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July 11, 2019

Irish fintech becomes authorised e-money institution in UK

Irish fintech Fire Financial Services, trading as and Fire, has secured authorisation to operate as an e-money institution in the UK to provide a range of payment services for businesses.

After the UK decided to leave the European Union, has taken up several measures to secure the scalability of the company and its customers, irrespective of the Brexit outcome.

Regulated by the Central Bank of Ireland since 2010 as a payments institution, was re-authorised in 2018 when new payments regulation came into effect.

With the company becoming a regulated provider in the UK, customers can now continue to access their payments services, including sterling and euro accounts, integrated bank transfers and debit cards.

Over the last few years, the company is said to have focused on the business and corporate market, increasing its customer base to around 3,000. CEO and founder Colm Lyon said: “Since the firm has a significant customer base in the UK, along with our business development offices being in Shoreditch, London, we needed to ensure that we could not just continue to scale, but also continue to be a leading player in the open banking ecosystem in all the regions relevant to us.

“Over the last two years we have seen real change in the way businesses wish to pay and get paid. Today it’s all about the integrated experience and allowing businesses to create accounts and issue cards via APIs, to enable businesses to process large volumes of incoming or outgoing payments in an automated and fully integrated fashion.

“So, our API has become almost more relevant than the payment itself, as it provides real time, instant and fully reconcilable data.”

According to Lyon, Brexit is not expected to affect the company in any manner.

“On the contrary, we are now extremely well positioned to help any business or corporate client that needs to pay and get paid in an integrated way and in a post-Brexit world,” he said.


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