Having reached another milestone on its way to becoming the budget management solution of choice for new parents, StorkCard has been granted an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA).
An EMI ilicence means that StorkCard is deemed to be compliant with Electronic Money Regulations 2011 and the FCA requirements, meaning the startup securely hold customers’ transferred money in a segregated account at a UK regulated bank.
“The EMI licence is a major milestone for any ambitious FinTech company and as an Electronic Money Institution we can offer current accounts, joint accounts, digital wallets and debit cards,” said Bruce Pannaman, co-founder of StorkCard. “This will drive future products and it means that we can seamlessly scale our operations from a compliance standpoint. It is a significant asset for us, a huge achievement and provides our customers with another clear reason to trust StorkCard.”
Andres Korin, co-founder of StorkCard, added,” With our EMI licence, we can be at the very centre of a parent’s financial journey. This is our ultimate goal – to build a supportive community empowered by powerful technology so parents have peace of mind to focus on the joys of their baby, not the costs.”
Copyright © 2020 FinTech Global
