Concept
Equals Money is the business payments brand of Equals Group Limited, a London group whose regulated subsidiaries are UK payment and e-money institutions rather than banks. The group combines multi-currency business accounts, international payments, foreign exchange, Mastercard expense cards and spend-management tools; personal travel-money cards are sold under the separate FairFX trading style of the same group.
Equals Group was listed on AIM until April 2025. On 14 April 2025 the scheme of arrangement under which Alakazam Holdings BidCo Limited acquired the group became effective, and the cancellation of the shares' admission to trading on AIM was scheduled for 15 April 2025 (London Stock Exchange announcement "Scheme Effective"). BidCo is owned by a consortium of the TowerBrook Funds, the J.C. Flowers Funds and the Railsr shareholders. The holding company was renamed from Equals Group PLC to Equals Group Limited on 29 April 2025 (Companies House, company 08922461). Former Railsr customers are now served by PayrNet Limited as part of Equals.
The practical point: Equals is an operating tool for businesses with real cross-border payment and currency flows. It is not a deposit bank, and balances are protected by safeguarding, not by the FSCS.
Licences and group structure
Each regulated entity holds its own FCA authorisation, and the entity that serves a client depends on the product (Equals, regulated products and services):
| Entity | Status and role |
|---|---|
| Equals Money PLC | Authorised payment institution, FRN 488396; company no. 05539698 (Companies House); main contracting entity for payment accounts; FairFX is its trading style |
| Equals Money UK Limited | Authorised payment institution, FRN 504547; company no. 06268340 (Companies House); the group's access point to the Faster Payments scheme |
| Equals Money International Limited | Electronic money institution under the Electronic Money Regulations 2011, FRN 900493; company no. 09558664 (Companies House); issues Equals Mastercard cards |
| PayrNet Limited | Electronic money institution, FRN 900594; provides the former Railsr accounts and cards, including through agents' programmes |
| Roqqett Limited | Authorised payment institution, FRN 925174; company no. 12330839 (Companies House); open-banking payment services (how AISP and PISP permissions work) |
Every authorisation can be checked on the FCA Financial Services Register by firm reference number.
What Equals does
- Multi-currency business accounts. Outbound wire payments are offered in 66 currencies, and cards can spend from balances in 21 currencies without conversion: GBP, EUR, USD, AED, AUD, CAD, CHF, CZK, DKK, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, TRY and ZAR (Equals, supported currencies).
- UK payment rails. Access to Faster Payments runs through Equals Money UK Limited (Equals FAQ).
- Foreign exchange and hedging. A forward contract fixes today's rate for a transaction up to 12 months ahead (Equals FAQ); vanilla options, participating forwards and bespoke structures are offered through the client's account manager (Equals FAQ).
- Expense cards and spend management: physical and virtual Mastercard cards, unlimited platform users with tiered roles, and accounting integrations such as Xero.
- Personal travel cards and international payments for individuals are sold under the FairFX brand, which is a trading style of Equals Money PLC (FairFX).
Equals separates two kinds of FX. Currency conversion carried out as part of a payment transaction is a regulated payment service under the Payment Services Regulations 2017; standalone spot conversions and deliverable FX forwards that are exempt from MiFID are not regulated payment services (Equals, regulated products and services). A forward is a binding contract: margin calls, close-out terms and settlement dates matter as much as the rate.
Use cases
Company with regular multi-currency flows
A UK or EEA company that earns in one currency, pays suppliers or staff in another and converts regularly is the core profile. Equals combines currency balances, international payments, cards with spending controls and reporting in one platform.
Large one-off conversion with a known date
A property purchase, a dividend payment or a contract payment due on a known date can be hedged with a forward contract. The payer should be ready to document the source of funds and the payment route before the trade is agreed.
Team spending abroad
Businesses with travelling staff use Equals cards to spend from currency balances. Card transactions in the 21 card currencies are free on the published plans, and a 1.5% fee applies in other currencies (Equals pricing).
Fees
The published tariff covers the cards and expenses platform; payment and FX pricing is set per client "based on volumes" (Equals pricing).
| Item | Business (up to 20 cards) | Business Plus (21–50 cards) | Enterprise (51+ cards) |
|---|---|---|---|
| Monthly plan fee | £300, or £250 a month paid yearly | £420, or £350 a month paid yearly | custom |
| Physical card | £10 one-off per card | £10 one-off per card | custom |
| Virtual cards included | up to 50 | up to 100 | over 100 |
| Card spend outside the 21 currencies | 1.5% | 1.5% | custom |
| Cash withdrawal | £1.50 | £1.50 | £1.50 |
| FX and same-currency payments | based on volumes | based on volumes | based on volumes |
The FX margin, payment charges and any onboarding or risk-based fees for a specific client are fixed in the offer and the contract, not on the public page.
Protection of client money
Equals suits an operating payment account. A large idle balance kept for months belongs with a deposit-taking bank.
Onboarding
- Application. The business describes its activity, owners and directors, expected currencies, countries, counterparties and volumes, and uploads identity and company documents.
- KYC and KYB review. Equals says it can usually process an application within 24 hours when the form is complete, but complex businesses take longer because of the know-your-customer checks (Equals FAQ).
- Terms. After approval the client agrees pricing, limits, cards, user roles and payment routes.
- First payments. Large first transfers and any forward contracts are best agreed with the account team before funds move.
Sanctions screening
As FCA-regulated firms, the Equals entities must comply with UK financial sanctions, including The Russia (Sanctions) (EU Exit) Regulations 2019, administered by the Office of Financial Sanctions Implementation. In practice the review looks at where the client actually lives and operates, the source of funds, counterparties and the banks on both sides of each payment, not only at the passport. Any Russian or Belarusian connection must be assessed against the applicable restrictions and the current eligibility criteria of the specific Equals entity and product; it does not support a universal prediction of acceptance or refusal.
Not suitable for
- Small volumes without a currency need: the monthly plan fee only pays off with regular FX or card spend.
- Card acquiring for online sales: Equals is a payments and spend platform; for checkout, compare Airwallex or a dedicated acquirer.
- Lending, trade finance, letters of credit and bank guarantees: these are bank products.
- Holding large balances long term: no deposit insurance applies.
- US-based businesses: the US offering is marked "coming soon" (Equals US).
Q/A
Status and protection
Is Equals a bank?
No. Equals Money PLC and Equals Money UK Limited are authorised payment institutions, and Equals Money International Limited and PayrNet Limited are electronic money institutions, all authorised by the FCA.
Is money at Equals covered by the FSCS?
No. Funds are safeguarded in designated accounts with Tier 1 UK banks and kept separate from Equals' own money. In an insolvency they form a separate pool for customers, but payout can take time. Payment fraud protection is a separate regime, see payment fraud liability.
Is Equals still listed on AIM?
No. The takeover scheme became effective on 14 April 2025 and the shares' admission to AIM was cancelled; the group is privately owned by Alakazam Holdings BidCo.
Opening and using the account
How long does an application take?
Equals says complete applications are usually processed within 24 hours; complex ownership, funds or payment geography take longer.
Which currencies are supported?
Outbound wires in 66 currencies; card spend without conversion from balances in 21 currencies, with a 1.5% fee in other currencies.
How does Equals differ from Wise and Airwallex?
Equals is built around business payments, expense cards and FX with account-manager hedging (forwards, options). Wise is simpler for small personal or freelance transfers; Airwallex is usually stronger for e-commerce acquiring and API-first payment flows.