Freemarket receives licence from the Central Bank of Ireland
The fintech business will be able to expand into Europe through the licence, giving it access to 24.4 million small to mid-size businesses.
Freemarket, a B2B fintech platform that manages payments and currency exchange, has been granted a Payment Institution licence from the Central Bank of Ireland.
With this regulatory approval, Freemarket will be able to access the full European Economic Area (EEA) and partner with European banks and other institutions.
Stephen Fletcher, Freemarket CEO Ireland, 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 maximise their revenues and accelerate their growth; today, we remain committed to this mission.
“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.”
Freemarket facilitates cross-bored payments by consolidating all of the technology through one Application Programming Interface (API) platform.
The financial services will enable institutions and businesses to complete payments and currency exchanges to over 100 countries.
Through vIBAN capabilities, Freemarket can also manage refund transactions in over 40 different currencies.
As part of its business client portfolio, Freemarket offers gambling operators and companies access to a global network of banks and Non-Bank Financial Intermediations (NBFIs).
This is managed with constant infrastructure monitoring, as well as compliance and risk management.
In other Ireland news, the Economic & Social Research Institute (ESRI) revealed new statistics about gambling issues in the country in its latest report.
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