Expense administration fintech Payhawk has been authorised as an Digital Cash Establishment (EMI) by the Monetary Conduct Authority (FCA).
The UK licence joins Payhawk’s current European EMI licence and was granted after the FCA performed due diligence on the fintech’s compliance, monetary, and operational processes.
Hristo Borisov, CEO and co-founder of Payhawk mentioned “the brand new UK licence unlocks new potentialities for us”.
“By controlling extra of the cost course of stack for our prospects, we are able to optimise the infrastructure to handle the wants of our shopper base — additional accelerating improvement velocity and innovation.”
The EMI licence permits Payhawk to subject digital cash, facilitate digital funds and supply a variety of cost options on to UK-based corporations.
“It is a main step in our ambition to grow to be the popular world spend administration firm by combining our cutting-edge software program with regulated cost providers,” Borisov mentioned.
Together with its licence, Payhawk has made a number of new senior appointments together with former SumUp govt Gareth Walsh as group chief compliance officer, Maor Fishman from Checkout.com as common counsel and Pedro Batista as CEO of Payhawk UK.
“We’re extraordinarily happy with receiving our e-money licence in the UK and receiving the belief of the FCA, which, in our view, has one of many highest benchmarks of regulators worldwide and historically units the tone of monetary regulation globally,” Batista mentioned.
“This confirms our dedication to offering regulated monetary providers of the best normal.”
