Payabl. secures EMI licence in the UK
European paytech firm payabl. has secured an electronic money institution (EMI) licence in the UK.
payabl. secures UK EMI licence
Previously operating under the Financial Conduct Authority’s (FCA) Temporary Permission Regime (TPR), the new licence allows payabl. to transfer its UK-based customers onto the UK EMI licence.
The company says it will now focus expanding its team and hiring payment experts to support its business and expand its merchant portfolio.
Payabl. says the authorisation will “unlock significant opportunities” for the firm as it expands in the country, and its UK offering will include merchant acquiring for Visa, Mastercard and American Express; point-of-sale (POS) systems; payment accounts and linked payment cards.
The licence process was headed by Sean Forward, UK CEO of payabl., a payment industry veteran whose “wealth of experience was central to enabling payabl. to secure the authorisation”.
“Being an authorised EMI provides us with a robust regulatory framework that’ll allow us to support UK merchants and allowing them to thrive, as we have been doing for merchants across Europe,” Forward says.
“The next step for us will be to grow our UK team, increasing our pool of talented payment professionals to support our growth ambitions, as well as guiding our existing customers who already operate in Europe as they expand their presence in the UK.”
Founded in 2011, payabl. has offices in Germany, Netherlands, Cyprus and the UK. Its solutions include card acquiring, alternative payment methods, payment accounts and prepaid cards, through which it claims to facilitate transactions from over 300 payment methods.
