Real-time payments platform Volt lands UK EMI licence from FCA
UK-based paytech Volt has been granted an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA), adding to its existing European licence in Poland.
Volt granted UK EMI licence
Volt’s new licence will enable the firm to offer electronic money services to customers in the UK, including issuing virtual accounts and holding client funds.
The company says it intends to further develop its cash management offering, Connect, through which it plans to issue virtual accounts for merchants, allowing them to accept account-to-account (A2A) payments from customers and provide real-time payment confirmation.
In addition, Volt’s EMI licence will allow the firm to provide customers with a virtual account as a “standalone product”.
Founded in 2019, Volt’s open payments gateway allows merchants and payment service providers (PSPs) to process transactions securely between accounts held at more than 5,000 banks.
“By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set, but also adapt and enhance our broad commercial offering,” asserts Volt CEO Tom Greenwood.
Volt secured $60 million in a Series B fundraise last year to help fuel its global expansion plans and strengthen its engineering and product teams.
The company announced its expansion into Australia last November, extending the firm’s global footprint beyond Brazil, the UK and Europe, with further expansion into the US market potentially on the cards in the future.
