Cross-border payment platform Currencycloud announced on Wednesday it has been granted an e-money license from the Dutch Central Bank (De Nederlandsche Bank), allowing it to continue operating across the EU. According to Currencycloud, the license is one of only seven issued to non-banks by the Dutch Central Bank and will allow the platform to store money and operate e-wallets on behalf of its clients, as well as process payments and collections.
Currencycloud further reported that the license is part of its strategy to expand its European footprint from its existing Amsterdam office, bringing faster and more transparent cross-border payments to more European financial institutions.
“[The license] also ensures passporting rights which allows Currencycloud to continue operating across Europe, no matter the outcome of Brexit negotiations. The company will remain headquartered in London.”
Speaking about the license, Mike Laven, CEO of Currencycloud, stated:
“Covid-19 has accelerated the rush towards digital payments and Europe represents a tremendous opportunity for Currencycloud. The Netherlands possesses the perfect blend of factors to support our expansion in the EU. It has a strong fintech sector, access to top talent, and a safe regulatory environment, which allows us to keep driving forward our services and product. The license also ensures we can continue to serve our European clients effectively after the Brexit transition period ends.”
Currencycloud went on to add that the new license belongs to its Dutch entity, Currencycloud BV, part of the wider company group. Currencycloud is authorized by the Financial Conduct Authority in the UK.
