The London-based fintech firm, specializing in B2B cross-border payments and currency exchange, Freemarket has obtained a Payment Institution license from the Central Bank of Ireland, marking a significant step in its quest to expand operations across Europe.

According to a statement by the company, Freemarket aims to tap into the vast market for small to mid-sized businesses (SMBs) throughout the European Economic Area (EEA). Freemarket stated that it aims to address the unmet needs of the SMBs, which conventional banks have overlooked.

Freemarket Targets Europe’s Surging Payments Market

Stephen Fletcher, Freemarket's CEO (Europe), said: "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 maximize their revenues and accelerate their growth; today, we remain committed to this mission."

"We are delighted that our new Irish Payment Institution license will enable us to expedite our mission to make cross-border payments faster, more affordable and more transparent for millions of European businesses."

. @wearefreemarket Granted Central Bank of Ireland Approval to Drive European expansion.

Read more: https://t.co/arlHQ8JQtR#licence #platform #fintech #FinancialIT

— Financial IT (@financialit_net) October 24, 2023

The Central Bank of Ireland's regulatory approval grants Freemarket access to the entirety of the EEA, encompassing an estimated 24.4 million small to medium-sized businesses, which account for 99% of all businesses within the EU. This opportunity comes as the B2B cross-border payment market is predicted to surge 43% by 2030, the company stated.

Expanding Operations and Forging Partnerships

The fintech firm has established an office in Dublin to accommodate its growing team. It is actively seeking partnerships with European banks, nonbanking financial institutions, and foreign currency providers to support its growth strategy.

Founded in 2010, Freemarket provides SMBs with the tools they need to accelerate their growth. The firm employs Application Programming Interface technology to automate the cross-border payment process, consolidating it in a single platform. According to the firm, this approach addresses the challenges of high costs, lack of transparency, and outdated technology in cross-border payments.