London-based fintech Freemarket secures a payment institution licence from the Central Bank of Ireland, paving the way for its expansion into the European Economic Area.
London-based FX fintech Freemarket has been granted a payment institution licence from the Central Bank of Ireland enabling the company’s expansion to Europe. The B2B cross-border payments and currency exchange company now has market access to the entire European Economic Area (EEA).
With an estimated 24.4 million SMBs across the EU, the B2B cross-border payment market is set to grow globally by 43 percent by 2030 giving Freemarket plenty of expansion opportunities.
Founded in 2010, using an API the firm automates the full lifecycle of cross-border payments and consolidates the entire process onto a single platform. It has expanded to Dublin where it now wishes to grow its team and partner with European banks, nonbanking financial institutions and foreign currency providers to support its European expansion.
“We are delighted that our new Irish Payment Institution licence will enable us to expedite our mission to make cross-border payments faster, more affordable and more transparent for millions of European businesses,” says Stephen Fletcher, CEO Ireland, Freemarket.