Mangopay Receives UK EMI Licence

European payment infrastructure firm Mangopay has secured an electronic money institution (EMI) licence from the UK's Financial Conduct Authority (FCA).

Securing the licence was a key requirement for the company to provide its full suite of services to UK-based businesses and expand operations in the country.

Now, with the new licence in hand, Mangopay will be able to issue electronic money, facilitate digital payments and provide payment solutions to new and existing UK customers.

Luke Trayfoot, Mangopay's group chief revenue officer, who also oversees the company’s UK entity, says, "Mangopay already has a very strong footprint in Europe, and the FCA licence is critical to us achieving our ambitious growth plans for the UK as we expand our business."

Established in 2013 and headquartered in Luxembourg, Mangopay offers an "end-to-end" payment infrastructure for the platform economy.

In March this year, the company acquired Irish paytech WhenThen for an undisclosed sum to boost its European expansion push.

(Source: Fintech Futures)