Adyen lands UK banking authorisation for embedded finance push
Digital payments giant Adyen is making a push into embedded finance.
Adyen has been granted a banking license by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
The new regulatory permissions from the UK’s financial regulator will allow Adyen, which saw a $23bn hit to its public market valuation in recent weeks, to continue to offer embedded financial products to businesses in the UK
Adyen says it is targeting platforms such as eBay and Etsy to provide their SME customer bases with direct access to cash advances when they need them.
This puts the payments giant in direct competition with high street banks.
Adyen's product offering includes bank accounts, virtual or physical cards and expense management services.
“Our focus is always on providing our customers with technology that helps them excel”, Adyen’s chief risk and compliance officer Mariëtte Swart said.
“The UK is a key market for Adyen and we’re excited to cement our position here with this banking authorisation. It will strengthen our ability to help domestic and international businesses achieve their ambitions faster. It’s another stride towards Adyen becoming a full spectrum global financial technology platform,” she said.