Zenus Bank is a US digital bank headquartered in San Juan, Puerto Rico, built for financial institutions, fintechs and companies outside the United States: USD accounts, payments and Visa card issuing in a US jurisdiction, without a US entity and with fully remote opening. It serves only institutional and corporate clients. Legally it is Zenus Bank International Inc., licensed under Puerto Rico's International Financial Entity regime (licence IFE-061, Act 273-2012) and supervised by OCIF — the same regulatory perimeter as FV Bank, its neighbour on the island. The bank was founded in 2019 by Mushegh Tovmasyan (ex-Divisa Capital/Equiti), launched to the public in October 2021 and closed its retail platform on 22 October 2025 to concentrate on fintech and embedded-banking infrastructure.
Concept
Zenus sells one core promise: US dollar banking for businesses and financial institutions outside the US, with digital onboarding instead of a trip to a branch. The line-up covers business, corporate and institutional USD accounts and embedded virtual accounts, with ACH, Fedwire, SWIFT, book transfers and Visa B2B Connect, outgoing payments in 30+ currencies, USDC rails and Visa card issuing under the client's brand. The app-first providers in our neobank overview mostly operate on an e-money licence or through a partner bank; Zenus holds its own banking licence and is a Principal Member of Visa.
In October 2024 the bank launched a global embedded-banking (BaaS) platform, which became its core business after the retail closure: an API through which fintechs and financial institutions open dedicated USD virtual accounts for their own clients, make international payments and issue white-label Visa cards on top of the Zenus licence.
Zenus also bridges USD accounts and stablecoins: qualifying clients can deposit, withdraw, send and receive USDC through the bank's integration with Circle, and its BIN sponsorship covers crypto-linked Visa card programmes. FV Bank, another Puerto Rico IFE, is built around digital-asset custody.
Key parameters
| Parameter | Value |
|---|---|
| Legal entity | Zenus Bank International Inc., San Juan, Puerto Rico (founded 2019, launched October 2021; retail platform closed 22 October 2025) |
| Licence | International Financial Entity (IFE), Act 273-2012, licence #IFE-061; regulator — OCIF Puerto Rico |
| Deposit insurance | None — the IFE regime sits outside the FDIC perimeter; full-reserve model, segregated funds, insurance policies |
| Clients | Financial institutions, fintechs, platforms and companies; no retail clients since 22 October 2025; no business with Puerto Rico residents unless the law expressly permits it; OFAC-sanctioned and bank-excluded countries not served |
| Accounts | Business, corporate and institutional accounts; embedded virtual accounts for partners' clients — USD-based |
| Payments | ACH, Fedwire, SWIFT (180+ countries and territories), book transfers, Visa B2B Connect, Kinexys by J.P. Morgan, USDC; outgoing payments in 30+ currencies |
| Card | Visa BIN sponsorship for partner programmes — debit, credit, prepaid, corporate and crypto-linked cards; the retail Visa Infinite debit card ended with the retail platform |
| Core fees | Non-refundable application fee and monthly membership fee under the Commercial Account Charges Schedule |
| Transfer limits | ACH, wire and book transfers: no limits under the Commercial Client Agreement |
| Crypto | USDC deposits, withdrawals and payments for qualifying clients via the Circle integration; crypto-linked card programmes through BIN sponsorship |
| Onboarding | Fully digital; no US entity required; assessed on jurisdiction, ownership structure, industry, activities and expected account usage |
Visa card issuing
In 2022 Zenus became the first International Financial Entity to join Visa as a Principal Member, and its card issuing is built on that membership. Through BIN sponsorship, banks, fintechs and corporates issue Visa debit, credit, prepaid, corporate and crypto-linked cards under their own brand with a processor of their choice; a fintech needs no banking licence of its own to do so. Until the retail closure Zenus also issued its own Visa Infinite debit card to individuals, which Zenus presented as the first Visa Infinite debit card offered to a global audience; the card was available in 46 countries.
Licence and protection of funds
Zenus operates as a Puerto Rico International Financial Entity under licence IFE-061 and OCIF supervision. In the OCIF register, Zenus Bank International, Inc. is listed with the status “ACTIVA PENDIENTE DE RENOVAR” (active, renewal pending). Zenus states that it is not FDIC-insured.
