Currencycloud nabs e-money licence from Dutch central bank

via FinTech Futures

London-based payments platform Currencycloud has secured an e-money licence from the Dutch central bank.

De Nederlandsche Bank granted the e-money licence to help the platform continue its services in the European Union after Brexit.

It is the only the seventh such licence the central bank has issued to non-bank entities.

The new licence belongs to Currencycloud’s Dutch entity, Currencycloud BV, part of the wider company group.

The fintech has also cited the move as a base from which it can expand in Europe.

“COVID-19 has accelerated the rush towards digital payments and Europe represents a tremendous opportunity for Currencycloud,” says Mike Laven, CEO of the firm.

He adds that the Netherlands has a “perfect blend of factors” to support an EU expansion.

“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 paytech claims to have grown its European customer base by 180% since 2016. It has around 300 clients and says it has processed close to €10 billion in 2020 alone.

Earlier this year it became one of the first non-bank firms to offer Swift gpi payments tracking.

TransferGo, Penta and Money Mover, all clients of Currencycloud, were early participants in the pilot programme.