Currencycloud secures e-money licence in the Netherlands

By 16/07/2020June 4th, 2021No Comments

Cross-border payments platform Currencycloud has secured an e-money licence in the Netherlands.

The licence, awarded by the Dutch Central Bank, will allow the company to operate across the EU following Brexit transition.

As an e-licence holder, Currencycloud is entitled to process payments and collections, store money and operate e-wallets on behalf of its clients.

According to the company, it is one of the seven non-bank entities to have received the licence.

Currencycloud CEO Mike Laven said: “Covid-19 has accelerated the rush towards digital payments and Europe represents a tremendous opportunity for Currencycloud.

“The Netherlands possesses the perfect blend of factors to support our expansion in the EU. It has a strong fintech sector, access to top talent and a safe regulatory environment, which allows us to keep driving forward our services and product.

“The licence also ensures we can continue to serve our European clients effectively after the Brexit transition period ends.”

Currencycloud operates as a cross-border payments engine for financial institutions and fintech firms.

It has more than 300 clients in the European region and has processed nearly €10bn this year.

In January this year, the company secured $80m funding from big-league investors to fuel its expansion. The backers included Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank.