F017). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| EBA PSD2 RegisterLatvijas BanksLinked by LEI. Matched by Elucidate to GLEIF on name, country and address. | Electronic money institutionE-Money / Stored Value Institution | 40203411426 | Latvia | Active | 2023-10-05 | — |
|
Search the register ↗ |
Trading names on the register: xpate (EBA-PSD2)
- 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
- SIAXLV22XXX 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 SIAXLV22 marks reverse billing.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- SCT · SCT Inst · VOP · TIPS
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2024-02-03
- Last updated
- 2024-02-03
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Employees
Not published
Ownership
Not published
Firm type
E-money and accounts
Trades as xpate
- Head office
- Dzirnavu iela 42, LV-1010 Riga, Latvia
- Company register
- Latvian Register of Enterprises 40203411426
- Founder
- Mike Shafro
Online
- Websites & references
- xpate.com ↗
developer.xpate.com ↗ developer documentation
xpate.pro ↗ xpate Pro API product site
portal.xpate.com ↗ customer portal - Official social accounts
- LinkedIn ↗ · Instagram ↗ · YouTube ↗
Sources · 10 pages consulted
- bank.lv/en/financial-market-participant-register/market-participants/xpate-sia
- bank.lv/en/news-and-events/news-and-articles/news/16616-issues-an-electronic-money-institution-op
- bank.lv/en/news-and-events/news-and-articles/news/17221-the-first-non-bank-payment-service-provid
- xpate.com/
- xpate.com/company/about
- xpate.com/legal
- xpate.com/legal/terms-and-conditions-eea
- framerusercontent.com/assets/S2PZbg90NWMuPytx4nHudGvNk.pdf
- financialit.net/news/payments/xpate-becomes-first-non-bank-latvia-secure-direct-sepa-access-breaking-bank
- cfotech.news/story/xpate-launches-api-money-management-tool-for-businesses
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
Latvijas Banka authorises the firm as an electronic money institution under licence No. 27-55/2023/7, valid from 5 October 2023. The licence covers issuing e-money, executing payment transactions, issuing payment instruments and acquiring payment transactions. It is passported to 28 other EEA states on a freedom-to-provide-services basis.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Latvijas Banka (Bank of Latvia) Latvia | Authorized electronic money institution | 27-55/2023/7 | In its own name | Active | bank.lv ↗ |
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 EEA terms, the firm safeguards customer funds in dedicated accounts at licensed financial institutions in Latvia, as required by the Law on Payment Services and Electronic Money.
- Payment schemes and card networks
- SEPA Credit Transfer (via Latvijas Banka EKS) Direct bank.lv ↗
SEPA Instant Credit Transfer Access not stated financialit.net ↗
Visa Access not stated xpate.com ↗
Mastercard Access not stated xpate.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 business accounts with IBANs, card acquiring, payment links, transfers, card payouts and currency conversion. Its EEA terms restrict the service to business use. Its target sectors include fintechs, marketplaces, e-commerce, iGaming, forex trading and crypto-asset businesses.
It serves EEA customers under its Latvian licence. Latvijas Banka's register shows the licence passported on a freedom-to-provide-services basis to 28 other EEA states.
- Sells to
- Small businesses · Enterprises · Platforms and marketplaces · Financial institutions
- Serves customers in 29 countries
- Latvia · Austria · Belgium · Bulgaria · Croatia · Cyprus · Czechia · Denmark · Estonia · Finland · France · Germany · Greece · Hungary · Iceland · Ireland · Italy · Liechtenstein · Lithuania · Luxembourg · Malta · Netherlands · Poland · Portugal · Romania · Slovakia · Slovenia · Spain · Sweden
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
-
Mike Shafro
CEO & Founder
- Compliance / MLRO
-
Uldis Upenieks
Chief Compliance Officer
- Chief financial officer
-
Oleg Seitov
Head of Finance
- Executive
-
Katia Puchkova
Chief Operating Officer
- Executive
-
Anna Zotova
Chief Risk Officer
- Executive
-
Marco Bertona
Chief Commercial Officer
Recent events
Researched 29 Sep 2026 · Sources
-
Other
The xpate brand launched xpate Pro, an API-based product for account management, transfers and reporting.
