Inpay, the Denmark-based international payments provider, has clinched an Electronic Money Institution (EMI) licence from the Danish Financial Supervisory Authority (FSA), marking a FinTech breakthrough in Scandinavia by integrating EMI, Payment Service Provider (PSP), and Third Party Provider (TPP) capabilities.
The newly obtained licence will empower Inpay to issue electronic money and facilitate digital payments and money disbursements, among other services, marking a significant milestone for the firm. This comes on the back of a strong financial performance, with the company boasting record revenues of £42.7m in 2022, a 26% uptick year on year, and an increase of 2 million in international payments routed through Inpay compared to the previous year.
Although now a significant employer with almost 200 staff members, Inpay holds true to its start-up roots, promoting a culture of creativity and innovation. The firm’s global network stretches across more than 100 countries, and it continues to expand its physical footprint, with its headquarters in Copenhagen, an expanding London city office, which hosts about 10% of its workforce, and a newly opened branch in Dubai.
“This licence represents a significant milestone in our growth and places us one step further on our mission to transform and democratise the international payments market,” Inpay CEO Thomas Jul stated. “Combined with our unique culture and amazing people, these accreditations further differentiate us from the competition and will allow us to continue our fast-paced growth trajectory, with the aim of solidifying our strong position in one of the fastest-growing subsectors for cross-border payments across the globe.”
With its custom-built software, Inpay is uniquely equipped to safely manage complex money transfers in regions poorly served by conventional banking networks. This capability allows Inpay to execute transfers more quickly and cost-effectively than its competitors, while maintaining stringent compliance with international financial regulations governing money transfers.
Currently, less than 3% of all global payments are processed outside of the traditional banking sector, leading to higher costs and longer timelines for individual transfers. With traditional banks often slow to embrace innovative approaches, there’s a significant market opportunity for more agile, non-traditional providers like Inpay.
Earlier this year, Inpay announced stellar annual results and sketched out ambitious growth plans for the UK, Asia, the Middle East, and Europe. These include a pre-tax profit of £6.1m, up 369% annually from £1.3m, and an EBITDA of £8.3m, up from £2.7m in 2021.
Inpay provides secure, fast, and affordable cross-border payments, leveraging cutting-edge technology and a wide-reaching global network. Recognised as Denmark’s fastest-growing company and the sixth fastest-growing FinTech firm in Europe by the Financial Times in 2021, Inpay continues to push boundaries in the financial services sector.
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