• Payoneer received its e-money license from the U.K. Financial Conduct Authority.
  • The license will enable the digital commerce company to continue serving its U.K.-based customers.
  • Having earned the license, Payoneer now plans to grow its footprint in the U.K. region.

Global digital commerce company Payoneer received its e-money license from the U.K. Financial Conduct Authority (FCA) this week. The license will enable Payoneer to continue to provide its e-money services to U.K.-based businesses.

“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 U.K., said Payoneer Payment Services CEO and SVP of Payoneer Europe James Allum. “We’re excited to be able to continue serving our customers in the U.K. and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”

With the new U.K. money license, Payoneer will grow its footprint in the region, offering its digital money services to U.K.-based businesses.

Payoneer was founded in 2005 and offers multi-currency accounts to five million customers ranging from marketplaces, sellers, freelancers, gig workers, manufacturers, banks, suppliers, and buyers. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.

In 2021, Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. The company listed on the NASDAQ in June 2021 under the ticker PAYO. Scott Galit is CEO.

Photo by Pixabay

Source: https://finovate.com/payoneer-earns-e-money-license-from-the-u-k-s-fca/