Neobank Sogexia wins Luxebourg payments licence; migrates UK customers

Source: Sogexia

Sogexia is delighted to announce the granting of its payment institution licence by the Minister of Finances of Luxembourg, combined with the capacity to provide its payment services within the 31 countries of the European Economic Area thanks to the European passport granted at the same time.

Luxembourg is a strong and central financial European place, with a stable legal framework and a regulator expert on payment services. We are proud to be authorised there and to be able to provide our customers with all the benefits of this jurisdiction.

Consequently, we have just migrated the +180,000 Sogexia customers from our former English banking partner to our own institution. This means, among other advantages, that our ability to serve our customers will no longer be threatened by Brexit.

Furthermore, thanks to our new licence, we will be able to create new products and features and will better manage the quality of our services. We thus plan to launch several new developments to both individuals and corporates within the next months:
# Optional French IBANs;
# Direct debits;
# Check cashing;
# International transfers;
# Share capital deposit;
# And much more to come…

Kilian Füg, CEO said: “After more than two years of intensive work, the receipt of this licence is very good news and above all a major turning point for Sogexia who now controls even more the value chain while remaining an independent company. This evolution will enable us to boost customer acquisition, improve our services and expand internationally in order to establish Sogexia as the first European neobank for all. We intend to seduce more than 20,000 new customers each month from the second quarter of 2020.”

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