Payset
“Can a UK-regulated EMI become the default multi-currency payment and FX layer for internationally active SMEs by combining local IBANs, competitive FX, and modern core banking infrastructure?”
Founded in 2018 as a UK EMI, Payset initially focused on virtual IBAN accounts and multi-currency prepaid cards for SMEs. The company has progressively built out a global payments platform supporting 34 currencies and 180+ countries, targeting businesses needing cross-border payment infrastructure without traditional banking overhead. The adoption of Thought Machine as a core banking engine in 2024 signals a technology modernization drive to support European expansion and scalability. Payset positions itself as a lean alternative to correspondent banking, combining local IBAN issuance, FX, and spend management tools under one dashboard.