UK’s FCA certifies paytech Viva Group as e-money institution
Greek payments group Viva has secured authorisation as an e-money institution (EMI) from the Financial Conduct Authority (FCA) for its UK subsidiary.
FCA authorises Viva Group as EMI
Headquartered in Marousi, Attica, Viva Group primarily specialises in softPOS technology that enables businesses and personal consumers to turn their mobile phone into a payment terminal. Additionally, its product suite also includes a smart checkout function, marketplace solution, and account and debit card services.
The regulator’s approval is expected to bolster the group’s position in the UK through its subsidiary, Viva Wallet, with the company describing the licencing as “a significant step forward”.
Founded in 2000, the subsidiary’s services include expense management, virtual debit card issuance and cash disbursement, among others, and caters to small and medium-sized businesses. JP Morgan acquired a 49% ownership stake in the company in January 2022.
Viva’s ambition to take the UK neobanking market and compete with the likes of Revolut and Monzo was first confirmed in July 2020, when it designated ClearBank as its UK banking provider.
It is already licenced as an EMI by the Bank of Greece, but until now, this licencing has only extended to the European Economic Area (EEA), backed by the banking licence its received as part of its acquisition of the troubled Greek challenger Praxia Bank three years ago..
Viva Group founder and CEO, Haris Karonis, says the FCA authorisation “complements the breadth of our technological and operational capacity” as the company builds “robust fully cloud-based, innovative payments technology, combined with a localised compliance and internal controls environment”.
