Tap Global Taps Moorwand to Launch Multi-Currency Mastercard Programme

Tap Global Group plc, the AIM-listed digital finance platform, has named Moorwand Ltd as issuer and Bank Identification Number sponsor for a new Tap Mastercard programme. The appointment extends an existing partnership that already supports the e-money accounts in the Tap app.

The initiative represents a product upgrade rather than a new offering. Tap's current card is euro-denominated, forcing users who spend in other currencies to accept conversion at the point of sale. The new card will allow customers to spend directly from whichever currency balances they hold in the app — a customer paid in sterling spends in sterling; a traveller in a local-currency market draws down a balance held in that currency.

Tap reports the multi-currency card has been the most-requested feature from its base of approximately 400,000 users.

The arrangement carries a direct revenue rationale. Card interchange fees and foreign-exchange margin are both operating revenue lines for the Group, alongside trading fees and what Tap calls Tap Earn income. Putting more currencies on a single card and expanding into additional markets widens the pool of transactions against which both revenue streams accrue.

Tap did not disclose projected interchange volumes, FX spread assumptions, or a timeline for the additional market launches.

Moorwand is an FCA-authorised Electronic Money Institution and a principal member of Mastercard. That status means it can act as BIN sponsor without routing through a third-party processor for scheme access. Principal membership is commercially significant: it reduces the number of intermediaries between Tap and the Mastercard network, lowers per-transaction cost in principle, and, according to Tap, gives the Group a single platform on which to develop new card features and payment use cases as it enters new markets.

Arsen Torosian, group CEO and co-founder, said:

A multi-currency card has been the feature requested most often by our customers, and this programme delivers it. It also gives us a stronger foundation for new payment features and expansion into additional markets over time. Card interchange and FX are operating revenue, so every card we put in a customer's hand earns for the Group.

The multi-currency prepaid card space is well-populated. Wise, Revolut, and several other FCA-regulated e-money institutions already offer cardholders the ability to hold and spend in multiple currencies from a single account, and competition on FX spread is intense in that segment.

For Tap, the differentiation proposition is integration with its crypto-adjacent digital finance app rather than a standalone prepaid product.

From a regulatory standpoint, card issuance in additional markets will require compliance with local licensing and Mastercard scheme rules on a market-by-market basis, as Tap acknowledges in its announcement.

The FCA authorisation that Moorwand holds is valid in the UK and, under the post-Brexit framework, does not automatically passport into EU jurisdictions. Any European expansion will require its own regulatory pathway, either through Moorwand's EU entity or a separate issuing arrangement. That incremental compliance overhead is worth watching as the Group's market expansion plans become more specific.

The October 2025 e-money partnership with Moorwand provides a working foundation. Consolidating both the account and card infrastructure under a single principal partner reduces operational complexity and, in theory, should accelerate future product iteration.

The near-term markers for investors and observers will be the timing of card launch for existing users, the specific additional markets targeted, and any disclosure of early card-spend data.