Global spend management solution Payhawk has been granted an Electronic Money Institution (EMI) from the UK’s Financial Conduct Authority (FCA).
The UK financial regulator cleared the licence after extensive due diligence into Payhawk’s compliance, financial and operational processes.
The new UK EMI licence will allow the payment solution provider to directly issue electronic money, facilitate digital payments and provide card issuance and payment solutions to new and existing UK customers.
Hristo Borisov, CEO and Co-Founder of Payhawk, said: “We are thrilled to achieve another important milestone in our journey to make managing business payments easy for everyone.
“Our company’s strong product DNA allows us to quickly launch new, high-quality features for our customers and the new UK licence unlocks new possibilities for us.”
In addition to the EMI licence in the UK, Payhawk holds an EMI licence covering the EEA, is a principal member of Visa Europe, accredited by ICAEW’s Technology Accreditation program and maintains PCI DSS Level 1, SOC 2 and ISO 27001 certifications.
“By controlling more of the payment process stack for our customers, we can optimise the infrastructure to address the needs of our client base – further accelerating development velocity and innovation,” added Borisov.
“This is a major step in our ambition to become the preferred global spend management company by combining our cutting-edge software with regulated payment services.”
