Volt and Enfuce the Latest to Secure EMI Licences in the UK

Fast-rising fintechs Volt and Enfuce have become the latest firms to secure Electronic Money Institution (EMI) licences from the UK’s Financial Conduct Authority (FCA). 

It means the pair will be in a position to continue on their exciting expansion journeys, bring their services to new customers and enhance their product offering. 

“The UK and Europe are integral markets for our business, so I’m delighted we’ve been granted our EMI licence from the FCA,” comments Tom Greenwood, CEO at Volt. “With this licence, we’re able to go even further in expanding our business.”

Denise Johansson, Co-Founder and Co-CEO at Enfuce, called the granting of an EMI licence in the UK a “major step forward”.

She adds: “Our ambition from the start has been to expand our presence across Europe and the world. The UK is a key market for us in this endeavour.”

Volt’s remarkable growth continues

Volt’s licence will enable it to evolve its cash management product, Connect, from which virtual accounts will now be issued to merchants. These accounts receive account-to-account payments from merchants’ customers and provide real-time payment confirmation, giving merchants visibility and control across the payment lifecycle. 

The global real-time payments specialist will also be able to offer virtual accounts as a standalone product. Expected to launch shortly, these accounts will be well-suited to enterprises that need to manage funds and complex reconciliation processes, but don’t necessarily need payment initiation functionality at checkout – global online travel agents, for example, that need to initiate bulk payouts to local suppliers in different jurisdictions.

Recent research from Bottomline found 50% of businesses in the UK cited too little control over payment processing and a lack of payment visibility as the top challenges in executing payments. 

With Volt’s merchants now able to more seamlessly track the status of payments—functionality not available with traditional bank transfers—they can identify when, why and where challenges or delays arise with the bank.

“By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set, but also adapt and enhance our broad commercial offering,” Greenwood continues.

“We have already seen a number of our key customers benefiting from the capabilities the licence brings.”  

Securing this EMI licence comes at a time of notable growth for Volt, which recently hired its first CMO, Irina Chuchkina, to help drive a global marketing strategy for the company and grow its brand. Volt has also announced further expansion into new territories by launching in Australia. 

Enfuce takes full control of payment process

Issuer processing powerhouse Enfuce becomes one of only a handful of Nordic companies to be granted an EMI licence by the FCA. 

The Finnish firm is now well placed to provide electronic money services, as well as card issuing and payment solutions, directly to new and existing UK customers.

Enfuce will have full control over the entire payment process, ensuring a seamless onboarding experience and providing UK clients with a comprehensive and complete solution which is even more secure, efficient and scalable.

It comes less than two years after Enfuce’s initial launch in the UK and marks an important milestone for the company’s continued expansion into the country. To date, the company has successfully established key strategic partnerships with prominent fintech and finserv institutions, including the leading small business platform, Funding Circle, and the neobank startup Science Card. 

Securing a UK EMI licence is testament to Enfuce’s dedication to the highest standards of regulatory compliance, which it has prioritised from day one by implementing a state-of-the-art infrastructure, bringing payment processing in the public cloud for the first time, and conducting regular audits and monitoring. 

“Our Nordic values of collaboration, customer-centricity and integrity drive our commitment to delivering the best products and services for our clients,” adds Monika Liikamaa, Co-Founder and Co-CEO at Enfuce Group.

“With the FCA’s licence we can truly bring the entire Enfuce experience to our current and future partners across the UK to allow them to unlock the full potential of their card payments solutions.”

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