Finmo is currently also licensed in Singapore, Canada, Australia, New Zealand and the US.
PayPal-backed treasury and payments platform Finmo has secured authorisation as an Electronic Money Institution (EMI) from the Financial Conduct Authority (FCA) in preparation for a UK expansion.
According to a statement, the EMI licence will enable Finmo to “issue electronic money and offer a range of payment services in the UK”. This is to include account and IBAN issuance, domestic and cross-border fund transfers, and local custody and foreign exchange (FX) services.
The Singapore-based company will also “integrate directly with UK clearing systems such as Faster Payments and Clearing House Automated Payment System”, operated by the Bank of England, with immediate rollout plans comprising GBP-denominated accounts and Faster Payments access.
Finmo attributes the FCA approval to its “hub-and-spoke” expansion strategy, with plans to establish the UK as a “core operational hub”. Future developments are expected to include scaled embedded financial solutions and partnerships with capital market providers for liquidity and FX risk management.
Internally, Finmo is now working to expand its UK compliance and operations team. The hiring drive “enhances Finmo’s ability to serve UK-headquartered mid-market enterprises, international businesses with cross-border operations, and companies with complex financial requirements looking for regulated, high-performance treasury infrastructure”.
This infrastructure includes a treasury operating system supporting accounts payable (AP) and accounts receivable (AR) workflows, investment and verification tools, local and international instant payment functions, and global currency accounts.
Finmo is currently also licensed in Singapore, Canada, Australia, New Zealand and the US, and previously raised $18.5 million in a Series A funding round co-led by Quona Capital and PayPal Ventures in February. Citi Ventures also participated.
Source: https://www.fintechfutures.com/
