Paynetics receives EMI License from the FCA to deploy embedded finance in the EU and the UK
Paynetics UK has received its Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA). One of Europe’s leading providers of embedded finance and digital banking solutions, Paynetics now holds EMI licences in Europe and the UK. This further strengthens Paynetics’ capabilities by allowing its business partners and customers to seamlessly build programmes that can be deployed throughout Europe and the UK.
Since the UK voted to leave the EU, Paynetics, which is headquartered in Bulgaria, has been operating under the FCA’s Temporary Permission Regime (TPR). The TPR scheme is due to end in December 2023, so the grant of the EMI licence allows Paynetics to transfer its UK-based customers onto its UK EMI licence.
Executive chairman, Paynetics, Ivo Gueorguiev said, “Securing the UK EMI licence is a key element in our strategy to provide embedded finance across all of Europe and the UK. We are now able to offer the full range of our products to our UK customers and are particularly excited to be able to support a wider range of consumer-based programs in the UK. We believe this licence will further add to our growth, and we look forward to investing further in our UK business.”
Mike Peplow, CEO, Paynetics UK: “Securing the UK EMI license gives our customers and partners the confidence to expand their business with Paynetics. We believe that by having dual license capability Paynetics is the natural partner for UK-based organisations who want to deploy in Europe or European-based organisations who want to enter the UK market. We are already building out the UK team and will offer the full range of our embedded finance capability to the UK market.”
Paynetics is a regulated e-money institution that provides end-to-end payment services across the UK, European Union and globally. They are principal members of Mastercard, VISA, UnionPay International, SWIFT and SEPA and can offer both IBANs and UK Sort Codes. Paynetics meets the complex payment needs of both B2B and B2B2C customers safely in one place, including card acceptance and issuance, across mobile and ewallet, online, digital and physical cards, and POS channels.