cfotech.news ↗ -
Other
Latvijas Banka announced that the firm had become the first non-bank direct participant in its EKS payment system.
bank.lv ↗ -
Licence
The Supervision Committee of Latvijas Banka decided on 4 October 2023 to grant the firm an electronic money institution licence.
bank.lv ↗
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
- SIAXLV22XXX
- How the BIC breaks down
- SIAXBank
- LVCountry · Latvia
- 22Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 984500A663B1FTB0F017
- LEI record
- View on GLEIF ↗
- Licence no. · EBA-PSD2
- 40203411426
- 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 to GLEIF on name, country and address.
- Register-entry ID
- 76e41edd3da1
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
- Card acquiring
- E-money / stored value
- Licensed in
- Latvia
- Country · region
- Latvia · Europe & Central Asia
- Banking supervision
- Not on the ECB's list of supervised entities as of 2026-07-01
- 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
- DZIRNAVU 42 RIGA LV-1010 LATVIA
- Operational address
- DZIRNAVU 42 RIGA LV-1010 RIGA LATVIA
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>SIAXLV22XXX</BICFI>
<LEI>984500A663B1FTB0F017</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>SIAXLV22XXX</BICFI>
<LEI>984500A663B1FTB0F017</LEI>
<Nm>SIA 'XPATE'</Nm>
<PstlAdr>
<TwnNm>RIGA</TwnNm>
<Ctry>LV</Ctry>
<AdrLine>DZIRNAVU 42 RIGA LV-1010</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.
Payment schemes and systems
EPC registers of 2026-09-11 · ECB T2 list of 2026-07-02 · ECB TIPS list of 2026-09-01 · SIX Bank Master valid on 2026-09-28
| Scheme or system | Since | Registered with | Note |
|---|---|---|---|
| SEPA Credit TransferISO 20022 messages | 2025-04-08 | Head office | — |
| SEPA Instant Credit TransferISO 20022 messages | 2025-05-05 | Head office | — |
| Verification of Payee | 2025-11-01 | Head office | — |
| TIPS (TARGET Instant Payment Settlement)ISO 20022 messages | — | Head office | — |
SEPA dates are when the institution became ready for the scheme. TIPS entries have no joining date.
An institution missing from T2 may still be reachable through an indirect participant. The ECB’s TIPS list does not separate participants from reachable parties. It includes institutions reachable in Swedish kronor as well as in euro.
“ISO 20022 messages” marks a scheme or system whose rulebook or operator specifies ISO 20022 for messages between participants.
Claim this profile
Work at Sia 'xpate'?
Claim this page to have it marked as verified by the bank, and to send us corrections. We verify every claim before anything changes on the page.
- 01Submit Tell us who you are, using your work email.
- 02We verify We check the email domain and confirm your role with the bank. This usually takes up to five business days.
- 03Profile claimed The page is marked as claimed and verified. You can send us corrections at any time.
Claim received
Thank you. We will email your work address once the claim is verified. Until then, the page stays unclaimed.
The claim was not sent. Try again, or email contact@elucidate.co.
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
- Payment schemes and systems—Source: European Payments Council (EPC) Registers of Participants; matched to BICs by Elucidate. Source: European Central Bank, List of TIPS participants and reachable parties.
- EBA PSD2 Register—European Banking Authority (EBA) · 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: xpate.com (official website) · original; Mike Shafro: xpate.com (official website) · original; Uldis Upenieks: xpate.com (official website) · original; Oleg Seitov: xpate.com (official website) · original; Katia Puchkova: xpate.com (official website) · original; Anna Zotova: xpate.com (official website) · original; Marco Bertona: xpate.com (official website) · original.
Assess the financial crime risk behind a BIC
A BIC identifies an institution; it does not assess it. The Elucidate FinCrime Index (EFI) is an independent score of the financial crime risk of banks, built for correspondent banking and counterparty due diligence.
Book a demo