BNPL fintech Jifiti has received an Electronic Money Institution (EMI) licence from Sweden’s financial regulator as the firm looks to expand further into Europe.
In addition to its PCI/DSS, SOC 2 and ISO 27001 certifications, the EMI licence enables Jifiti to maintain its multinational regulatory compliance and security standards to continue the provision of white-label solutions to banks, regulated lenders and financial service providers.
Yaacov Martin, CEO of the Jifiti Group, commented: “Our mission at Jifiti is to provide consumers and businesses with access to responsible, affordable financing options from regulated financial entities.
“Becoming a licensed e-money issuer takes our company to the next level in its growth trajectory and enables us to bring even more value to our customers and partners.”
As a result of the EMI certification, Jifiti can now also grow its offering of payment products and services to a wider customer base, with its pan-European solutions offering extensive regulatory oversight.
Payment Expert Analysis: The importance of compliance adherence is underpinned by an ever-changing landscape of regulatory frameworks, especially in Europe where Jifiti is looking to increase its foothold. Being granted an EMI licence can significantly improve a company’s ability to offer its electronic payment offerings, and an opportunity to enhance its customer base.