Inpay Review
7.0/10Danish e-money institution running cross-border payments since 2008, payout-first where its A2A rivals are pay-in-first: 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
Payout corridors in 90+ countries over SEPA Instant, SWIFT, and local rails plus a 70,000-point cash network, held back by unpublished pay-in bank reach and no published currency count.
Minutes-or-less payouts running 24/7/365 (Jul 2026), with 60-second T+0 shown on the 2024 Tranglo SEPA corridors and a 99% completion rate.
A Danish EMI passported across the EEA with 13 years of FSA supervision, docked for the absent UK and US permissions.
Eighteen years and filed profits every year since 2021, set against zero named operators and the 2024 leadership change.
Public developer docs and one API for both directions, while the platform-connector story names no casino platform and sandbox terms stay unpublished.
Nothing is priced in public (Jul 2026), and the 2025 filings admitting strategic repricing are the closest thing to a commercial datapoint.
Methodology. Our own score, a weighted average of six dimensions, tilted toward coverage and settlement. Coverage and settlement carry the most weight in open-banking scoring at 0.24 and 0.22, which suits a payout network of this reach, and Inpay's 7.0 forms there before fully hidden commercials at 4.7 and a thin public client record pull it back. Read the full methodology
- A clean single-license base: a Danish e-money institution at FT-nr 22008, FSA-supervised since 2013, with PISP, AISP, and e-money issuance passported across the EEA and SWIFT membership on top.
- Payout reach no A2A rival matches: 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 at least April 2024.
- Financial footing straight out of the filings: 100% 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.
- Zero named operators: the operator testimonials on the iGaming page run unattributed, and the Power50-quarter figure is the company's own.
- The 2024-2025 stretch reads as a reset: the CEO and a number of other managers left on 2024-05-14, revenue fell 13.1% in 2025, average headcount dropped from 165 to 140, and the FY2026 audit moves from PwC to 2+ Revision.
- Pricing is fully hidden: no rates, setup, minimums, reserves, or contract terms anywhere on the site or docs, with only directional lines like 90% savings versus cards.
- 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 named reference clients before a sales call.
Markets & licensing
Inpay A/S, CVR 32317731, is a Danish e-money institution at FT-nr 22008, FSA-registered since 2013-04-12. The payment-institution authorization it operated on for a decade ran until 2023-06-29, when the EMI authorization replaced it, carrying payment initiation, account information, and e-money issuance passported across EEA host countries.
No US entity, no money-transmitter licenses, no state gaming vendor approvals, and no US roadmap exist at all. Payout corridors are a different question from licensed presence, and for US-regulated operators the licensed presence is what counts, so this rail is off the board for them.
Inpay Services UK Ltd sits at 201 Borough High Street, and the UK presence is a sales office. No FCA authorization exists under any Inpay name, so UK-first operators should ask which entity would contract and under what permission before assuming coverage.
- 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 2023-06-29 · Inpay A/S · CVR 32317731 · FT-nr 22008 · EMI since 2023-06-29
Licensing tier: A single home-country authorization is normal for this family, and this one carries 13 years of FSA supervision behind it. The caveat is scope: nothing UK, US, or gambling-supplier sits anywhere in the group.
Inpay publishes no market list at all. Denmark is the licensed home, EEA passporting covers the licensed footprint, and the 90+ payout countries beyond it are Inpay's own corridors (Jul 2026), up from 70+ as recently as April 2024.
Both reflect where the license stack stops. The London office sells without any FCA permission behind it, and nothing US-side exists.
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. Behind it sits Inpay's proprietary bank network with SEPA Instant, SEPA, and SWIFT rails, a routing engine choosing the corridor per payout, and the Eurogiro postal network for cash delivery. Operators integrate directly, or a PSP or platform fronts the relationship through the reseller, referrer, and tech-enabler partner routes the iGaming page actively recruits for. A customer portal adds single-login, real-time transaction tracking with customizable reports.
No public figure exists. The developer docs at app.inpay.com are open reading before any contract, while sandbox terms are not published.
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.
- SEPA Instant, SEPA, and SWIFT behind one endpoint, with the routing engine choosing the path per payout
- Local bank payouts in 90+ countries through a proprietary, correspondent-free banking network (Jul 2026)
- 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 (Jul 2026)
- 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 at least April 2024
Eurogiro Cash Network
The differentiator no A2A peer carries: 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 (Jul 2026)
- Built on Eurogiro, acquired 2018-02-21, 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
Sales decks get rewritten for every deal. A dated record doesn't.
