British fintech firm CreditLadder has secured the go-ahead from the Financial Conduct Authority (FCA) to operate as a payment institute.

As an approved payment initiation service (PIS), the firm now has the ability to request payments on behalf of consumers from their bank to a business’ bank account.

At the same time, the firm is an approved Account Information Service (AIS) provider. This enables it to provide dashboards with personal financial data to its customers.

CreditLadder Sheraz Dar CEO said: “Winning FCA approval is a huge step forward for CreditLadder because it significantly widens the range of services we can offer consumers and SMEs and underlines to them as well as commercial partners and investors the integrity of our platform.”

CreditLadder is among the 15 UK firms to have been granted registration for AIS as well as PIS.

In June 2018, Transactive Systems received FCA’s nod to issue e-money and offer payment services in the EU region and the UK.

Earlier this year, digital currency exchange provider Coinbase received secured an e-money licence from FCA.