Payment provider Mangopay has announced it has received authorisation by the Financial Conduct Authority (FCA) as an electronic money institution (EMI) within the UK.
The e-money licence has been described by the payment firm as a “key requirement” to provide its full range of services to UK-based businesses.
Romain Mazeries, Mangopay’s Chief Executive Officer, said: “At Mangopay we are laser focused on providing marketplaces and multi-sided platforms of all types with tailored, modular solutions that remove the complexity of payments and help their businesses to grow.
“Exceptional product development combined with a relentless customer focus is in Mangopay’s DNA, and this FCA authorisation will unlock further innovation in the market. We’re excited to continue serving businesses in the UK having received our new licence from the FCA.”
Mangopay provides its modular payments infrastructure to a variety of platforms globally, including brands such as Vinted, Chrono24, Wallapop, La Redoute and Rakuten.
The e-money licence enables the company to issue electronic money, facilitate digital payments and provide a range of other payment solutions in the region.
Luke Trayfoot, Mangopay’s Group Chief Revenue Officer, added: “Mangopay already has a very strong footprint in Europe, and the FCA licence is critical to us achieving our ambitious growth plans for the UK as we expand our business.
“We are extremely proud to be receiving our e-money licence in the UK, which validates the robust capital, regulatory, and security standards that we uphold. We’re looking forward to working with our existing and new UK customers to support their growth journeys both here and around the world.”