Instead, the bank's protection story rests on three elements: a full-reserve model (client deposits are not lent out), segregation of client funds as required by OCIF, and commercial insurance policies. That is a meaningfully different risk profile from an FDIC-insured account — closer to a safeguarding construct than to deposit insurance.
One quirk of the regime: an IFE serves international clients, so Zenus does not do business with residents of Puerto Rico itself unless applicable law expressly authorises it.
Onboarding and coverage
Onboarding is fully digital and needs no US entity. A business application is assessed on the company's jurisdiction, ownership structure, industry, activities and expected account usage, and is supported by incorporation and constitutional documents, identification of directors, beneficial owners and signatories, and source-of-funds information. The application fee is non-refundable, so it is lost if an application from a borderline jurisdiction is declined; a monthly membership fee follows under the Commercial Account Charges Schedule. Under the Commercial Client Agreement, ACH, wire and book transfers on commercial accounts are not capped beyond the available balance.
Coverage numbers in Zenus materials vary because they measure different things: 46 countries was the reach of the retail Visa Infinite card, the bank describes its business and institutional clients as based in more than 130 countries, and SWIFT payments reach more than 180 countries and territories. Eligibility is decided case by case on the client's jurisdiction and business.
Compliance context
Zenus screens against OFAC sanctions lists and applies its own broader exclusion list, which includes Russia, Belarus, Cuba, Iran, North Korea, the DR Congo, Crimea and the Donetsk and Luhansk regions of Ukraine, among others. As an IFE without a federal functional regulator it is still a bank for Bank Secrecy Act purposes, with FinCEN as its primary federal AML regulator: KYC is full-scope, and larger inflows draw the standard source of funds questions. Unlicensed financial services and gambling are among the activities the bank may refuse to support.
Who it suits
Zenus makes sense for non-US companies and financial institutions that need a US-jurisdiction USD account with domestic and international payment rails and fully remote opening without a US entity — exporters and service businesses billing US counterparties, treasury teams moving dollars across borders. The embedded-banking line suits fintechs and platforms that want USD virtual accounts, white-label Visa issuing and USDC rails on a licensed US-territory institution.
It is a poor fit for private individuals (retail accounts closed in October 2025), for residents of Puerto Rico and of the bank's excluded countries, for businesses in unlicensed financial services or gambling, and for parking large balances: without FDIC insurance the account remains an operating tool, unsuited to storing capital.
Q/A
Is Zenus a real bank, and are deposits FDIC-insured?
It is a licensed bank — Zenus Bank International Inc., IFE licence #IFE-061 under Puerto Rico's Act 273-2012, regulated by OCIF. But the IFE regime sits outside the FDIC perimeter, so deposits are not FDIC-insured. The bank points instead to its full-reserve model, segregated client funds and insurance policies.
Can an individual open a Zenus account without a US address or SSN?
No. Zenus closed its retail platform on 22 October 2025 and serves only institutional and corporate clients. A company needs no US entity and applies online; eligibility depends on its jurisdiction, ownership structure, industry and expected account activity.
Does Zenus still issue the Visa Infinite debit card?
No. The Visa Infinite debit card belonged to the retail platform closed on 22 October 2025. Zenus now issues Visa cards through partner programmes under BIN sponsorship: debit, credit, prepaid, corporate and crypto-linked cards under the partner's brand.
What does it cost?
A commercial account carries a non-refundable application fee and a monthly membership fee, both set in the Commercial Account Charges Schedule; ACH, wire and book transfers are not capped beyond the available balance.
Does Zenus support crypto?
Partly, through stablecoins: qualifying clients can deposit, withdraw, send and receive USDC through Zenus's integration with Circle, and partner card programmes may be crypto-linked. FV Bank is the Puerto Rico IFE built around digital-asset custody.
Which countries are excluded?
Zenus applies OFAC sanctions screening plus its own broader exclusion list (Russia, Belarus, Cuba, Iran, North Korea, DR Congo, Crimea, the Donetsk and Luhansk regions of Ukraine and others), and does not do business with residents of Puerto Rico unless applicable law expressly authorises it.