UK payments start-up PayFuture secures EMI licence from FCA
London-based payments start-up PayFuture has secured an agent Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA).
PayFuture co-founders Manpreet Haer (left) and Zaki Farooq (right)
The new licence will enable the company to issue electronic money and facilitate digital payments and money disbursements, among other payment services.
Founded in 2019, PayFuture claims it has been “a profitable business from the first year and has scaled organically without any external funding”, adding it has helped businesses “process over $2 billion in transactions” since its launch.
The start-up currently offers local payment services in more than 40 countries, with its Emerging Market Entry Methodology (EM2) offering providing businesses with the ability to connect to multiple local payment technology providers in emerging markets.
PayFuture adds that the move “represents a significant leap in the company’s mission to transform from being a payments technology platform to becoming the largest payments processor supporting businesses looking for local payment options across the world’s emerging markets”.
The company says that with the new EMI licence, it is “poised to deliver a comprehensive suite of localised payment products and methods” as it looks to scale its operations and expand its offering.
