PayFuture has received an Electronic Money Institution (EMI) license from the UK Financial Conduct Authority (FCA).
PayFuture states that with the EMI license, it will start to offer a suite of payment products, including the ability to issue electronic money, facilitate digital payments, and money disbursements, and offer a range of other payment services, further enhancing its ability to meet the evolving needs of online businesses. EMI approval is frequently leveraged to offer neobank services.
PayFuture reports that it has been a profitable business since its first year in business (2019) and has scaled organically without any external funding. Today, PayFuture offers local payment services in over 40 countries and has helped businesses around the world process over $2 billion in transactions.
PayFuture recently launched 11 direct solutions in new countries within just the past 6 months, as well as becoming PCI Level 1 compliant, which is the highest level of compliance and payment security standards merchants can comply with. The company’s mission is to transform from being a payments technology platform to becoming the largest payments processor supporting businesses looking for local payment options across the world’s emerging markets.
Manpreet Haer, CEO and co-founder of PayFuture, said they are delighted to have received the license, calling it a milestone in their team’s quality and hard work as well as their unwavering commitment to providing solutions for merchants that help drive profits.
” We are excited to continue pushing boundaries and revolutionizing the way people do business in underbanked emerging markets.”
