Adyen lands UK banking authorisation from FCA and PRA
Dutch payments processor Adyen has received authorisation from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to launch banking services in the UK.
Adyen secures UK banking authorisation
The company had previously been operating in the UK under the FCA’s Temporary Permissions Regime, but the new authorisation will enable the deployment of its services in full force. This includes its embedded financial product suite, which includes bank accounts, virtual and physical cards, capital services and expense management tools, and is angled at platform businesses seeking to offer financial products to their SMB users.
Adyen says the regulators’ green light will position it as a “conduit for international commerce and growth facilitating payments, data insights and financial services”, delivered in parallel with its European banking license, which it secured back in 2017.
The authorisation underlines “Adyen’s continuous compliance with evolving regulatory frameworks, allowing it to continue offering its full scope of services in the United Kingdom post-Brexit,” the company continues.
The approval will no doubt be welcomed warmly by the company as it comes just weeks after it had €17.8 billion wiped from its market capitalisation in a single day after posting underwhelming half-year results for 2023.
“Our focus is always on providing our customers with technology that helps them excel”, ensures Mariëtte Swart, Adyen’s chief legal and compliance officer.
“The UK is a key market for Adyen and we’re excited to cement our position here with this banking authorisation. It will strengthen our ability to help domestic and international businesses achieve their ambitions faster. It’s another stride towards Adyen becoming a full spectrum global financial technology platform.”
