“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.
Payset discloses Thought Machine as its banking provider, according to the Embedded Finance Index 2026.
Payset does not disclose a bank charter of its own; its banking services are provided through Thought Machine.
Payset moves money over SWIFT and SEPA.
Payset runs its ledger on Thought Machine.
The Embedded Finance Index 2026 maps 3 layers in Payset's stack: Money movement (SWIFT and SEPA); Banking / BaaS (Thought Machine); Ledger (Thought Machine).
Payset is founded in 2018 and headquartered in London, United Kingdom.
Get a read on where your own stack stands against Payset and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.