FinTech Juni secures Swedish EMI licence
By Gloria Methri
Juni, the financial platform for e-commerce has announced securing its Electronic Money Institution (EMI) licence from Swedish regulator Finansinspektionen. The EMI licence is the first step to enable Juni to issue e-money in Sweden and soon, across Europe.
Founded in 2020, Juni gives e-commerce businesses a unified view of their finances with cards, multi-currency accounts, and accounting, banking and advertising integrations – all in one place. Through its EMI licence, the Swedish FinTech will become more flexible and create tailored offers for its customers by broadening the range of payment products and services available.
The licence will also help the company in introducing modern and progressive compliance procedures that will offer its customers better protection from fraud. This can be achieved by combining in-house built and third-party vendor solutions.
Juni can also passport the EMI licence and provide its products and services to all other EU countries. It aims to do so early next year. The EMI license strengthens the company’s existing payments technology stack in preparation to enter other markets beyond Europe
“This is an important milestone for Juni. It enables us to have an even more robust legal and regulatory framework, ensuring we continue to operate a safe financial ecosystem for our customers,” said Samir El-Sabini, CEO and Co-founder of Juni. “We are also excited to leverage our EMI licence to broaden our range of payment products and services, and continue to help our customers grow.”
Meanwhile, Ambree Khasru, VP Regulatory & Oversight Officer, said, “We’re thrilled to continue to provide our customers with reassurance and trust, now with a direct relationship with the regulator. Our focus is to ensure our customers’ financial peace of mind by taking responsibility for the safety of their funds, and their data and strengthening Juni’s products and services in line with expected regulatory standards.”
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