SatchelPay has been cleared by the Bank of Lithuania
Issued an electronic money institution (EMI) licence in March of 2018, by the end of the same year SatchelPay was ranked 17th among EMIs in terms of revenue generated. This exponential growth turned out to come at a cost for the firm, which was reflected in the accounting concerns that surfaced in the spring of this year.
By April of 2019, SatchelPay (http://satchelpay.com/)
The Bank established strict compliance laws to ensure that the health of the rapidly growing industry is never in jeopardy.
The suspension took effect this August and was followed by a SatchelPay blog post assuring clients that the issues at stake were being addressed and the situation would be resolved shortly. In cooperation with the bank, SatchelPay refined its corporate structure to maximize risk mitigation measures and established a solid framework that can accommodate the anticipated future growth of the platform.
Michael Tamberg, Head of PR at SatchelPay