Payment service provider myPOS is given the go-ahead as a electronic money institution (EMI) from the Central Bank of Ireland, the country’s financial services regulator.
The fintech, which provides point-of-sale payment acquiring and payment solutions to more than 150,000 SMEs in more than 30 European countries, plans to grow its Dublin-based team to around 30 by the middle of next year.
Stephane Pilloy, CEO of myPOS Ireland, says: “We are excited as the new EMI authorisation will enable us to bring all regulated services under the myPOS Group umbrella, therefore becoming even more efficient at empowering small businesses across Europe and accelerating our growth strategy.
“Our international growth demands a talent pool, a strategic location and a robust legal and regulatory framework, and Ireland offers all of these.”
According to Seán Fleming TD, Minister of State at the Department of Finance in Ireland, the government is focused on improving Ireland’s status as a global fintech hub.
“I am pleased that myPOS has chosen Ireland as its European regulatory headquarters. All the best to the entire team and I look forward to following their success in the future.”
myPOS, which operates in the European Economic Area, Switzerland and the UK, is also planning to open its second store and experience centre in France, while earlier this year it continued its expansion by opening stores in Rome and Bucharest. A Dublin experience centre is also planned for 2023.
The company is expected to meet its targeted annual growth of more than 60 per cent and reach €8billion in total payment volume, with circa 200,000 POS terminals in circulation.