Currensea expands into Europe after securing Dutch regulatory approval

Source: Currensea

Currensea, the market-leading payments technology platform for co-branded debit cards and the UK’s top-rated travel spending card, has announced it has secured a licence to operate in the Netherlands, enabling the business to begin serving customers across Europe.

Currensea’s newly established European subsidiary, Currensea Europe B.V., has secured a Payments Institution Licence from De Nederlandsche Bank (DNB). Receiving this approval from the Netherlands’ robust yet innovative regulatory regime marks a significant milestone in Currensea’s rapid growth journey. It will provide the regulatory foundation to offer the company’s award-winning co-branded debit cards to customers across the European Economic Area, in partnership with airlines, hotel groups and other blue-chip brands. Currensea expects to launch co-branded multi-bank debit cards across all major continental European markets.

Currensea has assembled a team of senior professionals, based out of the firm’s office in the Netherlands, to lead its continental European business:

• Leon Muis will serve as head of Europe and chief executive officer of Currensea Europe B.V., bringing extensive experience in payments from previous roles at Rabobank, ING and Fiserv and as chief business officer of Dutch Open Banking pioneer Yolt.
• Simone Aurighi has been appointed as chief compliance and risk officer and member of the management board, with his almost two decades of experience in international payments including roles on the supervisory boards of Verifone Payments, Yoursafe, Morpara and PayU.
• Maurice Jongmans, chief executive officer of Dutch payment service provider Online Payment Platform, will serve as chair of the supervisory board of Currensea Europe B.V.

This expansion will support Currensea’s mission to redefine everyday loyalty for the world’s biggest brands and disrupt the European payments landscape with its innovative multi-bank debit card proposition. Built on Open Banking technology, the Currensea platform allows customers to link their new co-branded debit card to their existing bank account, meaning they earn rewards on all their day-to-day spending with no need to open a new account, keep a separate card topped up or change their spending behaviour to benefit.

James Lynn, chief executive officer and co-founder of Currensea, said: “We are thrilled to have worked with the Dutch regulatory authorities to secure our European payments licence, a major milestone for Currensea and an important step in our plans to expand into Europe. This licence enables us to build on our success in the UK and bring our award-winning, multi-bank debit rewards offering to customers across the continent, operating out of one of the EU’s leading fintech hubs.

“We will soon be announcing new partnerships with global companies in travel and hospitality that will allow underserved European consumers to earn rewards from their favourite brands through their daily debit spend, with no need to change their existing bank account.”

Ceri Morgan CBE, His Majesty’s trade commissioner for Europe, said: “This is a great example of a British founder-led startup that’s worked closely with government and regulators to launch responsible and innovative new products, and is growing fast.

“UK fintechs attract more investment than the rest of Europe combined. Our Industrial Strategy, progressive regulation, funding environment and leadership in Open Banking have made the UK one of the best places in the world to build, test and scale a fintech business. And we in the UK Government are committed to supporting companies like Currensea on their growth journey as they scale internationally.”

Further reading: Currensea bolsters Open Banking expertise with two new hires