What are the initial capital requirements for small Electronic Money Institutions?

Small Electronic Money Institutions (<a href="/glossarycollection/electronic-money-institution" style="color:#48277C;" target="_blank" title="Electronic Money Institution"><u>EMI</u></a>) whose business activities generate (or are projected to generate) average outstanding e-money of €500,000 or more must hold an amount of initial capital at least equal to 2% of their average outstanding e-money.<br/><br/>

There is no initial capital requirement for small EMIs whose business activities generate (or are projected to generate) average outstanding e-money less than €500,000.<br/><br/>

(c) The Financial Conduct Authority