Fintech myPOS, which provides point-of-sale payment acquiring and payment solutions to small businesses in 30 European countries, has received authorisation as an Electronic Money Institution (EMI) from the Central Bank.
The company has more than 150,000 merchants clients and plans to grow its Dublin-based team to 30 by the middle of next year, having chosen Ireland as its European regulatory headquarters.
The announcement of myPOS's EMI authorisation comes after the company confirmed plans to open a second store and experience centre in France. Earlier this year the firm opened stores in Rome and Bucharest, and a Dublin experience centre is slated to open in 2023.
“Our international growth demands a talent pool, a strategic location and a robust legal and regulatory framework, and Ireland offers all of these,” said Stephane Pilloy, CEO of myPOS Ireland.
He added: “We are excited as 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.”
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Micro businesses and SMEs using myPOS can accept payments and manage various aspects of their business, including selling remotely, accelerating cash flow and enabling e-commerce through the myPOS platform.
Business owners receive a free multi-currency merchant account and dedicated IBAN per currency, a business debit card, digitised business management capabilities.
myPOS claims to be the only payment service provider in Europe that gives SMEs instant access to their funds from card transactions, at no added cost.
Commenting on the authorisation of myPOS's e-money licence, Minister of State at the Department of Finance Seán Fleming 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.”
Martin Shanahan, CEO of IDA Ireland, added: “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.”
myPOS expects to meet its targeted annual growth of more than 60% and reach €8bn in total payment volume, with circa 200,000 POS terminals in circulation.
(Pic: Getty Images)
