UK-based paytech Privalgo has secured an Electronic Money Institution (EMI) licence from De Nederlandsche Bank, the central bank of the Netherlands.
The licence authorises Privalgo to provide payment accounts, issue electronic money, and execute payment transactions across Europe through its subsidiary Privalgo BV, which operates under the leadership of managing director Ronald Wallroth. The group plans to establish Amsterdam as its European headquarters following the regulatory approval.
Founded in 2018, Privalgo provides foreign exchange services, digital wallet capabilities, risk management tools, international mass payment solutions, and treasury services for businesses and high-net-worth individuals. The company already holds an EMI licence with the Financial Conduct Authority (FCA) in the UK, and facilitates payments in more than 100 currencies.
“This licence allows us to expand our international payments and foreign exchange services across the EU via the passporting mechanism, explains Dan Biggs, CEO of Privalgo. “We chose Amsterdam as the base for our European operations due to its strategic location, international business culture, and progressive regulatory environment,” Biggs continues, adding that the location provides access to a “highly skilled talent pool, excellent connectivity, and a modern financial ecosystem”.
The Netherlands has recently become an entry point for several financial firms expanding into the European market, including CAB Payments and Clearbank. Additionally, US-based expense management platform Brex received a Payment Institution (PI) licence from Dutch regulatory authorities earlier this month.
Source: https://www.fintechfutures.com/
