With the E-Money license granted, Payoneer is enabled to provide its complete suite of services to UK-based businesses, continue empowering UK businesses to grow in the international digital economy space
Payoneer secures E-Money License in UK. (Credit: Patrick Tomasso on Unsplash)
Payoneer, through its subsidiary Payoneer Payment Services UK, has received Electronic Money License (EMI) from the UK’s Financial Conduct Authority (FCA).
The license is important for digital financial institutions to continue operating in the UK.
With the E-Money license granted, Payoneer is enabled to provide its complete suite of services to UK-based businesses.
It also allows the company to expand its footprint in the UK and help UK businesses grow in the global digital commerce space.
Payoneer Europe SVP and Payoneer Payment Services UK CEO James Allum said: “The FCA traditionally sets the tone of financial regulation globally and therefore we are extremely proud to be receiving our e-money license in the UK.
“We’re excited to be able to continue serving our customers in the UK and with our relationship with the FCA.
“Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”
Established in 2005, Payoneer is a US-based financial services company focused on small businesses.
It has built a global financial platform that supports SMBs in emerging markets, to pay and get paid, manage their funds, and grow their business.
The company has already secured approvals in the US, Europe, Hong Kong, Japan, Australia, and India.
Payoneer said that it processes payments through a compliant, secure, and tightly audited payments platform, supervised by financial regulators around the world.
In February 2021, the US-based payment and commerce-enabling platform agreed to go public through around $3.3bn merger with FTAC Olympus Acquisition Corp.
FTAC Olympus Acquisition is a special purpose acquisition company (SPAC) led by Betsy Z Cohen, established for the purpose of the merger with technology and financial services technology companies.
Upon closing of the transaction, the newly-formed combined company will be renamed Payoneer Global and operate as a publicly listed company in the US.