Complementing the Authorised Payment Institution license already held by the company, this license authorises the company to issue and redeem electronic money — a digital equivalent of cash stored on an electronic device or hosted on a server.

The recently received license will allow PayAlly to expand its services portfolio and meet the requirements of its key target customers — small and medium businesses — better. In addition to providing cross-border payments and foreign exchange services, EMIs can issue and store electronic money. This means that rather than just being a transit point between the sender and recipient, an EMI company can safekeep clients’ funds and unlock additional possibilities to account holders.

“We focus on helping SMBs that operate internationally, and our client portfolio includes traders, vendors, wholesalers and other traditional enterprises. For them, conducting business across multiple countries usually means managing multiple bank accounts to handle transactions. For the past several years, we have been offering them a one-stop solution for their payments needs. With the versatility of an EMI license we are one step closer to becoming a comprehensive alternative to a traditional bank,” states Rafal Andzejevski, the Founder and Director of PayAlly.

PayAlly is positioned to continue growing both its services portfolio and client count. Currently, the company serves over 1,000 corporate clients worldwide and processes more than €100 million in payments per month.