Paynetics lands UK EMI licence from the FCA
European paytech firm Paynetics has secured an electronic money institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Paynetics receives UK EMI licence from the FCA
The Bulgaria-based embedded finance and digital banking solutions provider was operating in the UK under the FCA’s Temporary Permission Regime (TPR), which is due to end in December this year.
With the EMI licence now in hand, Paynetics will be able to continue operating in the UK and transfer its UK customers onto the new licence, offering them a wider range of products.
Mike Peplow, CEO of Paynetics UK, says having EMI licences in both Europe and the UK makes the company a “natural partner” for UK-based organisations who want to deploy in Europe, or European organisations who want to enter the UK market.
“Securing the UK EMI licence gives our customers and partners the confidence to expand their business with Paynetics,” Peplow adds.
“We are already building out the UK team and will offer the full range of our embedded finance capability to the UK market.”
As a principal member of Visa, Mastercard, UnionPay International, Swift and SEPA, Paynetics provides end-to-end payment solutions across the UK, EU and globally. It offers both B2B and B2B2C solutions including card acceptance and issuance across mobile, e-wallet, online, digital and physical cards and point of sale (POS) channels.
