Fintech firm Wizz Financial has received a regulatory nod from the UK’s Financial Conduct Authority (FCA) to complete its acquisition of UAE Exchange UK.
The firm previously obtained a number of approvals for the takeover of UAE Exchange in UAE and affiliated regulated entities in the US and the Middle East.
The clearance by the FCA is seen as a significant step for Wizz in operationalizing the UK company, which facilitates remittance payments between the UK, the UAE and India.
Following the acquisition, Wizz plans to UAE Exchange UK as part of an effort to align all of its offerings between the US, UK, UAE and India.
In addition to remittance services, the UAE Exchange UK will provide micro lending solutions as well as a spectrum of related offerings.
Wizz Financial co-founder and Group chairman Amir Nagammy said: “FCA approval is an important milestone for us and we appreciate their support in our vision to create a leading financial services company underpinned by cutting-edge technology to best serve our customers.”
Wizz Financial general counsel and head of Compliance Adrianus Schoorl added: “The core of what we do is to create products and solutions to serve our customers in their everyday financial decisions. With the regulatory developments in the consumer financing space, we see that our licenses give us a head start in that space.”
Wizz Financial provides cross-border payments, micro-lending, digital wallets, foreign exchange, and business-to-business (B2B) payment technology solutions.
According to its website, it serves 25 million customers and 1500 corporate and institutional clients in over 30 countries.