Jan 17, 2024
3 mins

Payhawk successfully obtains a UK Electronic Money Institution (EMI) license

This article has been brought to you by our spend management editorial team.Payhawk Editorial Team
Payhawk Successfully Obtains A UK Electronic Money Institution (EMI) License
Quick summary

Payhawk secures UK Electronic Money Institution (EMI) status from the FCA and strengthens its leadership team with key hires, including a new General Counsel and Chief Compliance Officer with notable experience in regulated financial institutions.

This article first appeared as a Press release.

The news

  • Payhawk, the global spend management solution, is now a licensed Electronic Money Institution (EMI) in the United Kingdom
  • The Financial Conduct Authority (FCA) grants the license after extensive due diligence into Payhawk's compliance, financial, and operational processes
  • Payhawk makes several executive hires with strong track records leading regulated financial institutions, including a new General Counsel, Chief Compliance Officer and Vice President of Payments & Operations

Transforming spend management: How fintechs outshine traditional banks

Payhawk, the global spend management solution, is now a licensed Electronic Money Institution (EMI) in the UK.

The Financial Conduct Authority granted the license after extensive due diligence into Payhawk's compliance, financial, and operational processes. The new UK EMI license will allow Payhawk to directly issue electronic money, facilitate digital payments and provide card issuance and payment solutions to new and existing UK customers.

In addition to the EMI license in the UK, Payhawk holds an EMI license covering the EEA, is a principal member of Visa Europe, is accredited by ICAEW's Technology Accreditation program, and maintains PCI DSS Level 1, SOC 2, and ISO 27001 certifications.

Hristo Borisov, CEO and Co-founder of Payhawk says:

We are thrilled to achieve another important milestone in our journey to make managing business payments easy — for everyone. Our company's strong product DNA allows us to quickly launch new, high-quality features for our customers, and the new UK license unlocks new possibilities for us. By controlling more of the payment process stack for our customers, we can optimise the infrastructure to address the needs of our client base — further accelerating development velocity and innovation. This is a major step in our ambition to become the preferred global spend management company by combining our cutting-edge software with regulated payment services.

In the past few months, Payhawk has added several executives to the leadership team who come with strong track records leading regulated financial institutions.

Hristo continued, “We are happy to welcome Gareth Walsh, a former executive at SumUp, who joined as Group Chief Compliance Officer. Maor Fishman who joined our group as a General Counsel from Checkout.com where he served the role of a Deputy General Counsel, and Pedro Batista who is in charge of our regulated activities in the UK as Chief Executive Officer of Payhawk Financial Services UK, and is also responsible for Payhawk’s global Payment & Operations division.”

Pedro Batista added: “We are extremely proud of receiving our e-money license in the United Kingdom and receiving the trust of the FCA, which, in our view, has one of the highest benchmarks of regulators worldwide and traditionally sets the tone of financial regulation globally. This confirms our commitment to providing regulated financial services of the highest standard.”

Learn more about Payhawk spend management or book a personalised demo today.

This article has been brought to you by our spend management editorial team.
Payhawk Editorial Team

The Payhawk Editorial Team consists seasoned finance professionals boasting years of experience in spend management, digital transformation, and the finance profession. We're dedicated to delivering insightful content to empower your financial journey.

See all articles by Payhawk →
Feb 29, 2024

Loading...

Feb 29, 2024

Loading...

Feb 29, 2024

Loading...