Payments technology platform Currensea has received regulatory approval to operate in the Netherlands, supporting its plans to expand across Europe.
In a statement, the company said its newly established European subsidiary, Currensea Europe, has obtained a Payments Institution Licence from De Nederlandsche Bank (DNB).
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The approval will allow the business to “begin serving customers across Europe”.
Currensea plans to offer its co-branded debit cards to customers across the European Economic Area (EEA) through partnerships with airlines, hotel groups and other brands. It expects to roll out co-branded multi-bank debit cards in major continental European markets.
The firm is basing its European business in the Netherlands and has appointed senior executives to lead the expansion.
Leon Muis has been named head of Europe and CEO of Currensea Europe, while Simone Aurighi has been appointed chief compliance and risk officer and a member of the management board.
Maurice Jongmans, CEO of Dutch payment service provider Online Payment Platform, will serve as chair of the supervisory board of Currensea Europe.
Currensea’s platform is built on open banking technology and links a co-branded debit card to a customer’s existing bank account. The company said the model is intended to enable customers to earn rewards on everyday spending without opening a new account or topping up a separate card.
Currensea CEO and co-founder James Lynn said: “We are thrilled to have worked with the Dutch regulatory authorities to secure our European payments licence, a major milestone for Currensea and an important step in our plans to expand into Europe.
“This licence enables us to build on our success in the UK and bring our award-winning, multi-bank debit rewards offering to customers across the continent, operating out of one of the EU’s leading fintech hubs.
“We will soon be announcing new partnerships with global companies in travel and hospitality that will allow underserved European consumers to earn rewards from their favourite brands through their daily debit spend, with no need to change their existing bank account.”
The announcement follows Currensea’s earlier UK partnership launches with Hilton Hotels, Marriott Bonvoy and United Airlines to offer co-branded multi-bank debit cards.
