Credit Card Fintech Moss Secures E-Money License from BaFin

Credit card fintech Moss has announced receiving an e-money license from BaFin.

Moss only offers credit cards, not debit cards. Employees can produce virtual cards for online payments in addition to physical cards. Moss users receive 0.4% cash back every time they make a purchase.

In May 2022, the fintech applied for an e-money license from the Federal Financial Supervisory Authority (BaFin). This has already been approved, meaning that the company has had an e-money license since the end of June 2022.

With the license, Moss could, for example, take over the "issuing" of credit cards himself, which is currently being carried out by the service provider Transact Payment. The company is also likely to offer short-term loans itself as part of an extended e-money license, seeing as the lending process is currently handled by Raisin Bank. According to a Moss representative, the license will allow the fintech to gradually carry out parts of regulated activities themselves.

(Source: The Paypers)