Adyen gets UK banking license after temporary approval

Adyen NV has won approval for a UK banking license, replacing its temporary post-Brexit permission to offer embedded finance and other payments services. The Dutch company said the Financial Conduct Authority’s authorization allows it to continue operations in its UK branch. The firm, which already has European and US banking licenses, launched embedded finance products in October that allow clients in its platforms business to provide financing to their customers. [caption id="attachment_57370463" align="alignnone" width="2560"]<img class="wp-image-57370463 size-full" src="https://finainews.com/wp-content/uploads/2023/09/332018678-scaled.jpg" alt="A robotic arm sits beside a contactless payment processing device, manufactured by VeriFone Systems Inc., in the testing room inside the Adyen NV headquarters in Amsterdam, Netherlands, on Monday, Oct. 29, 2018. Investors have flocked to fintech company Adyen, whose shares have risen from 240 euros at the time of the IPO, to as much as 609 euros a month later." width="2560" height="1708" /> Photographer: Jasper Juinen/Bloomberg [/caption] “The UK is a key market for Adyen and we’re excited to cement our position here,” said Mariëtte Swart, Adyen’s chief risk and compliance officer. Globally, Adyen platforms processed €49.7 billion ($53.2 billion) in the first half of the year, accounting for 12% of total processed volumes and growing 3% year on year. “Platforms is the smallest piece of our business today, but we have a very strong belief that SMBs will get their payments and broader financial services from platforms over the next years,” Chief Financial Officer Ethan Tandowsky said at a Goldman Sachs conference in San Francisco on Tuesday. (Corrects Mariëtte Swart’s job title that was misstated on press release.) --By Aisha S Gani with assistance from Sarah Jacob ( Bloomberg )

Adyen gets UK banking license after temporary approval

The Dutch company received Financial Conduct Authority's authorization

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Adyen gets UK banking license after temporary approval

The Dutch company received Financial Conduct Authority's authorization

Transactions: JPMorgan increases share in digital bank C6

Fifth Third updates chatbot for fluency

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