Leading European PayTech payabl. has announced it has secured an Electronic Money Institution authorisation (EMI licence) in the UK.
The news is seen as an important milestone for the Cyprus-based organisation, as it looks to continue on its rapid growth trajectory and solidify its presence in the UK.
The process was spearheaded by UK CEO Sean Forward, who will be leading the UK team as it expands.
Sean Forward, UK CEO at payabl., said: “Becoming an authorised EMI in the UK is a major achievement for payabl.
“The whole team has worked incredibly hard on this, regularly engaging with the FCA to meet the requirements and we’re extremely proud of our achievement.
“Being an authorised EMI provides us with a robust regulatory framework that’ll allow us to support UK merchants and allowing them to thrive, as we have been doing for merchants across Europe.
“The next step for us will be to grow our UK team, increasing our pool of talented payment professionals to support our growth ambitions, as well as guiding our existing customers who already operate in Europe as they expand their presence in the UK.”
The business has been preparing for its launch as a fully regulated EMI in the UK across recent months. The granting of the UK EMI authorisation allows the payabl. Group, previously operating under the FCA’s Temporary Permission Regime (TPR), to transfer its UK-based customers onto its UK EMI.
The momentous achievement will allow the Cypriot company to offer its UK users merchant acquiring for Visa, Mastercard and American Express, point-of-sale (POS) systems, payment accounts and linked payment cards.
Ugne Buraciene, Group CEO at payabl., said: “We’re thrilled to be expanding our presence in the UK with the acquisition of an EMI authorisation.
“With this we can continue to focus on reaching new merchants and clients, evolve key partnerships and bolster our overall growth throughout the payments landscape.
“Sean is the ideal person to be leading payabl. UK on its growth journey – his industry expertise is unparalleled, and I’m delighted to be working alongside him throughout this process.”
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