Becoming the latest European FinTech to eye up the UK market.
In brief:
- Enfuce, which is already an authorised payment institution in Europe and has a Finnish EMI licence, is now able to provide e-money services, card issuing and payment solutions directly to new and existing British customers.
- The female-founded firm also revealed that it has appointed Laurence Krieger, formerly chief executive of Tide and COO of Revolut, as its chair – touting his “unparalleled expertise in the fintech and challenger banking industry”.
- An EMI licence has much lower capital requirements than a full banking licence and gives challenger firms a way to compete with larger incumbents in payment services.
What does this mean?
“This is a major step forward for Enfuce. Our ambition from the start has been to expand our presence across Europe and the world,” said Denise Johansson, the group’s co-founder and co-CEO.
“The FCA’s seal of approval is not only a testament to Enfuce’s commitment to uphold the highest regulatory standards, but will also provide us with the market access, operational ownership and flexibility that are necessary for long-term growth and success in the ever-changing payments landscape.”
