LeoPay was originally launched as an Electronic Money Institution (EMI) providing digital financial services, including multi-currency accounts with dedicated IBANs, international money transfers, and prepaid Mastercard cards. The service was popular among freelancers, digital nomads, and online businesses across Europe. In 2019, LeoPay was acquired by Aion Bank S.A./N.V., a Belgian-licensed digital bank backed by the global private equity firm Warburg Pincus. Following the acquisition, LeoPay's services and customers were migrated and integrated into Aion Bank's platform, and the service was subsequently rebranded to "LeoPay by Aion," combining its original fintech agility with Aion's full banking license and expanded product suite.