Cross-border payments platform Currencycloud has secured an e-money licence in the Netherlands.
The licence, awarded by the Dutch Central Bank, will allow the company to operate across the EU following Brexit transition.
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As an e-licence holder, Currencycloud is entitled to process payments and collections, store money and operate e-wallets on behalf of its clients.
According to the company, it is one of the seven non-bank entities to have received the licence.
Currencycloud CEO Mike Laven said: “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.
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By GlobalData“The licence also ensures we can continue to serve our European clients effectively after the Brexit transition period ends.”
Currencycloud operates as a cross-border payments engine for financial institutions and fintech firms.
It has more than 300 clients in the European region and has processed nearly €10bn this year.
In January this year, the company secured $80m funding from big-league investors to fuel its expansion. The backers included Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank.
