myPOS obtains e-money licence from the Central Bank of Ireland
Company news / 20.09.2022
myPOS is happy to announce its new authorisation as an Electronic Money Institution (EMI) from the Central Bank of Ireland, the country’s financial services regulator.
“The new EMI authorisation will enable us to bring all regulated services under the myPOS Group umbrella, therefore becoming even more efficient at empowering small businesses across Europe and accelerating our growth strategy,” said Stephane Pilloy, CEO of myPOS Ireland.
myPOS plans to continue investing in its Dublin office and significantly grow its local team by the middle of next year. “Our international growth demands a talent pool, a strategic location and a robust legal and regulatory framework, and Ireland offers all of these,” Pilloy added.
The new EMI authorisation comes in the wake of news that the fintech company is planning to open its second store and experience centre in France, while earlier this year myPOS opened stores in Rome and Bucharest. A Dublin experience centre is also planned for 2023.
Martin Shanahan, CEO, IDA Ireland said: “The myPOS expansion is impressive and we are delighted that another of the world’s most dynamic organisations, which puts innovation in payments at the service of its merchants, has chosen Ireland as its European regulatory headquarters.”
More and more merchants are choosing myPOS because the company remains the only payment service provider in Europe offering SMEs instant access to their funds from card transactions, at no added cost. This is evidenced by the continued growth in the platform’s transaction processing in the last year.
myPOS is expected to meet its targeted annual growth of more than 60% and reach €8 billion in total payment volume, with circa 200k POS terminals in circulation.
Minister of State at the Department of Finance, Seán Fleming TD, said: “I would like to congratulate myPOS on its new Irish license. The Government is focused on improving Ireland’s status as a global fintech hub, and I am pleased that myPOS has chosen Ireland as its European regulatory headquarters. All the best to the entire team and I look forward to following their success in the future.”
