Freemarket Gains Irish Payments License for European Expansion

Published 7 months ago

London-based fintech platform, Freemarket, has secured a Payment Institution license from the Central Bank of Ireland. This development signals a significant step forward in the company’s plans to expand across Europe.

A New Chapter for Freemarket

Following the approval by the globally respected Central Bank of Ireland, Freemarket now has access to the entire European Economic Area (EEA). The EEA houses an estimated 24.4 million small to mid-size businesses (SMBs), accounting for 99% of all businesses in the region.

With the B2B cross-border payment market expected to grow by 43% globally by 2030, Freemarket has recognised the opportunity to serve these European SMBs. These businesses are often underserved by traditional banks. The regulatory authorisation will also enable the fintech platform to expand its operations in Ireland.

Partnering for European Expansion

Freemarket has already opened an office in Dublin to accommodate their growing team. As part of their European expansion strategy, the company plans to collaborate with European banks, non-banking financial institutions, and foreign currency providers.

A Decade of Growth and Innovation

Founded in 2010, Freemarket is dedicated to accelerating the growth of SMBs worldwide. It does this by providing them access to optimized cross-border payments and currency exchange services. These services are typically more suited to their needs than those offered by institutional banks.

Freemarket leverages Application Programming Interface (API) technology to automate the full lifecycle of cross-border payments. This process consolidates the entire operation onto a single platform. The approach addresses the high costs, lack of transparency, and legacy technology issues that have traditionally plagued the cross-border payments sector.

Today, Freemarket provides cloud-based cross-border payment solutions to over 300 corporate clients, enabling payments in over 100 countries. In 2022 alone, the company processed over £4 billion in transactions. Its remarkable performance has led to a record sales growth of 361% over the last three years.

Recognised for Excellence

Freemarket has received recognition from various industry bodies. It has been listed in The Sunday Times 100 Fastest Growing UK private companies, Deloitte’s Tech Fast 50, and the FT1000. Stephen Fletcher, CEO Ireland, Freemarket, reiterated the company’s commitment to improving access for SMBs to cross-border payment capabilities. He expressed delight that the new Irish Payment Institution license would expedite this mission.

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