Inpay, the international payments firm, has secured an Electronic Money Institution (EMI) licence from the Danish Financial Supervisory Authority (FSA), “becoming the first Scandinavian fintech to combine EMI, PSP, and TPP.”
The new license will enable the company “to issue electronic money, facilitate digital payments and money disbursements, among other payment services and is a landmark for the business.”
Inpay claims that it “provides fast and cost-effective solutions for complex international money transfers and reported record revenues of £42.7 million for 2022, up 26% year on year, with 2 million more international payments going through Inpay than the previous year.”
Although the business now employs almost 200 people, it still maintains a strong ‘start-up’ culture which “fosters creativity and innovation.”
Employees work across “a global network spanning over 100 countries and the business has also grown their physical office presence, with their headquarters in Copenhagen, a growing office in the City of London, where approximately 10% of the company is currently based, and the recent expansion to Dubai.”
Thomas Jul, the CEO of Inpay, comments:
“This licence represents a significant milestone in our growth and places us one step further on our mission to transform and democratise the international payments market. Combined with our unique culture and amazing people, these accreditations further differentiate us from the competition and will allow us to continue our fast-paced growth trajectory, with the aim of solidifying our strong position in one of the fastest-growing subsectors for cross-border payments across the globe.”
Inpay’s software is uniquely placed to safely “handle complex money transfers in areas where traditional banking networks do not function well.”
This allows the business “to transfer money faster and more cost-effectively than competitors, whilst maintaining high quality and meeting all the international financial regulations relating to money transfers.”
Less than 3% of all global payments are currently processed outside of the traditional banking sector, which “increase the amount of time and the costs of individual transfers.”
Traditional, established banks are “less agile and slower to adopt new innovations, which creates a significant opportunity to increase the market share for non-traditional providers such as Inpay.”
Earlier this year, Inpay had “announced record annual results and outlined plans for significant future growth within the UK and internationally across Asia, the Middle East and Europe.”
The Annual Results highlights “include; profit before tax of £6.1 million, up 369% annually from £1.3 million, a net profit of £5 million, up from £1.2 million in 2021; EBITDA of £8.3 million, up from £2.7 million in 2021.”