Volt secures EMI licence from the UK’s FCA

The licence allows Volt to issue virtual accounts

Volt, a payment platform, has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority. 

The licence allows Volt to issue virtual accounts to merchants from Connect, its cash management product.  

These accounts receive account-to-account payments from merchants’ customers and provide real-time payment confirmation, giving merchants visibility and control across the payment lifecycle.  

Half of British businesses believe too little control over payment processing and lack of payment visibility are the top challenges in executing payments, according to research from Bottomline, a payment solution provider.  

The licence will also allow Volt to offer virtual accounts as a standalone product, which it expects to launch shortly. 

Tom Greenwood, chief executive officer at Volt, said: “The UK and Europe are integral markets for our business so I am delighted we have been granted our EMI licence from the FCA. With this licence we are able to go even further in expanding our business.  

“By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set, but also adapt and enhance our broad commercial offering. We have already seen a number of our key customers benefiting from the capabilities the licence brings.”   

In other recent company news, Volt hired its first chief marketing officer, raised $60m in its series B in 2023 and expanded into Australia.  

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Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.