US-based fintech Payoneer has received its Electronic Money License (EMI) from UK regulator the Financial Conduct Authority, as it plans to expand in the UK.
Payoneer secured the license via its subsidiary, Payoneer Payment Services UK Ltd, allowing it to continue providing its full suite of services to UK-based businesses.
Founded in 2005, Payoneer already holds licenses or approvals in the US, Europe, Hong Kong, Japan, Australia and India.
Payoneer enables payments to be processed through its compliant and secure payments platform.
James Allum, chief executive officer of Payoneer Payment Services UK and SVP Europe of Payoneer, said: “The FCA traditionally sets the tone of financial regulation globally and, therefore, we are extremely proud to be receiving our e-money license in the UK.
“We’re excited to be able to continue serving our customers in the UK and with our relationship with the FCA.”
Payoneer intends to grow its footprint in the UK, to help more businesses “navigate the world of global digital commerce”.
Allum added: “Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”
At the end of January this year, Payoneer made a number of executive hires within its go-to-market and corporate development teams.
The fintech appointed a new chief growth officer, SVP global product commercialisation and SVP corporate development.