CAB Payments to expand into the EEA after securing European PSP licence.
In brief:
- UK-based paytech CAB Payments has been granted a European payment service provider (PSP) licence from De Nederlandsche Bank (DNB) to expand its footprint into the European Economic Area (EEA).
- With the new licence, CAB Payments Europe will be able to provide services in the Netherlands and also utilise passporting rights to expand its solutions throughout the EEA.
- The Netherlands has been chosen as the hub for CAB’s newly established division due to a combination of factors, such as the country’s growing fintech community, global connectivity, robust financial infrastructure, and its active international development sector.
What does this mean?
CAB’s European operations will be led by Kostas Konstantis, who said he in particular aimed to support the foreign exchange and cross-border payments of “governments and NGOs looking to transparently disburse aid during humanitarian crises. These challenges exacerbate global inequality, stunts international trade, and limits growth,” Konstantis said. “CAB Payments Europe aims to solve this problem across the EEA.”
