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September 26, 2019

Checkout.com secures e-money institution licence in France

Online payment solutions provider Checkout.com has secured an e-money institution licence in France.

The company received the licence from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the regulatory arm of the Banque de France.

Following the new licence, Checkout.com will now be regulated by Banque de France. It will be able to issue, manage and provide payment services to European businesses from its French regulated entity.

It can also offer additional services to the French market and across Eurozone through its unified global payment processing platform.

Furthermore, Checkout.com is now fully integrated with France’s national interbank network Carte Bancaire.

Checkout.com chief executive Guillaume Pousaz said: “France is one of the most critical eCommerce markets in Europe and of great strategic importance to the continued success of our business.

“We are thrilled to be licensed as an E-Money institution at a time when French businesses have proven themselves as leaders in the ever-changing eCommerce space.

“As a company whose own leadership team has meaningful connections to the French community, we look forward to being a part of that growth.”

The payment firm secured the French licence nearly four months after it raised $230m to support its global expansion.

Now, it plans to hire more than 50 people next year at its Paris office to help in expanding its French business.

Besides Checkout.com, the French regulator issued Electronic Money Institution Licence to 12 other businesses.

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