Business spend management platform Payhawk lands UK EMI licence
Business spend management platform Payhawk has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Payhawk secures EMI licence in the UK
The accreditation is set to enable the Bulgarian firm – which has offices in London, Berlin, Barcelona, Paris, Amsterdam, Vilnius, Sofia and New York – to facilitate digital payments and issue cards, payment solutions and electronic money services to UK customers.
The platform says it received the licence after the regulator carried out “extensive due diligence” into its compliance, financial and operational processes.
The licence builds on the company’s previous receipt of an EMI licence from the central bank of Lithuania in July, which enabled it to launch operations across the European Economic Area (EEA).
Hristo Borisov, CEO and co-founder of Payhawk, says its latest licencing with the FCA “unlocks new possibilities for us” and will help the firm to further optimise its infrastructure.
Founded in 2018, Payhawk provides credit card, accounts payable, expenses, cash management and pre-accounting solutions to businesses in Europe, the US and the UK. A $100 million Series B extension completed in March 2022 confirmed its status as Bulgaria’s first fintech unicorn, building on the $112 million Series B it secured three months prior.
The platform gave an indication of its intent to expand its team when it secured its EMI licence in Lithuania, and has now confirmed the completion of a hiring spree conducted “in the past few months”.
The latest additions to its executive team include the appointments of former SumUp executive Gareth Walsh as group chief compliance officer, Maor Fishman as general counsel and Pedro Batista as CEO of Payhawk Financial Services UK.
