Inpay Review
7.0/10Danish e-money institution running cross-border payments since 2008: instant bank payouts into 90+ countries, open-banking pay-ins on the same API, and cash pickup through its own Eurogiro postal network.
Our read
- A clean single-license base: a Danish e-money institution with PISP, AISP, and e-money issuance passported across the EEA and SWIFT membership on top.
- Payout reach across 90+ countries over SEPA Instant, SWIFT, and local rails with a 99% completion rate, 60-second T+0 shown on the 2024 Tranglo SEPA corridors, and cash pickup at 70,000+ postal locations through the wholly owned Eurogiro network.
- Both directions on one API: cardless open-banking pay-ins with structural zero-chargeback economics run standalone or bolted onto the payout rails, live and marketed to iGaming since April 2024.
- Founder-owned with no outside capital, profitable every year 2021-2025, record EBITDA of DKK 103.9M in 2025, positive operating cash flow throughout, and dividends paid.
- Online gaming platforms sit in the client base alongside banks, postal organizations, and NGOs, with the gambling vertical served on both rails.
- The CEO and several other managers left in May 2024, revenue fell 13.1% in 2025, and average headcount dropped from 165 to 140.
- Pricing on request, with every quote built per deal.
- The licensed footprint stops at the EEA: no FCA authorization behind the London sales office and nothing US-side at all, so UK-first and US-facing operators are out.
Licensed European and internationally licensed operators and lotteries whose real pain is cross-border winner payouts, especially into corridors where card and wallet rails fail, plus PSPs and platforms that want to front payout rails through the reseller or tech-enabler route.
US-regulated operators, UK-first brands that need an FCA-authorized counterparty, anyone who wants card acquiring or crypto settlement, and buyers who require published pricing or reference clients before a sales call.
Markets & licensing
Inpay A/S is a Danish e-money institution at FT-nr 22008, FSA-registered since April 2013. The payment-institution authorization it operated on for a decade ran until June 2023, when the EMI authorization replaced it, carrying payment initiation, account information, and e-money issuance passported across EEA host countries.
The group holds no US entity.
Inpay Services UK Ltd sits at 201 Borough High Street, and the UK presence is a sales office with no FCA authorization behind it.
- Denmark (Finanstilsynet) EMIDenmark
- E-money institution: e-money issuance plus payment services including payment initiation (PISP) and account information (AISP), passported across EEA host countries since June 2023 · Inpay A/S · FT-nr 22008 · EMI since June 2023
Licensing tier: A single home-country authorization does all the work here, with 13 years of FSA supervision behind it. No UK, US, or gambling-supplier permission sits anywhere in the group.
Denmark is the licensed home, EEA passporting covers the licensed footprint, and the 90+ payout countries beyond it are Inpay's own corridors, up from 70+ in April 2024.
Methods & rails
What you can reach
A2A rails
Payout rails
Processing features
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
One API carries both products, with Money In explicitly sold as an add-on to Money Out or a standalone service. Operators integrate directly, or a PSP or platform fronts the relationship through the reseller, referrer, and tech-enabler partner routes. A customer portal adds single-login, real-time transaction tracking with customizable reports.
Products & tools
Two rails share one API: Money Out pushes winner payouts over SEPA Instant, SWIFT, and local bank corridors into 90+ countries, Money In takes cardless open-banking deposits, and the wholly owned Eurogiro network adds cash pickup at 70,000+ postal counters.
Money Out
The founding product: instant winner payouts routed over SEPA Instant, SEPA, or SWIFT and through Inpay's own bank network into 90+ countries, with a routing engine picking the corridor per payment and a 99% completion rate.
- Local bank payouts in 90+ countries through a proprietary, correspondent-free banking network
- Funds arrive in minutes or less, 24/7/365, and the 2024 Tranglo corridors cut settlement from T+2 to 60 seconds
- 99% completion rate on payouts
- Payouts land in full with no receiving-side deductions
- Customer portal with real-time transaction tracking and customizable reports
Money In
Cardless account-to-account deposits: players approve a transfer inside their own banking app in three clicks, operators skip scheme and interchange fees entirely, and the flow bolts onto Money Out or runs as a standalone service.
