Malta-based Papaya Ltd powers launch of Blackcat, a new European fintech app

Papaya Ltd, a Gżira-headquartered Electronic Money Institution (EMI) authorised and regulated by the Malta Financial Services Authority, has provided the core payment infrastructure for the launch of Blackcat – a new European consumer fintech application.

Papaya Ltd is one of the first European EMIs with direct participation in the SEPA payment network, a status that allows it to process euro payments through its own infrastructure rather than routing them through intermediary institutions. This direct SEPA access forms the backbone of Blackcat’s euro-based services and positions Malta-regulated infrastructure at the centre of a product serving users across the continent.

“Malta’s regulatory framework and the MFSA’s approach to financial technology licensing have been fundamental to building the kind of infrastructure that Blackcat now runs on,” said Igor Badanov, CEO of Papaya Ltd. “We are proud that a product serving users across Europe is built on Maltese-regulated rails. It demonstrates that Malta is not just a place to hold a licence – it is a place where serious payment infrastructure is designed, operated, and scaled.”

The launch of the Blackcat app completes a rebrand from the platform’s previous identity as Blackcatcard. The name change reflects the product’s evolution from a card-focused offering into a broader financial platform. The new application has been rebuilt from the ground up around a multi-wallet architecture, where users can create and manage multiple independent euro wallets organised by purpose — daily spending, savings, freelance income, and other use cases.

Blackcat offers a unified financial experience combining euro-based payment services with integrated cryptocurrency functionality. Users receive a personal EUR IBAN, access to SEPA transfers, cards, multiple euro wallets, cashback programmes, and rewards on EUR balances.

The app also includes a crypto service, integrated through an open-banking technology, where users can buy, sell, store, and transfer digital assets, provided by a separately licensed European partner. Cryptocurrency services are provided through a separately licensed European partner and operate under their own distinct regulatory framework. This structure ensures a clear separation between regulated fiat payment services and crypto operations.

Blackcat is available on iOS and Android. More information at Blackcat.app 

About Blackcat

Blackcat is a European fintech platform that combines everyday financial services — EUR IBAN accounts, SEPA transfers, cards, free internal account-to-account money transfers, cashback and bonuses — with integrated cryptocurrency functionality in a single multi-wallet application. 

Fiat services are powered by Papaya Ltd, an Electronic Money Institution authorised and regulated by the Malta Financial Services Authority and a direct SEPA participant. Registration number C55146. Client funds are safeguarded in accordance with applicable legislation. Funds held in e-money accounts are not covered by the Depositor Compensation Scheme. You can get more information about terms and conditions on the website blackcat.app The bonus payment is a part of the loyalty program provided by Baltic Technology Solutions OU. Detailed terms and conditions can be found here. An integrated crypto exchange and custodial crypto wallets are provided by MANERIO Sp. z o.o. You can find more information at maner.io 

About Papaya Ltd

Papaya Ltd. is a financial institution registered and headquartered in Malta. As an Electronic Money Institution (EMI) regulated by the Malta Financial Services Authority (MFSA), Papaya Ltd. provides digital payment infrastructure services including Mastercard payment cards and IBAN accounts for individuals and businesses, a PSD2-compliant solution enabling SEPA transfers, and offers co-branded and white-label mobile and online payment solutions. One of the first EMIs in Europe to secure direct access to SEPA, including both SEPA Credit Transfers (SCT) and SEPA Instant (SCT Inst). 

Papaya Ltd. also acts as a correspondent institution, providing regulated access to the SEPA network for other financial institutions without their own direct SEPA membership.

The company also delivers PSD2-compliant API for fintech solutions as AISP and PISP, automated digital Know Your Customer (KYC) solutions, and personal and business International Bank Account Numbers (IBANs).