Payment service provider Mollie has been granted a payment institution licence in the UK by the Financial Conduct Authority (FCA).
The licence will enable Mollie UK to expand to more merchants and release new products. The company intends to follow in its continental footsteps in 2024. It plans to offer fully integrated business financing services and additional payment solutions.
“Receiving our Payment Institution licence from the FCA is a huge milestone, and one that speaks volumes about our dedication to empower merchants with best in class products,” said Koen Köppen, CEO, Mollie. “As a company, this licence opens new avenues for growth and collaboration, as well as providing a strong foothold in the dynamic UK market. We’re excited to continue to shape the future of payments in the UK.”
Mollie launched in the UK in early 2021. Previously, it operated under the Temporary Permissions Regime for EU-based financial services firms. This regime was launched following Brexit. The new UK licence which validates Mollie’s capabilities to operate as a dual-licensed financial services group across multiple markets and geographies.
At the time of its UK launch, Mollie’s research amongst e-commerce retailers revealed that international expansion is a key strategic priority for 90 per cent of UK merchants. As an international, out-of-the-box payment solution, with a local support team, Mollie has become an attractive service provider for UK merchants, especially those expanding internationally.
Mollie integrates to almost all e-commerce platforms. Furthermore, it provides access to hundreds of local payment methods, integrates with all the top technology partners like Klaviyo and maintains a strong, trusted product offering.
This is how businesses like Lounge Underwear supported its mainland EU expansion. Daniel Marsden, Founder and CEO of Lounge says of their expansion into the Netherlands: “”iDEAL is really popular in the Netherlands, but, being from the UK, I’d never even heard of it. I know that implementing payment gateways can be an absolute nightmare, so I did some research and found Mollie. Through Mollie, I got a plugin and it was actually really easy”.