PayFuture Group, a UK-based payment provider specialising in emerging markets, has secured an Electronic Money Institution (EMI) licence from the Malta Financial Services Authority (MFSA).
Having secured a European EMI licence from the MFSA, PayFuture plans to enable EU merchants to expand their reach into emerging markets through alternative payment methods (APMs) and with future capabilities to support card payments.
Manpreet Singh Haer, CEO of PayFuture Group
“Securing the EMI licence from the MFSA is a pivotal moment in our mission of supporting EU merchants in scaling their operations globally,” explained Manpreet Singh Haer, CEO of PayFuture Group. “Many of our merchants are targeting regions where traditional card brands have limited reach and local payment methods dominate. This licence enables us to remove barriers to entry, simplify cross-border transactions, and expedite revenue in these fast-growing markets”.
Founded in 2019, PayFuture secured an agent EMI licence from the Financial Conduct Authority (FCA). The London-based paytech is an omnichannel connector, offering merchants the functionality to connect to local payment types. Through this offering, it aims to enable merchants to expand globally without needing to integrate to each local payment method per country.
PayFuture also offers instant, direct SEPA and SWIFT access, and can issue e-money, provide IBAN accounts alongside a broader suite of localised payment solutions. It says these capabilities will help merchants streamline their international transactions, reduce friction in cross-border payments, and accelerate growth in new regions.
Haer added: “Our mission remains clear: enable online businesses to scale effortlessly through innovative, reliable, and performance-driven local payment methods, making expansion into emerging markets simple, smooth and successful.”
In 2023, PayFuture boasted its rapid growth since its launch, despite raising no finance from external investors and the founders bootstrapping its development. In 2022, the paytech recorded a net revenue exceeding £8.8million, representing a 1000 per cent increase since 2019.
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