Fintech platform Finmo has been granted authorisation from the UK Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI).

This approval enables Finmo to issue electronic money, process cross-border and domestic payments, offer foreign exchange services, and provide International Bank Account Numbers (IBANs), among other functionalities.

With this regulatory milestone, Finmo can now safeguard client funds locally and connect directly to UK payment systems like Faster Payments and CHAPS. These capabilities are aimed at supporting both UK-based and international businesses managing complex financial operations.

Focusing on the UK as a strategic operational hub

The EMI licence is integral to Finmo’s broader expansion strategy, which involves establishing operational hubs in key regulatory jurisdictions to serve a multi-regional client base. The company’s entry into the UK is part of a hub-and-spoke model designed to facilitate embedded finance solutions and partnerships with capital markets providers focused on liquidity and foreign exchange risk management.

Company officials highlighted that this approval underscores their long-term operational commitment to the UK, citing its regulatory maturity and robust infrastructure. They believe the licence will significantly aid in supporting mid-market enterprises and international firms with cross-border financial needs.

To support these operations, Finmo is growing its compliance and support teams in the UK. Early implementations under the EMI licence include GBP-denominated accounts and access to Faster Payments for eligible customers.

An overview of Finmo

Founded in 2021 by a team with backgrounds in banking, treasury, payments, and compliance, Finmo has secured regulatory approvals in multiple markets, including Singapore, the United States, Australia, New Zealand, and Canada.

In addition to its regulatory progress, Finmo recently introduced a conversational assistant named MO AI within its treasury platform. This tool is designed to help finance teams by providing real-time balance access, transaction execution, reporting, and payment analysis through command-based prompts.