WEX receives e-money licence in Europe
The Financial Conduct Authority (FCA) has granted Electronic Money Institute (EMI) licence to the European office of American firm WEX.
The licence will allow WEX to offer credit and therefore the full product suite, in all 31 countries in the European Economic Area.
WEX said that this new licence will accelerate its European expansion plans, which have been a key part of the global strategy of the virtual payments line of business.
The EMI licence will also make the company a principal member of Mastercard.
WEX commercial director for Europe Ian Johnson said: “Having our own e-money licence and becoming a principal member of Mastercard are key elements of our European strategy. Almost all businesses are looking for effective ways to manage supplier payments, and we are pleased to provide our full range of products and credit services across EEA.”
“We’re always looking for ways to deliver more service to our customers and this enables us to do so yet again: being the card issuer ourselves makes us more agile in the marketplace and with the widest product portfolio in this space we are able to make significant savings for our customers. We’re very customer focused and strongly believe that this move will make us an even more valuable partner to them,” Johnson added.