Fintech platform Finmo has received authorisation from the UK Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI).
In essence, the approval allows the company to issue electronic money, facilitate cross-border and domestic payments, provide foreign exchange services, and issue IBANs, among other functions.
With this regulatory milestone, Finmo can now hold safeguarded client funds locally and connect directly to UK payment rails, including Faster Payments and the Clearing House Automated Payment System (CHAPS). These capabilities are intended to support both UK-based and international businesses managing complex treasury and payment operations.
Focus on UK as strategic operational hub
The licence is an important component of Finmo’s general expansion strategy, which centres on establishing operational hubs in key regulatory jurisdictions to serve a multi-regional client base. Its UK entry is part of a hub-and-spoke model designed to facilitate embedded finance offerings and partnerships with capital markets providers focused on liquidity and foreign exchange risk management.
Company officials indicated that the approval reflects a long-term operational commitment to the UK, pointing to the country’s regulatory maturity and infrastructure. They said the licence would help strengthen support for mid-market enterprises and international firms with cross-border financial needs.
As part of its operational scale-up, Finmo is expanding its compliance and support teams in the UK. Initial deployments under the EMI licence include GBP-denominated accounts and access to Faster Payments for qualified customers.
A closer look at Finmo
Founded in 2021 by a team of financial technology professionals 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 developments, the company has recently introduced a conversational assistant named MO AI within its treasury platform. The tool is designed to assist finance teams by enabling real-time access to balances, transaction execution, reporting, and payment analysis through command-based prompts.
