Finmo receives electronic money institution licence in UK
Fintech firm Finmo has secured authorisation from the UK Financial Conduct Authority (FCA) to operate as an electronic money institution (EMI).
With the licence in place, the company aims to establish UK as the core operational hub for its treasury and payments platform.
Go deeper with GlobalData
With the EMI licence, Finmo is now permitted to issue electronic money, provide account issuance services, and facilitate both domestic and international fund transfers, as well as foreign exchange transactions.
It also allows the company to issue IBANs and directly integrate with the nation’s clearing systems, including Faster Payments and the Clearing House Automated Payment System.
Finmo CEO and co-founder David Hanna said: “Securing our EMI licence in the UK signals more than just regulatory approval, it’s a commitment to serving clients in one of the world’s most advanced financial ecosystems.
“From fintechs to mid-sized global companies we’re here to empower modern finance and payment teams with greater control, visibility, and confidence in their global treasury operations.”
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe expansion into the UK market aligns with Finmo’s “hub-and-spoke” strategy, which seeks to offer services from key regulatory jurisdictions.
Additionally, the licence is expected to aid Finmo in scaling its embedded finance solutions and enhancing collaborations with capital market providers for liquidity and FX risk management.
Finmo has announced the immediate launch of GBP-denominated accounts and access to Faster Payments for qualifying clients.
The company is also increasing its UK-based compliance and operations team to support its services to mid-market enterprises based in the UK, international businesses with cross-border operations, and companies seeking regulated treasury infrastructure.
The company recently introduced MO AI, a conversational assistant integrated within its treasury platform, to assist CFOs, controllers, and finance teams in managing workflows.
This tool is designed to provide real-time information on balances, payments analysis, transaction initiation, and report generation through command-based interactions.
This approval follows Finmo’s Series A funding round in February, where the company raised $18.5m, taking its total funding to $27m.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Content Original Link:
" target="_blank">
