Key Takeaways:
- Freemarket, an innovative fintech company, secures Payment Institution license from the Central Bank of Ireland.
- This approval marks a significant leap in Freemarket’s expansion, targeting European SMBs underserved by traditional banks.
- With the license, Freemarket is poised to revolutionize cross-border payments and currency exchange for millions of businesses in the European Economic Area.
In a striking development that could reshape the European financial landscape, London-based fintech company Freemarket has received a crucial Payment Institution license from the Central Bank of Ireland. This monumental step not only underscores the company’s growth aspirations but also sets the stage for an enhanced offering of cross-border payments and currency exchange services specifically designed for small to mid-size businesses (SMBs) in Europe.
Unleashing Potential in Europe
Broadening Market Access
The granting of this license is more than a regulatory nod; it’s a gateway for Freemarket to access the entire European Economic Area (EEA), home to approximately 24.4 million SMBs. These businesses, often overlooked by traditional banking institutions, now stand on the cusp of benefiting from tailored, efficient financial services, essential for their growth and international expansion.
A Boost for Irish Operations
Freemarket’s growth trajectory is further reinforced by its expanding operations in Ireland. With a Dublin office already operational and housing a growing team, the company is actively seeking partnerships across Europe, with banks, non-banking financial institutions, and foreign currency providers to strengthen its foothold and support its ambitious expansion plans.
Redefining Cross-Border Transactions
Empowering SMBs Through Technology
Since its inception in 2010, Freemarket has consistently championed the needs of SMBs. By utilizing cutting-edge Application Programming Interface (API) technology, the company has streamlined the entire lifecycle of cross-border payments onto a single, unified platform. This innovation addresses the critical challenges of high costs, lack of transparency, and outdated legacy technology systems that have long plagued the cross-border payment arena.
Transforming Payment Processes
Freemarket’s cloud-based payment solutions have empowered over 300 corporate clients, enabling them to transact in more than 100 countries. The company’s approach of consolidating cross-border payments into a more transparent, affordable, and faster process has not only earned it a significant client base but also led to a record-breaking sales growth of 361% in the past three years.
A Visionary Leadership
Stephen Fletcher’s Insights
Stephen Fletcher, CEO of Freemarket Ireland, emphasized the mission driving the company: “When Freemarket was founded in 2010 the mission was simple: to improve access for SMBs to cross-border payment capabilities, thereby empowering them to maximize their revenues and accelerate their growth; today, we remain committed to this mission. We are delighted that our new Irish Payment Institution licence will enable us to expedite our mission to make cross-border payments faster, more affordable and more transparent for millions of European businesses.”
Looking Ahead: Impact and Opportunities
A Game-Changer for SMBs
This new license positions Freemarket at the forefront of a rapidly evolving fintech sector. By offering enhanced financial services to SMBs, Freemarket not only champions the growth of smaller businesses but also contributes significantly to the diversification and dynamism of the European economic scene.
Future Projections
With the B2B cross-border payment market expected to surge globally by 43% by 2030, Freemarket’s strategic move comes at a critical time. The company’s ability to connect businesses with more markets and currencies, coupled with an efficient, API-enabled platform, foresees a transformative impact on how European businesses engage in international commerce.
Conclusion: A Trailblazer in Fintech
Freemarket’s recent achievement reflects a broader trend in the financial services industry, where innovative fintech companies are increasingly stepping in to fill the gaps left by traditional banking institutions. By focusing on agility, customer-centric solutions, and technological innovation, Freemarket not only exemplifies the spirit of modern fintech but also paves the way for a more inclusive and efficient financial ecosystem for businesses across Europe.
Discover more about Freemarket’s groundbreaking financial services and its vision for transforming the future of cross-border transactions at Freemarket’s Official Website.
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