Dutch payments group Adyen has been granted a permanent banking licence to distribute its products and services in the UK.
The company was previously afforded a temporary licence as part of the post-Brexit arrangements, but the decision by the Prudential Regulation Authority and Financial Conduct Authority (FCA) recognises the business as a full UK bank.
“The UK is a key market for Adyen and we’re excited to cement our position here with this banking authorisation,” said Mariëtte Swart, chief risk and compliance officer at Adyen.
“It will strengthen our ability to help domestic and international businesses achieve their ambitions faster. It’s another stride towards Adyen becoming a full spectrum global financial technology platform.”
The company already offers a host of payment services including online and in-person payment facilitation, card issuing services, digital marketplace payments and platform-based business bank accounts.
In the lead up to the announcement, Adyen has been marketing the brand through a series of events and partnerships.
The company had a presence at the Money 20/20 Europe event in Amsterdam and will also be taking a stand at the US iteration of the show in October.
In March, the group revealed it had signed an agreement with German footballing giant FC Bayern to handle all the football club’s payment processing across all sales channels.
The company’s rapid rise has been noted by investors and peers alike due to its impressive market cap at IPO, with its founders and early alumni tipped by the Financial Times-owned Sifted publication as the sector’s “most wanted” founders earlier this year.