Until now, the company operated in the country with its EU license.
It is now planning to expand its footprint in the UK.
Nasdaq-listed fintech Payoneer (Nasdaq: PAYO) has secured its presence in the United Kingdom by obtaining an electronic money license (EMI) from the country's financial market supervisor, the Financial Conduct Authority (FCA). The license was granted to the locally formed subsidiary, Payoneer Payment Services UK Ltd.
Payoneer Acquires UK's EMI License
An E-money license allows companies to provide payment services and other financial products in the UK. These companies can accept customers' money and offer services related to electronic money. However, they cannot manage customers' funds, unlike banks.
It is a popular license as many high-flying fintech startups, like Revolut and Wise, operate with it. Many companies also gain the coveted license by acquiring existing EMI fintech.
Securing UK Presence after Brexit
Payoneer enables small businesses and freelancers to receive cross-border payments. The company was founded in 2005 and had more than 5 million customers, as seen on its website.
Apart from the latest FCA license, the payments company already holds regulatory approvals in the United States, Ireland, Hong Kong, Japan, Australia, and India. The necessity of the UK license came following the country's exit from the larger European Union bloc, where companies can passport licenses for cross-border operations.
Until now, the company was operating in the UK with its EU license, but the UK authorities will soon close these temporary permissions.
"The FCA traditionally sets the tone of financial regulation globally, and, therefore, we are extremely proud to be receiving our e-money license in the UK," said James Allum, the CEO at Payoneer Payment Services UK and SVP Europe at Payoneer.
"We're excited to be able to continue serving our customers in the UK and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer's consistent ability to provide regulated financial services of the highest standard."
Payoneer went public in mid-2021 after closing a reverse merger with a blank-check company launched by fintech entrepreneur Betsy Cohen. The deal was valued at about $3.3 billion.
However, the stock market performance of the company remained dull. Since listing, the value of Payoneer stocks plummeted by more than 43 percent but showed significant growth over the past year.
In the third quarter of 2022, the Nasdaq-listed company generated $158.9 million in revenue, which was 30 percent higher year-over-year. Furthermore, the figure was higher than the previous four consecutive quarters. However, the company ended the quarter with a net loss of $26.5 million.
Nasdaq-listed fintech Payoneer (Nasdaq: PAYO) has secured its presence in the United Kingdom by obtaining an electronic money license (EMI) from the country's financial market supervisor, the Financial Conduct Authority (FCA). The license was granted to the locally formed subsidiary, Payoneer Payment Services UK Ltd.
Payoneer Acquires UK's EMI License
An E-money license allows companies to provide payment services and other financial products in the UK. These companies can accept customers' money and offer services related to electronic money. However, they cannot manage customers' funds, unlike banks.
It is a popular license as many high-flying fintech startups, like Revolut and Wise, operate with it. Many companies also gain the coveted license by acquiring existing EMI fintech.
Securing UK Presence after Brexit
Payoneer enables small businesses and freelancers to receive cross-border payments. The company was founded in 2005 and had more than 5 million customers, as seen on its website.
Apart from the latest FCA license, the payments company already holds regulatory approvals in the United States, Ireland, Hong Kong, Japan, Australia, and India. The necessity of the UK license came following the country's exit from the larger European Union bloc, where companies can passport licenses for cross-border operations.
Until now, the company was operating in the UK with its EU license, but the UK authorities will soon close these temporary permissions.
"The FCA traditionally sets the tone of financial regulation globally, and, therefore, we are extremely proud to be receiving our e-money license in the UK," said James Allum, the CEO at Payoneer Payment Services UK and SVP Europe at Payoneer.
"We're excited to be able to continue serving our customers in the UK and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer's consistent ability to provide regulated financial services of the highest standard."
Payoneer went public in mid-2021 after closing a reverse merger with a blank-check company launched by fintech entrepreneur Betsy Cohen. The deal was valued at about $3.3 billion.
However, the stock market performance of the company remained dull. Since listing, the value of Payoneer stocks plummeted by more than 43 percent but showed significant growth over the past year.
In the third quarter of 2022, the Nasdaq-listed company generated $158.9 million in revenue, which was 30 percent higher year-over-year. Furthermore, the figure was higher than the previous four consecutive quarters. However, the company ended the quarter with a net loss of $26.5 million.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Mastercard Gears Up for F1 Sponsorship as Top Teams Race for Backing: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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