Freemarket Ventures into European SMB Market with Irish License Approval

<p>The London-based fintech firm specializing in B2B
cross-border payments and currency exchange Freemarket has obtained a Payment
Institution license from the Central Bank of Ireland, marking a significant
step in its quest to expand operations across Europe. </p><p>According to a statement by the company, Freemarket
aims to tap into the vast market for small to mid-sized businesses (SMBs)
throughout the European Economic Area (EEA). Freemarket stated that it aims to address the unmet needs of the SMBs, which conventional
banks have overlooked.</p><p>Freemarket Targets Europe’s Surging Payments Market</p><p>Stephen Fletcher, Freemarket's CEO (Europe), said:
"When Freemarket was founded in 2010 the mission was simple: to improve
access for SMB's to cross-border payment capabilities, thereby empowering them
to maximize their revenues and accelerate their growth; today, we remain
committed to this mission." </p><p>"We are delighted that our new Irish Payment
Institution license will enable us to expedite our mission to make cross-border
payments faster, more affordable and more transparent for millions of European
businesses."</p><blockquote><p lang="en" dir="ltr">. <a href="https://twitter.com/wearefreemarket?ref_src=twsrc%5Etfw">@wearefreemarket</a> Granted Central Bank of Ireland Approval to Drive European expansion.Read more: <a href="https://t.co/arlHQ8JQtR">https://t.co/arlHQ8JQtR</a><a href="https://twitter.com/hashtag/licence?src=hash&amp;ref_src=twsrc%5Etfw">#licence</a> <a href="https://twitter.com/hashtag/platform?src=hash&amp;ref_src=twsrc%5Etfw">#platform</a> <a href="https://twitter.com/hashtag/fintech?src=hash&amp;ref_src=twsrc%5Etfw">#fintech</a> <a href="https://twitter.com/hashtag/FinancialIT?src=hash&amp;ref_src=twsrc%5Etfw">#FinancialIT</a></p>— Financial IT (@financialit_net) <a href="https://twitter.com/financialit_net/status/1716810978028040287?ref_src=twsrc%5Etfw">October 24, 2023</a></blockquote><p>The Central Bank of <a href="https://www.financemagnates.com/tag/ireland/" target="_blank" rel="follow">Ireland</a>'s regulatory approval
grants Freemarket access to the entirety of the EEA, encompassing an estimated
24.4 million small to mid-size businesses, which account for 99% of all businesses
within the EU. This opportunity comes as the B2B <a href="https://www.financemagnates.com/terms/c/cross-border-payments/" target="_blank" rel="follow">cross-border payment</a> market is
predicted to surge by 43% by 2030, the company stated. </p><p>Expanding Operations and Forging Partnerships</p><p>The fintech firm has established an office in Dublin
to accommodate its growing team. It is actively seeking partnerships with
European banks, nonbanking financial institutions, and <a href="https://www.financemagnates.com/terms/f/forex/" target="_blank" rel="follow">foreign currency</a>
providers to support its growth strategy.</p><p>Founded in 2010, Freemarket provides SMBs the tools
they need to accelerate their growth. The firm employs Application Programming
Interface technology to automate the cross-border payment process,
consolidating it in a single platform. According to the firm, this approach
addresses the challenges of high costs, lack of transparency, and outdated
technology in cross-border payments.</p>

This article was written by Jared Kirui at www.financemagnates.com.