Adyen NV has won approval for a UK banking license, replacing its temporary post-Brexit permission to offer embedded finance and other payments services.
(Bloomberg) — 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.
“The UK is a key market for Adyen and we’re excited to cement our position here,” said Mariëtte Swart, Adyen’s chief legal & 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.
–With assistance from Sarah Jacob.
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