Currencycloud has secured an e-money license from the Dutch Central Bank (De Nederlandsche Bank), allowing it to continue operating across the EU.
The license, which enables Currencycloud to store money and operate e-wallets on behalf of its clients, will be instrumental in facilitating the company’s further expansion across the European continent.
It is the only the seventh such licence the central bank has issued to non-bank entities. It will allow Currencycloud to store money and operate e-wallets on behalf of its clients, as well as process payments and collections.
Mike Laven, CEO of Currencycloud comments: “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.”
The license is part of the company’s strategy to expand its European footprint from its existing Amsterdam office, bringing faster and more transparent cross-border payments to more European financial institutions. It also ensures passporting rights which allows Currencycloud to continue operating across Europe, no matter the outcome of Brexit negotiations. The company will remain headquartered in London.
