Expanding Operations in the UK
Founded in 2011, Payabl has been operating across Europe with offices in Germany, Netherlands, Cyprus, and the UK. Payabl has been operating in the UK under the FCA’s Temporary Permission Regime. Now, the company has obtained authorization as an Electronic Money Institution (EMI) in the UK, allowing it to operate within a robust regulatory framework.
Growth Plan and Merchant Portfolio
Payabl plans to focus on expanding its team and merchant portfolio in the UK market. Sean Forward, Payabl’s UK CEO, stated that the authorization as an EMI enables the company to support UK merchants and help them thrive. The company aims to grow its UK team by hiring talented payment professionals to support its growth ambitions.
Furthermore, Payabl aims to guide its existing customers who already operate in Europe as they expand their presence in the UK. The acquisition of EMI licenses has become a more complex and lengthy process in recent years, with only seven applications being approved in the first quarter of 2023.