Dutch payments processor Adyen has received authorization from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to launch banking services in the UK.
Facts
- Adyen, previously operating in the UK under the FCA’s Temporary Permissions Regime, can now offer a full suite of financial services, including bank accounts, virtual and physical cards, capital services, and expense management tools, primarily targeting platform businesses for SMB users.
- This authorization positions Adyen as a conduit for international commerce, offering payments, data insights, and financial services alongside its European banking license.
- Adyen’s compliance with evolving UK regulatory frameworks post-Brexit is affirmed by this approval.
- This development follows a recent market capitalization drop of €17.8 billion due to underwhelming H1 2023 results.
- Adyen’s chief legal and compliance officer, Mariëtte Swart, emphasizes their commitment to providing technology that empowers customers and their excitement to strengthen their presence in the UK with this banking authorization.
