An Uruguayan fintech firm has achieved a significant milestone by securing a payment institution license in the United Kingdom, which is part of its broader strategy to enhance its global presence. This license, granted by the Financial Conduct Authority (FCA), allows the company to onboard UK merchants for the first time and adds to its impressive collection of regulatory approvals.
The newly acquired license opens the door for the fintech company to facilitate transactions for UK merchants through its local entity, previously hindered by regulatory constraints following the UK’s departure from the European Union. The firm aims to leverage this new status to tap into the UK market effectively.
The emphasis on emerging markets is a unique characteristic that sets this company apart from domestic players such as Worldpay and Checkout.com. The mission is to attract global merchants with operations in the UK while specifically focusing on markets in Latin America, Africa, and Asia. As highlighted by the company’s leadership, the UK functions as a central hub for international businesses looking to expand into developing markets, particularly in Africa and Latin America.
Founded in 2016, the company has established a solid foothold in Latin America’s payment landscape, specializing in cross-border transactions across countries like Brazil, Mexico, Colombia, and Uruguay. With the new license, the intention is to bolster operations within the UK, including expanding the local workforce and enhancing business initiatives. High-ranking executives are already positioned in London to facilitate this growth.
The strategic acquisition of the UK license is expected to enhance the company’s credibility as a trusted partner in the realm of payments, particularly within the context of navigating complex regulatory environments. Holding over 30 licenses and registrations worldwide places it in a strong position within the payments industry, further supporting its objectives for expansion and operational excellence.