Payments fintech PayFuture has been granted an Electronic Money Institution (EMI) licence by the Financial Conduct Authority, having helped businesses process more than $2 billion in transactions.
The licence recognises PayFuture as a trusted and regulated entity, and enables it to issue electronic money, facilitate digital payments, money disbursements and offer a range of other payment services.
PayFuture, which was founded in the UK in 2019, offers local payment services in over 40 countries and, to date, has grown organically without any external funding.
Businesses are able to accept and disperse payments in emerging markets using PayFuture’s proprietary system ‘Emerging Market Entry Methodology’.
“We are delighted to have been granted the agent EMI licence, a significant achievement that showcases our dedication to excellence in the payments industry,” said Manpreet Haer, chief executive officer and co-founder of PayFuture.
“This milestone is a testament to our team’s quality and hard work, as well as our unwavering commitment to providing solutions that have previously not been available to merchants, resulting in net new profits for them.”
Haer added: “We are excited to continue pushing boundaries and revolutionising the way people do business in underbanked emerging markets.”
Over the past six months, PayFuture has launched 11 direct solutions in new countries and has also become PCI Level 1 compliant, which is the highest level of compliance and payment security standards merchants can comply with to securely store, transmit, and process credit card information.