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 listings in 2021 and 2022 marked the growth peak, and the EMI upgrade landed in June 2023. Then came the reset: 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 a filed 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, opening 13 years of unbroken FSA supervision.
- 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), the first of two consecutive listings.
- 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 June CVR filing moves the FY2026 audit from PwC to 2+ Revision.
Where they're pushing next
- iGaming payouts (2026 booths at G2E Las Vegas, SBC Summit Lisbon stand E306, 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
No two vendors describe themselves the same way, which makes their own claims hard to line up. Every name here answers the same fields, so you can see where this one sits against the closest alternatives.
| 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 |
| Settlement | — | Merchant settlement terms not published | Under 60 seconds median, 24/7/365 including weekends |
| Instant payouts | Yes | Yes | Yes |
The take: Direction is the honest divider: Trustly and Brite are pay-in machines with payout engines attached, while Inpay is a payout network that added open-banking pay-ins. For European deposit conversion the pay-in-first pair publish bank reach and named clients Inpay cannot answer, and for landing winnings in 90+ countries, cash counters included, neither of them competes. Operators with both problems usually run rails side by side.
Settlement & commercials
Inpay prices per deal, so exact figures land in the contract rather than on a public rate card.
Fully custom quotes, with public language limited to directional lines like 90% savings versus card costs and payouts arriving with no deductions.
Not one figure is public: no per-transaction rate, setup fee, minimum, rolling reserve, or contract term anywhere at all. The economics are talked about directionally, card-free pay-ins cutting costs by up to 90% and payouts landing in full. The 2025 filings note strategic repricing pulled short-term revenue down, which reads as room to negotiate, so plan on a sales process with corridor mix and volume setting the quote.
The deal
Money movement
Onboarding path
- 1Start with the contact form or the guided demo hub, because Inpay has no self-serve signup at all
- 2Read the open developer docs at app.inpay.com before anyone calls back, though sandbox terms are not published
- 3Clear KYB with Inpay A/S, the Danish e-money institution that becomes the counterparty
- 4Scope corridors, currencies, and cash-pickup markets against the 90+ country map, and get the rate card in writing because nothing is public
- 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.
Frequently asked
The things operators actually ask before signing.
Does Inpay do pay-ins, or is it payouts only?+
Both directions are live products. Money Out is the founding business, instant cross-border payouts over SEPA Instant, SEPA, SWIFT, and local rails. Money In adds cardless open-banking pay-ins with SCA in the player's banking app, sold as a standalone service or an add-on to the payout rails, marketed to iGaming since at least April 2024. What Inpay does not do is cards, wallets, or crypto in any direction.
What licenses does Inpay hold?+
One authorization does all the work: Inpay A/S is a Danish e-money institution (FT-nr 22008, CVR 32317731) supervised by Finanstilsynet since 2013, upgraded from a payment-institution permission to the EMI authorization on June 29, 2023. The EMI carries payment initiation (PISP), account information (AISP), and e-money issuance, passported across EEA host countries, with SWIFT membership extending the payout reach. There is no UK, US, or gambling-supplier permission anywhere in the group.
How fast do payouts actually arrive?+
Minutes or less, running 24/7/365, with a 99% completion rate (Jul 2026). The 2024 Tranglo partnership put T+0 at 60 seconds on a dozen SEPA corridors, and transfers typically settle in under five minutes. Cash pickup through the Eurogiro postal network moves at counter speed rather than rail speed.
Who are Inpay's operator clients?+
Nobody is named. The iGaming page runs operator testimonials with no attribution, and the figure of powering a quarter of iGaming's Power50 is the company's own. Online gaming platforms sit in the client base alongside banks, postal organizations, and NGOs, so plan your own reference checks.
How much does Inpay charge?+
There is no public price anywhere: no per-transaction rate, setup fee, minimum, reserve, or contract term on the site or docs. The public language is directional, no scheme or interchange fees on pay-ins, payouts arriving with no deductions, savings up to 90% versus cards, and none of it with a number attached. One useful signal from the 2025 filings: strategic repricing pulled revenue down, so the quote is a negotiation.
Who owns and runs Inpay?+
Founder Jacob Tackmann Thomsen owns 100% through Inpay TopCo ApS, with no outside investor ever involved. Steen Nielsen, an ex-banker who sat on Inpay's board, has been CEO since May 14, 2024, the day Thomas Jul and a number of other managers departed. The 2026 hires of a CCO and a CFO filled out the rebuilt executive bench.