Payabl. Group, a payments solutions provider based in Limassol, Cyprus, has recently obtained an Electronic Money Institution license in the United Kingdom.
The company stated that this is a crucial moment for payabl., and an important move for the PayTech company as it keeps growing quickly. The business has been getting ready for the launch as a fully regulated EMI in the UK in the past months. payabl. is now concentrating on hiring skilled payment professionals from the area to support business growth. And expanding the number of merchants they work with.
The UK has given authorization to payabl. Group to transfer its UK-based customers onto its UK EMI. Since Brexit, there has been a slowdown in businesses getting an EMI license, with only seven applications approved in the first quarter of 2023. Data from the FCA shows that only 8% of EMI applications were approved in 2022, compared to 90% in 2018 and 47% in 2021. Getting the EMI authorization has been a difficult and time-consuming process, but payabl. has achieved it.
The project has been led by Sean Forward, who is the CEO of payabl. in the UK, with support from Ugne Buraciene, the Group CEO. Forward has a lot of experience and knowledge in the payments industry. He is also a member of the Project Digital Currencies, where he advises and works with important people on various topics related to digital assets. Forward’s experience was essential in helping payabl. get the necessary authorization.
This achievement opens up big doors for payabl.’s growth in the UK market, bringing them closer to their goal of becoming the preferred financial services partner for merchants worldwide. With the new authorization, payabl.’s UK services will now include accepting:
- Visa
- Mastercard
- American Express for payments, providing point-of-sale systems, offering payment accounts, and linking them to payment cards.
UK CEO at payabl, Sean Forward, 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.
Group CEO, Ugne Buraciene, 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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