Freemarket has been approved by the Central Bank of Ireland as a Payment Institution. The UK-based Fintech provides B2B payments and currency exchange. Freemarket said the approval will help with its European expansion plans as it now has access to all EEA countries. Freemarket has opened an office in Dublin.
The regulatory authorization will also allow Freemarket’s operations in Ireland to expand. Freemarket said it will be looking to partner with European banks, nonbanking financial institutions, and foreign currency providers to support its expansion.
Having started as a foreign exchange matching platform, Freemarket now offers cloud-based cross-border payment solutions to over 300 corporate clients, enabling them to execute payments in over 100 countries.
Freemarket reports record sales growth of 361% over the last three years and processed over £4 billion in transactions in 2022.
The company has been named in The Sunday Times 100 Fastest Growing UK private Companies, Deloitte’s Tech Fast 50 and the FT1000.
Stephen Fletcher, CEO of Ireland, Freemarket, stated:
“When Freemarket was founded in 2010 the mission was simple: to improve access for SMB’s to cross-border payment capabilities, thereby empowering them to maximise their revenues and accelerate their growth; today, we remain committed to this mission. We are delighted that our new Irish Payment Institution licence will enable us to expedite our mission to make cross-border payments faster, more affordable and more transparent for millions of European businesses.”