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Payhawk secures UK e-money licence and expands top team

The UK operations will be led by new Payhawk UK CEO Pedro Batista

Hristo Borisov / Payhawk

Hristo Borisov / Payhawk

Expense management fintech Payhawk has been authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA).

The UK licence joins Payhawk’s existing European EMI licence and was granted after the FCA conducted due diligence on the fintech’s compliance, financial, and operational processes.

Hristo Borisov, CEO and co-founder of Payhawk said “the new UK licence unlocks new possibilities for us”.

“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.”

The EMI licence allows Payhawk to issue electronic money, facilitate digital payments and provide a range of payment solutions directly to UK-based companies.

“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,” Borisov said.

Along with its licence, Payhawk has made several new senior appointments including former SumUp executive Gareth Walsh as group chief compliance officer, Maor Fishman from Checkout.com as general counsel and Pedro Batista as CEO of Payhawk UK.

“We are extremely proud of receiving our e-money licence in the United Kingdom and receiving the trust of the FCA, which, in our view, has one of the highest benchmarks of regulators worldwide and traditionally sets the tone of financial regulation globally,” Batista said.

“This confirms our commitment to providing regulated financial services of the highest standard.”

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