Finmo receives electronic money institution licence in UK

Fintech firm Finmo has secured authorisation from the UK Financial Conduct Authority (FCA) to operate as an electronic money institution (EMI).

With the licence in place, the company aims to establish UK as the core operational hub for its treasury and payments platform.

With the EMI licence, Finmo is now permitted to issue electronic money, provide account issuance services, and facilitate both domestic and international fund transfers, as well as foreign exchange transactions.

It also allows the company to issue IBANs and directly integrate with the nation’s clearing systems, including Faster Payments and the Clearing House Automated Payment System.

Finmo CEO and co-founder David Hanna said: “Securing our EMI licence in the UK signals more than just regulatory approval, it’s a commitment to serving clients in one of the world’s most advanced financial ecosystems.

“From fintechs to mid-sized global companies we’re here to empower modern finance and payment teams with greater control, visibility, and confidence in their global treasury operations.”

The expansion into the UK market aligns with Finmo’s “hub-and-spoke” strategy, which seeks to offer services from key regulatory jurisdictions.

Additionally, the licence is expected to aid Finmo in scaling its embedded finance solutions and enhancing collaborations with capital market providers for liquidity and FX risk management.

Finmo has announced the immediate launch of GBP-denominated accounts and access to Faster Payments for qualifying clients.

The company is also increasing its UK-based compliance and operations team to support its services to mid-market enterprises based in the UK, international businesses with cross-border operations, and companies seeking regulated treasury infrastructure.

The company recently introduced MO AI, a conversational assistant integrated within its treasury platform, to assist CFOs, controllers, and finance teams in managing workflows.

This tool is designed to provide real-time information on balances, payments analysis, transaction initiation, and report generation through command-based interactions.

This approval follows Finmo’s Series A funding round in February, where the company raised $18.5m, taking its total funding to $27m.

“Finmo receives electronic money institution licence in UK ” was originally created and published by Electronic Payments International, a GlobalData owned brand.

 


The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Source link

Latest

burrata with crushed cherries and pistachios – smitten kitchen

Psst: You really don’t need a recipe for this...

Oasis Announce Complete Studio Album Box Set to Celebrate Reunion Tour

Days after launching their “Live ’25” reunion tour, Oasis...

Newsletter

spot_img

Don't miss

spot_imgspot_img

Georgia mom was stuck commuting 3 hours — until she ‘Googled’ how to fix cars. Now she brings in $440K/year

After 10 years of building up a career as a medical assistant in Atlanta, Georgia, Desiree Hill felt trapped. Not only was she earning...

burrata with crushed cherries and pistachios – smitten kitchen

Psst: You really don’t need a recipe for this but I’m sharing the proportions I used, loosely. I photographed a small plate of it...