What happened: The Swedish regulator has revoked Intergiro's e-money license (Realtid). Intergiro provides: a) business banking offerings to SMEs; b) a payment acceptance product; and c) a banking-as-a-service solution. Intergiro needs to wind down its offering until mid-September, but the Swedish company is appealing this decision, as noted on its website (Intergiro).
My comment: For those of you who have been following banking-as-a-service providers, specifically in Europe or the US, you will know that this is not the first clash between regulators and banking-as-a-service providers. The Swedish regulator stated, “Intergiro has had serious shortcomings in its work to combat money laundering and terrorist financing. This has meant a clear risk that criminals have been able to exploit Intergiro to launder criminal proceeds.”
However, this news does not come as a big surprise. An investigation by the Swedish public television broadcaster SVT Nyheter, published in March 2025, already implicated Intergiro in a billion-euro money-laundering activity (SVT Nyheter). So, what could be the way out for Intergiro? It seems that Intergiro’s existing investor, Front Ventures, is working on acquiring all of Intergiro through its entity Citygiro.
