The new licence will enable Inpay to issue electronic money and ease digital payments and disbursements, among other services.

Last year, the company reported revenues of £42.7m, 26% more than in 2021.

Thomas Jul, CEO of Inpay, said: “This licence represents a significant milestone in our growth and places us one step further on our mission to transform and democratise the international payments market.

“Combined with our unique culture and amazing people, these accreditations further differentiate us from the competition and will allow us to continue our fast-paced growth trajectory, with the aim of solidifying our strong position in one of the fastest-growing subsectors for cross-border payments across the globe”, Jul added.

The announcement comes four years after Inpay launched its remittance services in Denmark.

According to GlobalData’s “The Status of Cross-border Payments:2023” report, the number of cross-border transactions has increased significantly in the past two decades alone. In Europe, the percentage of total cross-border card payments has gone up from 4.4% in 2006 to 6.5% in 2021 and is predicted to reach 7.2% by 2026.

In the Middle East and Africa, cross-border card payments increased from 0.9% to 2.9% between 2006 and 2021. GlobalData analysts forecast their number will go up to 3.2% by 2026.

Inpay employs around 200 people across a global network spanning over 100 countries. Headquartered in Copenhagen, the Danish fintech has an office in London, where approximately 10% of its workforce is currently based.