Payabl gears up for UK push after landing EMI license

European payments group Payabl has acquired a UK Electronic Money Institution (EMI) license.

Founded in 2011,  Payabl operates across Europe with offices in Germany, Netherlands,  Cyprus, and the UK but has been operating in the latter under the FCA’s Temporary Permission Regime.

The company says it will now focus on expanding its team to support its growth plan as well as the expansion of its merchant portfolio.  

“Being an authorised EMI provides us with a robust regulatory framework that’ll allow us to support UK merchants and allowing them to thrive, as we have been doing for merchants across Europe,” Sean Forward, Payabl’s UK CEO said. 

“The next step for us will be to grow our UK team, increasing our pool of talented payment professionals to support our growth ambitions, as well as guiding our existing customers who already operate in Europe as they expand their presence in the UK,” he added. 

Acquiring EMI licences has become a more complex and lengthy process in recent years, with just seven applications being approved in the first quarter of 2023.