Currencycloud secures Dutch e-money license in European expansion

By Sunniva Kolostyak

Cross-border payments platform Currencycloud has secured one of only seven e-money licenses from the Dutch Central Bank (De Nederlandsche Bank) as part of a strategy to expand its European footprint.

The license allows Currencycloud to operate across the EU and has only been issued to seven non-banks so far.

The B2B FinTech will now be able to store money and operate e-wallets on behalf of its clients, as well as process cross-border payments and collections faster and with more transparency.

Moreover, the license ensures passporting rights across Europe and safeguards Currencycloud, which is headquartered in London, against all Brexit negotiation outcomes. Using the existing Amsterdam office, it will be able to expand its European footprint under the Dutch entity Currencycloud BV.

Mike Laven, CEO of Currencycloud commented: “Covid-19 has accelerated the rush towards digital payments and Europe represents a tremendous opportunity for Currencycloud. The Netherlands possesses the perfect blend of factors to support our expansion in the EU. It has a strong FinTech sector, access to top talent and a safe regulatory environment, which allows us to keep driving forward our services and product.

“The license also ensures we can continue to serve our European clients effectively after the Brexit transition period ends,” Laven added.

The payments platform has grown its customer base in Europe by 180 per cent since June 2016, having processed close to €10 billion on behalf of its 300 customers so far this year on their behalf.

The Amsterdam team of Osborne Clarke assisted Currencycloud with legal representation to obtain the electronic money institution license in the Netherlands.

The company enables payments from 180 countries and its latest product, Currencycloud Spark, provides multi-currency accounts for banks and FinTechs to collect, store, convert and pay in more than 35 currencies.

It recently partnered with Canadian Shift Connect and banking platform Mambu to provide its payment capabilities.