Payment solutions company Kapaga was founded in 2021. The London-based fintech provides a business bank account and multi-currency payments services for SMEs in the UK. Read our review to find out more.
What is Kapaga?
Kapaga is a payment solutions business which provides multi-currency business accounts and facilitates international payments to over 150 countries. It’s aim is to provide a digitised and decentralised service to businesses that may have been overlooked by traditional banks.
What types of business accounts are on offer?
Kapaga offers a business bank account with the following key features:
Ability to send fast payments to over 150 countries
Single view from account dashboard
Virtual card
Accounting software intergration
What types of fees are there?
There are 2 different pricing plans with the Kapaga business account. The first costs £59.99 per month and the second is a custom pricing solution that depends on your business’s needs.
On top of this, you’ll also pay fees for the following:
Transaction
Fee
Local GBP incoming (Faster Payments, BACS)
£0.35
Local GBP outgoing (Faster Payments)
£0.35
Local EUR SEPA incoming
€0.35
Real-time EUR incoming (SEPA instant up to 100,000 EUR)
£0.35
Local EUR SEPA outgoing*
€0.45
Real-time EUR outgoing (SEPA Instant up to 100,000 EUR)
£0.45
International EUR or GBP incoming (SWIFT)
€35 or £35
International EUR or GBP outgoing (SWIFT)*
€45 or £45
Foreign exchange (FX) at the interbank rate EUR and GBP
0.4%
International payments in USD and 16 other currencies
0.6%
Official confirmation letter
£50
Reference letter
£50
Hard-copy postage of any document
£20
SWIFT investigation/placing a trace caused by customer’s errors
£25
*Outgoing payments over £25,000 (SWIFT) or €25,000 (SEPA and SWIFT) will be charged an additional 0.01%.
How to apply
You can apply for a Kapaga business account online. You’ll need to fill in a form, including a few personal and business details, and your account should be up and running within 3 business days.
Your business must be registered in the UK or Gibraltar to qualify and there is a list of industries that will not be accepted on the Kapaga website.
Is it safe?
Kapaga is a trading name of Finadvant Ltd, which is an Electronic Money Directive agent of PayrNet. The company is authorised by the Financial Conduct Authority (FCA), but it is not a bank and your money will not be protected under the Financial Services Compensation Scheme (FSCS).
Instead, your funds will be held in segregated bank accounts, which means that should Kapaga go out of business, you should still get your money back.
Pros
Multi-currency account
Multi-user access
Competitive exchange rates
New features coming soon
Cons
High monthly account fee
Various transaction charges
No FSCS protection
Customer service information for Kapaga
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is this business account from Kapaga worth it?
If you’re after a multi-currency business account and you need to be able to easily send money abroad, the Kapaga business account is worth a look. However, many of its features are still in development, so at the moment, there’s not a huge amount to shout about. The monthly account fee is also high and there are further fees for many transactions, which means you’re likely to find a cheaper option by shopping around and looking elsewhere.
Frequently asked questions
You can contact Kapaga by phone, email or via Linkedin.
No, you can only apply for a business account with Kapaga.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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