The London-based fintech firm specializing in B2B
cross-border payments and currency exchange Freemarket has obtained a Payment
Institution license from the Central Bank of Ireland, marking a significant
step in its quest to expand operations across Europe.
According to a statement by the company, Freemarket
aims to tap into the vast market for small to mid-sized businesses (SMBs)
throughout the European Economic Area (EEA). Freemarket stated that it aims to address the unmet needs of the SMBs, which conventional
banks have overlooked.
Stephen Fletcher, Freemarket’s CEO (Europe), said: “When Freemarket was founded in 2010 the mission was simple: to improve
access for SMB’s to cross-border payment capabilities, thereby empowering them
to maximize their revenues and accelerate their growth; today, we remain
committed to this mission.”
“We are delighted that our new Irish Payment
Institution license will enable us to expedite our mission to make cross-border
payments faster, more affordable and more transparent for millions of European
businesses.”
. @wearefreemarket Granted Central Bank of Ireland Approval to Drive European expansion.
Read more: https://t.co/arlHQ8JQtR#licence #platform #fintech #FinancialIT
— Financial IT (@financialit_net) October 24, 2023
The Central Bank of Ireland‘s regulatory approval
grants Freemarket access to the entirety of the EEA, encompassing an estimated
24.4 million small to mid-size businesses, which account for 99% of all businesses
within the EU. This opportunity comes as the B2B cross-border payment market is
predicted to surge by 43% by 2030, the company stated.
Expanding Operations and Forging Partnerships
The fintech firm has established an office in Dublin
to accommodate its growing team. It is actively seeking partnerships with
European banks, nonbanking financial institutions, and foreign currency
providers to support its growth strategy.
Founded in 2010, Freemarket provides SMBs the tools
they need to accelerate their growth. The firm employs Application Programming
Interface technology to automate the cross-border payment process,
consolidating it in a single platform. According to the firm, this approach
addresses the challenges of high costs, lack of transparency, and outdated
technology in cross-border payments.
The London-based fintech firm specializing in B2B
cross-border payments and currency exchange Freemarket has obtained a Payment
Institution license from the Central Bank of Ireland, marking a significant
step in its quest to expand operations across Europe.
According to a statement by the company, Freemarket
aims to tap into the vast market for small to mid-sized businesses (SMBs)
throughout the European Economic Area (EEA). Freemarket stated that it aims to address the unmet needs of the SMBs, which conventional
banks have overlooked.
Stephen Fletcher, Freemarket’s CEO (Europe), said: “When Freemarket was founded in 2010 the mission was simple: to improve
access for SMB’s to cross-border payment capabilities, thereby empowering them
to maximize their revenues and accelerate their growth; today, we remain
committed to this mission.”
“We are delighted that our new Irish Payment
Institution license will enable us to expedite our mission to make cross-border
payments faster, more affordable and more transparent for millions of European
businesses.”
. @wearefreemarket Granted Central Bank of Ireland Approval to Drive European expansion.
Read more: https://t.co/arlHQ8JQtR#licence #platform #fintech #FinancialIT
— Financial IT (@financialit_net) October 24, 2023
The Central Bank of Ireland‘s regulatory approval
grants Freemarket access to the entirety of the EEA, encompassing an estimated
24.4 million small to mid-size businesses, which account for 99% of all businesses
within the EU. This opportunity comes as the B2B cross-border payment market is
predicted to surge by 43% by 2030, the company stated.
Expanding Operations and Forging Partnerships
The fintech firm has established an office in Dublin
to accommodate its growing team. It is actively seeking partnerships with
European banks, nonbanking financial institutions, and foreign currency
providers to support its growth strategy.
Founded in 2010, Freemarket provides SMBs the tools
they need to accelerate their growth. The firm employs Application Programming
Interface technology to automate the cross-border payment process,
consolidating it in a single platform. According to the firm, this approach
addresses the challenges of high costs, lack of transparency, and outdated
technology in cross-border payments.
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- Source: https://www.financemagnates.com//fintech/freemarket-ventures-into-european-smb-market-with-irish-license-approval/
