UK-based remittance and wallet app SendSpend has been granted the Electronic Money Institution (EMI) license by the country’s Financial Conduct Authority (FCA).
The license allows the company to issue digital money and provide cross-border remittance services from its headquarters in the UK.
It also enables the company to rollout customer e-wallet app, agent services app, e-commerce and POS payment gateway including QR code functionality, a suite of API’s for corporate integration and an FX Suite for multi-currency transactions.
SendSpend partnered with payments consultancy firm AuthoriPay to facilitate the authorisation and advise on potential fintech partners.
As a regulated EMI in the UK, the company will be able to expand its financial reach to businesses as well as consumers in the country, complementing the business of its subsidiaries in India and South Africa.
The SendSpend’s fully digital, free for consumers platform is said to be available for users shortly after registering through a downloadable App. This platform is currently live in South Africa.
According to SendSpend co-founder Graham Davies, the firm’s ‘flexible and dynamic architecture’ allows it to adapt to various compliance and regulatory requirements encountered in different countries and regions.
Davies added: “This allows us to offer a full suite of services and functionality when competitors often can’t.”
Agent Search function provided by the SendSpend allows users to find agents nearby their location. Available agents will be displayed on Google Map, along with distance and fees they charge for a deposit or withdrawal.
This will help users to compare available options.
Cash In/Out agents is said to include mass-market retailers, township stores, as well as ATMs.
SendSpend co-founder Tracy Andersson said: “We’re taking financial services right into the villages and rural areas that frequently pose a challenge to financial institutions. Consumers no longer need to travel long distances to collect a remittance.
“Our goal is to enable economically marginalised consumers to participate in the digital economy by having access to financial services like insurance, money transfers and online buying.”