FCA approves SMEB’s small business banking solution
SMEB, a banking and financial technology company dedicated to supporting small business, has secured critical approvals and certifications ahead of its planned launch to help Britain’s small businesses and towns.
Small & Medium Enterprise Banking [“SMEB”], was founded by British payment veterans to respond to the rapid reduction in local banking services that has left millions behind. More than 5,000 bank branches have closed in the past five years, with 400 further closures expected in 2024. SMEB is developing a physical high street presence, coupled with technology solutions, that provide cost effective and widespread banking to Britain’s 5.5 million SMEs.
The company has secured critical approvals prior to launch.
The FCA (Financial Conduct Authority) has approved SMEB as an Approved Payment Institution that can accept cash deposits from UK SMEs.
The company is a principal member with VISA and Mastercard through their licensing programming, which allows it to directly process and accept payments from customers using Visa and Mastercard debit and credit cards which account for 99% of debit and credit card payments in the UK.
SMEB has also built connectivity to the UK Open Banking environment and has connection to 3,500 EU Banks for Open Banking services, allowing us to offer a full range of bank payments (including cash) and to speed up customer sign up.
Andrew Martin, chairman of SMEB said “Traditional banks have abandoned the high streets at the heart of the British economy. We believe that Britain’s millions of small businesses deserve better. They need a bank that helps them succeed; a bank that takes all payments – including cash, that has a local presence and works with, not against, their technology. We are in the final stages of preparing a compelling service that offers choice, simplicity and reliability – allowing SMEs to bank how they want, when they want.”
SMEB plans to share information about its official launch, along with the first locations of its banking hubs, later in the spring.
SMEB is approved by the FCA under licence 984694.
