How Mily Scaled Family Payments with Magnetiq Bank

Mily is a Latvian fintech company licensed as an electronic money institution (EMI). Their platform helps families manage everyday services – from school catering and kindergarten fees to sports and extracurricular activities – through easy-to-use family e-wallets.

Watch the video interview with Imants Felsbergs, CEO of Mily, or read on for the highlights.

Each family member can top up their e-money wallet via a virtual IBAN, ensuring payments are routed instantly and accurately. But for Mily to meet customer expectations, the solution needed to be built on a solid Latvian banking foundation.

The Challenge

Mily had previously issued virtual IBANs through a Lithuanian provider. However, as Imants Felsbergs, CEO of Mily, explains, both customers and partners preferred a local Latvian option.

The switch required more than just moving IBANs – it demanded a partner with deep SEPA expertise, reliable APIs, and the ability to support new features as the platform scaled.

The Solution

From the first meeting, the team took on the challenge by providing clear answers and technical transparency. Every integration detail was carefully addressed, with our engineers delivering API updates and new features quickly – sometimes adding small but important improvements on request.

The integration process itself was seamless: Mily could connect their existing platform directly to our infrastructure without rebuilding from scratch.

One of the biggest improvements was the adoption of SEPA Instant payments, enabling families to fund wallets instantly – anytime, any day. This significantly improved the customer experience compared to the previous setup.

The Results

• Faster payments: Funds arrive instantly, improving trust and usability.
• Smooth integration: No unplanned issues during the migration.
• Responsive support: Magnetiq Bank delivered API improvements quickly.
• Local credibility: A Latvian IBAN solution met customer and partner expectations.

Looking forward, Mily is exploring further enhancements such as card top-ups, building on the foundation of reliable payments.

Magnetiq Bank’s Perspective

At Magnetiq Bank, we see partnerships like this as more than just infrastructure. By working closely with innovators like Mily, we aim to provide Banking-as-a-service that adapts to the needs of fast-moving fintechs.

Our role is to ensure that payments – whether SEPA, Instant, or beyond – become an invisible enabler of new services, not a barrier to growth.