Inpay becomes Scandinavia’s latest EMI following FSA accreditation
Danish fintech Inpay has been granted an electronic money institution (EMI) licence by Denmark’s Financial Supervisory Authority (FSA).
Inpay becomes Europe’s latest EMI following FSA accreditation
With this, the firm now holds an EMI, payment service provider (PSP) and third-party payment service provider (TPP) licence, becoming the first fintech in Scandinavia to secure all three.
The new EMI licence will enable Inpay to issue electronic money and facilitate digital payments and money disbursements, among other payment services.
Founded in 2008, Inpay facilitates cross-border payments and international money transfers for businesses, financial institutions and NGOs.
For Thomas Jul, the CEO of Inpay, the EMI licence represents “a significant milestone in our growth and places us one step further on our mission to transform and democratise the international payments market”.
“These accreditations further differentiate us from the competition and will allow us to continue our fast-paced growth trajectory,” continues Jul, “with the aim of solidifying our strong position in one of the fastest-growing subsectors for cross-border payments across the globe.”
At present, less than 3% of all global payments are performed outside of the traditional banking sector. Such a monopoly ultimately increases the amount of time and cost of individual transfers, while the traditional banking sector’s limited agility in adopting new innovations is creating a new market opportunity for non-traditional providers.
As highlighted by records of its recent performance, Inpay is one of the many non-traditional providers that is recognising the scope of this opportunity.
Last year, it recorded revenues of £42.7 million, a 26% year-on-year increase, having completed two million more international payments than the year previous.
Elsewhere, its latest annual results display an equally-as-promising trajectory for the fintech. This includes a pre-tax profit of £6.1 million, up 369% annually from £1.3 million, and a net profit of £5 million, up from £1.2 million in 2021.
With headquarters in Copenhagen, Inpay announced its plans for an expansion to the UK in March of this year, while it’s also looking internationally to the markets of Asia and the Middle East.
