Fintech platform Finmo has obtained permission from the UK Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI).

This approval enables Finmo to issue electronic money, process cross-border and domestic payments, offer foreign exchange services, and distribute International Bank Account Numbers (IBANs), among other functionalities.

With this regulatory endorsement, Finmo can now securely hold customer funds locally and interface directly with the UK payment systems, including Faster Payments and the Clearing House Automated Payment System (CHAPS). These features are aimed at supporting both UK-based and international businesses dealing with complex treasury and payment management.

Strategic Entry into the UK Market

The FCA licence is a key element in Finmo’s expansion strategy, which involves setting up operational centers in regulatory jurisdictions worldwide to serve a diverse client base. The company’s entry into the UK aligns with its hub-and-spoke business model designed to enhance embedded finance services and collaborations with capital markets providers focused on liquidity and foreign exchange risk management.

According to Finmo officials, this approval underscores the company’s long-term commitment to the UK market due to its mature regulatory environment and robust infrastructure. They believe that the licence will help strengthen support for mid-market enterprises and international companies with cross-border financial requirements.

As part of its operational expansion, Finmo is increasing its compliance and support teams in the UK. Initial uses under the EMI license include GBP-denominated accounts and access to Faster Payments services for eligible customers.

About Finmo

Founded in 2021 by a group of financial technology experts with backgrounds in banking, treasury, payments, and compliance, Finmo has secured regulatory approvals in multiple markets, including Singapore, the United States, Australia, New Zealand, and Canada.

Beyond its regulatory achievements, Finmo recently launched MO AI within its treasury platform. This conversational assistant is intended to assist finance teams by providing real-time access to balances, transaction execution, reporting, and payment analysis through command-based prompts.