Payment service provider, Mollie, has been granted a Payment Institution licence in the UK by the Financial Conduct Authority (FCA), as it looks to ramp up its UK expansion plans.
Mollie originally launched in the UK in early 2021, serving merchants both domestically and those expanding internationally. With the FCA licence, the company said it is planning to expand its network of merchants in the UK in addition to new product launches in 2024.
“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.
He added: “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.”
Previously, Mollie operated under the Temporary Permissions Regime for EU-based financial services firms, a regime launched following Brexit. The UK licence means Mollie can operate as a dual-licensed financial services group across a range of markets.
According to Mollie research, e-commerce retailers see international expansion as a key strategic priority for 90% of UK merchants. The payment firm integrates e-commerce platforms and provides access to local payment methods by collaborating with technology partners such as Klaviyo and others.
For instance, it previously supported the expansion of UK’s Lounge Underwear into mainland Europe. The retailer currently has operations in France, the Netherlands, Germany and the U.S.
Daniel Marsden, Founder and CEO of Lounge said 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”.