The European banking license gives the company the status of an acquiring bank, clearing the way for it to process merchant payments nearly instantly, rather than relying on banking partners to handle settlements.
Moreover, the company has announced it has no plans to become a deposit-taking and full-service bank, but looks for the licence to give it control over the payments processes, as Reuters states.
The announcement is a consequence of the fintech’s interest in levelling the regulatory playing field versus banks. In Brazil, the company is already licensed as a local payments institution; it is also pursuing licences in the US and other parts of Latin America and Asia.
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