Neobank Sogexia Granted Payment Institution License By the Minister of Finances of Luxembourg

Neobanking group Sogexia announced on Monday it has been granted its payment institution license by the Minister of Finances of Luxembourg.

The company reported that since 2010 it has been providing to both consumers and corporates the ability to open a payment account in a few minutes, without any conditions or hidden fees and combined to services, which are transactions in real-time, discounts at more than 800 partner merchants, budget management tool, unlimited transaction history, and much more. Speaking about the license, the Sogexia team stated:

Luxembourg is a strong and central financial European place, with a stable legal framework and a regulator expert on payment services. We are proud to be authorised there and to be able to provide our customers with all the benefits of this jurisdiction. Consequently, we have just migrated the +180,000 Sogexia customers from our former English banking partner to our own institution. This means, among other advantages, that our ability to serve our customers will no longer be threatened by Brexit.Furthermore, thanks to our new licence, we will be able to create new products and features and will better manage the quality of our services.”

The Sogexia team also revealed they plan to launch several new developments to both individuals and corporates within the next months:

  • Optional French IBANs
  • Direct debits
  • Check cashing
  • International transfers
  • Share capital deposit

Kilian Füg, CEO of Sogexia, went on to add:

“After more than two years of intensive work, the receipt of this licence is very good news and above all a major turning point for Sogexia who now controls even more the value chain while remaining an independent company. This evolution will enable us to boost customer acquisition, improve our services and expand internationally in order to establish Sogexia as the first European neobank for all. We intend to seduce more than 20,000 new customers each month from the second quarter of 2020.”

Sogexia is a payment institution authorized and regulated by the Financial Sector Supervisory Commission of Luxembourg.

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