91¿´Æ¬

Choose the operating model that matches your business needs

Whether you’re a licensed bank, a fintech launching your first investment product, or a global broker expanding into new markets, 91¿´Æ¬ supports you in every operating setup.

91¿´Æ¬

91¿´Æ¬ enables you in any operating setup

91¿´Æ¬ supports multiple operating models, providing flexibility based on your regulatory status and desired level of functional depth and operational capabilities.

Take-our-licence (TOL)

Bring-your-own-licence (BYOL)

TOL - Single accounts

BYOL - Single accounts

BYOL - Omnibus

Your target
setup

Your proposition enabled by 91¿´Æ¬'s licences and investment functionality

Your proposition and licences enabled by outsourced investment functionality

Your proposition and licences with in-house functionality, enabled by 91¿´Æ¬'s fractional trading connectivity

Legal perspective

Who provides end-user facing custody and brokerage licences?

You

You

Functional perspective

Who provides the investment functionality?

You

91¿´Æ¬ partnerships

A selection of clients live on this model

Table comparing Take-our-licence (TOL) and Bring-your-own-licence (BYOL) models with 91¿´Æ¬ logos and partner names.

91¿´Æ¬â€™s operating models in detail

Take-our-licence (TOL) - Single accounts

Your proposition is enabled by 91¿´Æ¬â€™s licences and investment functionality.

Frontend

User experience

Customer support

Single account functionality

Securities accounts and user management

Taxes, reporting, and corporate actions

Use cases (fractions, savings plans, portfolios)

Middle- and back-office

Investment rails

Brokerage

Settlement

Custody

Licences

Reception and transmission of orders

Execution of orders

Custody

91¿´Æ¬

You

You/91¿´Æ¬

Functional setup:

  • You own the frontend and overall user experience.
  • 91¿´Æ¬ provides end-to-end functionality across brokerage, settlement, and custody.
  • 91¿´Æ¬ handles middle- and back-office services for investment operations.

Legal setup:

  • Contractual relationship with the end user: Both you and 91¿´Æ¬ have end-user-facing contracts. 91¿´Æ¬ relies on your KYC to onboard end users seamlessly (i.e. via KYC reliance).
  • Your licences: You hold the licences for receiving and transmitting orders (RTO) to 91¿´Æ¬, the executing broker (EXO). Alternatively, you can leverage a liability umbrella (tied agent model) via 91¿´Æ¬â€™s partner network.
  • 91¿´Æ¬ licences: 91¿´Æ¬ holds the licences to execute orders on behalf of end users and safekeep securities for end users in regulated custody accounts.

Bring-your-own-licence (BYOL) - Single accounts

Outsource the investment functionality to 91¿´Æ¬ and leverage your licences to own the contractual relationship with your end users.

Frontend

User experience

Customer support

Single account functionality

Securities accounts and user management

Taxes, reporting, and corporate actions

Use cases (fractions, savings plans, portfolios)

Middle- and back-office

Investment rails

Brokerage

Settlement

Custody

Licences

Reception and transmission of orders

Execution of orders

Custody

91¿´Æ¬

You

You/91¿´Æ¬

Functional setup:

  • You own the frontend and overall user experience.
  • 91¿´Æ¬ provides end-to-end functionality across brokerage, settlement, and custody.
  • 91¿´Æ¬ handles middle- and back-office services for investment operations.

Legal setup:

  • Contractual relationship with the end user: The relationship fully resides with you, while you outsource the investment-related end-user functionality to 91¿´Æ¬.
  • Your licences: As a bank or investment firm, you hold all end-user-facing licences, including the licences to distribute investment products, execute orders on behalf of end users, and safekeep securities for end users in regulated custody accounts.
  • 91¿´Æ¬ licences: 91¿´Æ¬ holds the licences to safekeep securities for you in omnibus account(s) as a sub-custodian and to execute orders on your behalf as an executing broker.

Bring-your-own-licence (BYOL) - Omnibus

Your licences with in-house functionality enabled by 91¿´Æ¬â€™s connectivity.

Frontend

User experience

Customer support

Single account functionality

Securities accounts and user management

Taxes, reporting, and corporate actions

Use cases (fractions, savings plans, portfolios)

Middle- and back-office

Investment rails

Brokerage

Settlement

Custody

Licences

Reception and transmission of orders

Execution of orders

Custody

91¿´Æ¬

You

You/91¿´Æ¬

Functional setup:

  • You own the frontend and overall user experience.
  • You own the end-user functionality, including securities accounts and position administration. 91¿´Æ¬ provides information on taxes and corporate actions at a B2B level.
  • 91¿´Æ¬ further provides brokerage, including real-time fractions, settlement, and custody, as well as middle- and back-office services at a B2B level.

Legal setup:

  • Contractual relationship with the end user: The contractual relationship with the end user fully resides with you.
  • Your licences: As a bank or investment firm, you hold all end-user-facing licences, including the licences to distribute investment products, execute orders on behalf of end users, and safekeep securities for end users in regulated custody accounts.
  • 91¿´Æ¬ licences: 91¿´Æ¬ holds the licences to safekeep securities for you in omnibus account(s) as a sub-custodian and to execute orders on your behalf as an executing broker.

Take-our-licence

Single accounts

N26: Full end-user-level functionality, operations, and licences delivered out-of-the-box

The TOL Single accounts setup enables N26 to offer stocks and ETFs, while relying on 91¿´Æ¬â€™s full end-user functionality across brokerage, settlement, and custody, and leveraging our licence coverage.

6 months

to go-live

25+

new features since go-live

18+

European markets live

Read the full story

Bring-your-own-licence

Single accounts

Raisin: Own licences with outsourced investment functionality for accelerated growth

BYOL Single accounts setup enables Raisin to upgrade their infrastructure and benefit from 91¿´Æ¬â€™s investment functionality across brokerage, settlement, and custody, with operations out-of-the-box, all while being the single entity facing the end user.

1 weekend

to complete a full migration

€75²ú²Ô

in assets under management

1m+

end users on the Raisin platform

Read the full story

Bring-your-own-licence

Omnibus

Revolut: International expansion with best-in-class investment proposition for fractional trading

BYOL Omnibus accounts setup allows Revolut to make use of their own investment firm licences and own the end-user contractional relationship, while leveraging 91¿´Æ¬ for fractional investing of European household-name stocks and ETFs.

3 months

to go-live

80%

fractional orders

5,000+

ETFs and stocks available

Read the full story

Build investment experiences your end users will love

91¿´Æ¬