- Open-banking pay-ins from local bank accounts, with SCA handled in the player's banking app
- Three clicks to pay, with a 99% transaction success rate against 91.6% for cards
- Zero chargeback exposure by design, since account-to-account transfers cannot be charged back
- No card scheme or interchange fees, with savings up to 90% versus card processing
- Runs standalone or alongside Money Out on the same API
- Marketed to iGaming since April 2024
Eurogiro Cash Network
Inpay owns Eurogiro, the postal-payments network it acquired in 2018, and uses it to deliver winnings as cash pickup at 70,000+ post office and post bank locations worldwide.
- Cash payout collection at 70,000+ physical postal locations
- Built on Eurogiro, acquired in February 2018, whose members covered 55+ countries at the time of the deal
- Member institutions run from CPBank in Cambodia and Bank Asia in Bangladesh to Turkish Post and Vietnam Post
- Reaches players in corridors where bank accounts, cards, and wallets all run out
- Delivered as part of Money Out rather than a separate integration
The history
Longevity in this industry usually comes with a change of owner somewhere in it.
Jacob Tackmann Thomsen started Inpay in Copenhagen in 2008 after a card donation to Myanmar cyclone relief lost 5% to fees and took days to land, and he still owns 100% of it through Inpay TopCo ApS with no outside capital ever raised. The A/S entity and holding structure date to 2013, the same year Finanstilsynet first registered the company. The 2018 Eurogiro acquisition bolted a postal cash network onto the bank rails, FT1000 listed the company in 2021 and 2022, and the EMI upgrade landed in June 2023. CEO Thomas Jul and a number of other managers left in May 2024 with board member Steen Nielsen stepping in as chief executive, 2025 closed with revenue down 13.1% but record EBITDA, and 2026 brought a new CCO and CFO plus an auditor change from PwC to 2+ Revision.
Brands & clients on the platform
Corporate
- Eurogiro
Leadership
Milestones
- 2008
Founded in Copenhagen by Jacob Tackmann Thomsen, built around cross-border transfers after a disaster-relief card donation lost 5% to fees.
- 2013
Inpay A/S takes its corporate form and Finanstilsynet registers the company on April 12.
- 2018
Acquires Eurogiro, the postal-payments network connecting post banks and postal organizations across 55+ countries, announced February 21.
- 2021
FT1000 ranks Inpay #508 in Europe (March).
- 2022
FT1000 #87, the highest position a Danish company had ever reached, and Europe's 6th fastest-growing fintech on 1,299% growth.
- 2023
EMI authorization granted June 29, replacing the payment-institution permission held since 2013.
- 2024
CEO Thomas Jul and a number of other managers exit May 14 and Steen Nielsen takes over. The Tranglo partnership cuts SEPA payout corridors from T+2 to 60 seconds (March).
- 2025
Revenue falls 13.1% to DKK 378.6M on slower product ramp-up and strategic repricing, while EBITDA hits a record DKK 103.9M.
- 2026
Gideon van den Broek arrives as CCO (March) and Christian Folmann Hempler as CFO (April), and the FY2026 audit moves from PwC to 2+ Revision in June.
Where they're pushing next
- iGaming payouts (2026 booths at G2E Las Vegas, SBC Summit Lisbon, and SiGMA Central Europe in Rome)
- New payout corridors (Tranglo SEPA expansion in 2024, coverage moved from 70+ to 90+ countries by 2026)
- Cash and postal corridors through Eurogiro members from Cambodia to Uganda
Awards & recognition
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
Inpay vs alternatives
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
| Attribute | Inpay | Trustly | Brite Payments |
|---|---|---|---|
| Founded | 2008 | 2008 | 2019 |
| Team | 140+ | 900+ | 160+ |
| US market | Restricted | Available | Restricted |
| Pricing | On request | On request | On request |
| Methods | 3+ | 1+ | 1+ |
| Currencies | — | 13+ | — |
| EMI / PI licenses | Denmark | Sweden, UK | Sweden |
| Instant payouts | Yes | Yes | Yes |
Settlement & commercials
Inpay prices per deal, so exact figures land in the contract rather than on a public rate card.
The deal
Money movement
Onboarding path
- 1Start with the contact form or the guided demo hub
- 2Read the developer docs at app.inpay.com before anyone calls back
- 3Clear KYB with Inpay A/S, which becomes the counterparty
- 4Scope corridors, currencies, and cash-pickup markets against the 90+ country map
- 5Integrate Money Out, Money In, or both through the single API, or route through a reseller or tech-enabler partner that fronts the rails
- 6Go live with the customer portal tracking payouts in real time, 24/7/365
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.