W1TTY to launch in the UK after gaining regulatory approval

By Joy Dumasia

W1TTY, which is launching its intelligent finance App in Lithuania and Poland this Autumn, has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA), enabling it to roll out services in Britain early next year.

W1TTY has already been granted an EMI licence in Lithuania, recently secured passporting rights across the European Economic Area (EEA), and applied for an EU consumer credit licence. It will launch its suite of products, initially targeting students and other young people starting their first jobs and building their careers, the so-called Generation Z, in Lithuania and Poland this Autumn with other EEA countries to follow.

W1TTY secured the EMI licence in the UK just a year after it made its first application and six months after it was granted its licence in Lithuania. The FCA’s registration allows W1TTY to bring forward its plans to target one of the most sophisticated and attractive markets globally, the UK financial services sector, which is also W1TTY’s home market.

Ammar Kutait, W1TTY’s founder and CEO, said today: “Securing an EMI licence in the UK is a testament to the strength of the team we have assembled at W1TTY and the quality of our systems, especially our anti-money laundering (AML) and know-your-customer (KYC) controls. We look forward to being able to offer W1TTY’s unique suite of financial services to customers across Europe and in the UK, giving them the choice and service they deserve in the very near future. Our aim at W1TTY is to put customers in control of their finances through a customisable suite of attractive products and services available on the App with transparent and flexible pricing.”

IBS Intelligence recently reported that Lord Hill of Oareford, the former EU Commissioner for Financial Services, is joining the Advisory Board for UK-based financial services start-up W1tty, whose innovative finance app is launching in Lithuania and Poland this year Autumn.