AS Magnetiq Bank
LV · Riga · Bank of Latvia / FCMC / ECB
AS Magnetiq Bank is a BaaS Provider / Bank based in LV (Riga), regulated by Bank of Latvia / FCMC / ECB. The institution operates an active Banking-as-a-Service program, launched in 2024.
AS Magnetiq Bank supports the following products and services: Payments, Cards, Accounts, Lending, FX, KYC/AML, Open Banking, Crypto. The bank serves customers across EU/EEA.
Notable fintech partners include DiscoverCars.com, CrowdedHero, PayApp, MEGOGO.
- Products Supported
- PaymentsCardsAccountsLendingFXKYC/AMLOpen BankingCrypto
- Geographies Served
- EU/EEA
- Charter / Regulator
- Bank of Latvia / FCMC / ECB
- API Standards
- REST API, SEPA, SWIFT, Open Banking
- Minimum Deal Size
- Not publicly disclosed
- Year Program Launched
- 2024
DiscoverCars.com, CrowdedHero, PayApp, MEGOGO
WARNING: Historical AML/CFT fines under prior name LPB Bank — €305K (2016), €2.2M (2018), €2.016M (2023/2024). New ownership under Signet Bank since Dec 2023.
Magnetiq Bank was rebranded from AS LPB Bank in April 2024 after acquisition by Signet Bank in December 2023. Serves fintechs and e-commerce merchants with BaaS infrastructure including safeguarding accounts and virtual IBANs. WARNING: Significant AML/CFT enforcement history under prior ownership.