Vogogo EU, a wholly owned subsidiary of Canadian payment processing firm Vogogo, has been authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA), the UK’s banking and financial services regulator.
The authorisation will enable Vogogo to function as an independent provider of payment processing, stored value, e-wallet, pre-paid card, and foreign exchange services besides providing related risk management services.
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The approval has been granted for the UK and expands to the broader European Economic Area (EEA) via a cross-border services arrangement, called passporting.
Vogogo has set up safeguarding accounts with a commercial bank based in Europe and transaction acquiring relationships with three banks based in Europe.
Vogogo CEO Geoff Gordon said: "The EMI authorization allows us to move forward on several business opportunities in Europe. As a result, I believe we will see strong growth in Europe and we look forward to realizing that."
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