Source: Currencycloud
Global payments platform Currencycloud announced it has secured an e-money license from the Dutch Central Bank (De Nederlandsche Bank), allowing it to continue operating across the EU.
The licence is one of only seven issued to non-banks by the Dutch Central Bank and will allow Currencycloud to store money and operate e-wallets on behalf of its clients, as well as process payments and collections.
The license is part of the company’s strategy to expand its European footprint from its existing Amsterdam office, bringing faster and more transparent cross-border payments to more European financial institutions. It also ensures passporting rights which allows Currencycloud to continue operating across Europe, no matter the outcome of Brexit negotiations. The company will remain headquartered in London.
Mike Laven, CEO of Currencycloud comments: “Covid-19 has accelerated the rush towards digital payments and Europe represents a tremendous opportunity for Currencycloud. The Netherlands possesses the perfect blend of factors to support our expansion in the EU. It has a strong fintech sector, access to top talent and a safe regulatory environment, which allows us to keep driving forward our services and product.
“The license also ensures we can continue to serve our European clients effectively after the Brexit transition period ends.”
Currencycloud is the cross-border payments engine for leading fintechs and financial institutions - including Fidor Bank, Penta and Lunar - and has already grown it’s European customer base by 180% since June 2016. It now has more than 300 customers across the region, and processed close to €10bn so far this year on their behalf. The company enables payments from 180 countries and its latest product, Currencycloud Spark, provides multi-currency accounts for banks and fintechs to collect, store, convert and pay in more than 35 currencies.
The new license belongs to Currencycloud’s Dutch entity, Currencycloud BV, part of the wider company group. Currencycloud is authorised by the Financial Conduct Authority in the UK.
The Amsterdam team of Osborne Clarke assisted Currencycloud with legal representation to obtain the electronic money institution license in the Netherlands.