At Snappi, we are proud to announce that we have received our full banking license, a significant milestone for us. Obtaining this license is not an everyday occurrence; it is the result of a lengthy and rigorous process. In today’s digital age, it is possible to launch a financial app without a banking license, but we aimed for the highest standard. So, what exactly is a banking license, and why is it important for you? Let’s explore. 

Why do we need a banking license? 

In essence, a banking license officially designates Snappi as a bank, specifically Greece’s new pioneering neobank. A banking license, particularly for a credit institution, allows us to conduct a wide array of banking activities. This includes accepting deposits, facilitating payments and bill payments, issuing debit cards, and providing loans among other services. 

Possessing a banking license signifies that we meet all regulatory and legal requirements to operate as a proper bank. This includes maintaining sufficient capital reserves, adhering to strict governance standards, and ensuring robust legal, risk, and data management practices. These requirements are designed to protect our future customers comprehensively. It’s a significant achievement for a young company like ours. 

What’s in it for you? 

Modern financial services 

With our full banking license, our commitment to providing exceptional financial services has been formally recognized. This license allows us to offer a broad range of services you would expect from a traditional bank, with the added convenience of mobile banking. 

Here are some of the innovative banking services we are developing: 

• Instant issuance of virtual debit cards: Obtain your virtual debit card immediately, ready for online purchases or to add to your digital wallet. No waiting period, no hassle. 
• Add money to account: Top up your account effortlessly through multiple secure channels. 
• Seamless payments and transfers: Make your everyday transactions smooth and effortless, whether paying friends or settling utility bills. 
• Bill Payments: pay your bills with a few taps, anytime, anywhere, avoiding lines and late fees. 
• Money Management “On-the-Go”: Track your expenses and monitor your everyday spending with ease. 

Our goal at Snappi is to combine the reliability of traditional banking with the convenience of mobile banking, eliminating branch visits and bureaucratic hassles. 

Enhanced Security and Trust 

Trust and reliability are foundational to banking relationships. Our banking license underscores our commitment to creating a secure environment where your money and personal data are protected. 

• Money Security: As a licensed bank, Snappi ensures that your deposits are protected up to 100,000 euros by the Hellenic Deposit and Investment Guarantee Fund (TEKE). This level of security is exclusive to licensed banks. 
• Data Security: Leveraging modern cloud technologies, we enhance security measures to protect your sensitive information. Our infrastructure uses secure, encrypted cloud environments to defend against cyber threats. 

While convenience is paramount, digital space presents various challenges. Therefore, partnering with a licensed bank like Snappi promotes your financial safety. 

In a nutshell, our banking license allows us to provide you with a reliable and secure banking experience, combining the best of traditional and digital banking.  

Stay tuned for more updates!