UK FCA grants an EMI license to Finnish fintech Enfuce

Finnish financial technology firm Enfuce Financial Services recently managed to secure an Electronic Money Institution (EMI) license in the UK. The license was granted by the Financial Conduct Authority (FCA), the country’s financial regulator.

With the regulatory approval from the FCA, Enfuce will be able to start offering its electronic money services to UK citizens. The services will come alongside the firm’s existing card issuing and payment solutions, making Enfuce a new player in a highly competitive UK market.

Enfuce can now launch its services in full

Enfuce received the EMI license yesterday, February 27. Commenting on the development, the company said that it now has full control over the entire payment process when it comes to serving clients from the UK. That includes processes like onboarding, transaction processing, settlements, card issuance, and more.

The company also said that receiving the license represents a major step forward for it, especially in the context of its goal, which is to provide a “complete Enfuce solution” to its current and future partners in the UK. The company claims that its full solution will bring even greater security, efficiency, and scalability for the UK clients.

Enfuce’s co-founder and co-CEO, Denise Johansson, commented on the move by saying that this has been the firm’s ambition since its start, as it always wanted to expand across Europe, and eventually, the world. “This is a major step forward for Enfuce. Our ambition from the start has been to expand our presence across Europe and the world. The UK is a key market for us in this endeavor.”

FCA’s support will allow Enfuce to continue its expansion

Apart from Enfuce, a financial services provider BVNK also recently announced that it had received an EMI license. This suggests that the FCA has been working hard on introducing new players in order to make the market competitive and provide UK citizens with new choices and opportunities.

Enfuce itself was founded in 2016, and since then, it has been offering cloud-based payment solutions. It already held an EMI license from the Finnish financial regulator. This latest approval from the FCA further adds to the company’s track record, confirming that it meets strict regulatory standards.

Even before receiving the license, the company set the grounds for launching a full-scale operation in the UK, establishing partnerships with fintechs that already have an established presence in the country. Some examples include Funding Circle and Science Card.

The firm has been working on establishing connections since 2022 when it originally entered the UK market. The EMI license marks an important milestone for the company, but it will also aid its continuing expansion, both in the UK and the rest of Europe.

Johansson said this as well, noting that the FCA’s seal of approval will provide the company with the market access, operational ownership, and flexibility that is needed for long-term growth and success.