PayTech payabl. secures EMI licence in the UK

By Gloria Methri

August 10, 2023

Card Payments
Electronic Money Institution
EMI

payabl., UK, FinTech, EMI, European PayTech firm payabl. has announced that it secured an Electronic Money Institution authorisation (EMI licence) in the UK. The company had been preparing for its launch as a fully regulated EMI. payabl. Before gaining the licence, payabl. was operating under the FCA’s Temporary Permission Regime (TPR). The firm is now focused on expanding the team, hiring talented payment experts from across the region to support business growth, and expanding its merchant portfolio.

The granting of the UK EMI authorisation allows the payabl. to transfer its UK-based customers onto its UK EMI. With the new authorisation, the company’s UK offering will include merchant acquiring for Visa, Mastercard, and American Express, point-of-sale (POS) systems, payment accounts, and linked payment cards.

Sean Forward, UK CEO at payabl., said, “Becoming an authorised EMI in the UK is a major achievement for payabl. Being an authorised EMI provides us with a robust regulatory framework that will allow us to support UK merchants and allow 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.”

Ugne Buraciene, Group CEO at payabl., said, “We are 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. The UK is on its growth journey – his industry expertise is unparalleled, and I am delighted to be working alongside him throughout this process.”

August 10, 2023