Dutch payments giant Adyen on Thursday said it won approval for a banking license in the U.K., marking a deeper push from the company into the banking sector.
Adyen already has a license in the Netherlands as an acquiring bank.
Adyen's U.K. merchants can already offer customers bank accounts, virtual or physical cards, and cash flow and expense management.
"The U.K. is a key market for Adyen and we're excited to cement our position here with this banking authorisation," said Mariëtte Swart, Adyen's chief legal and compliance officer.
A competitor to U.S. payments giant Stripe, Adyen is one of Europe's largest technology firms, with a market capitalization of 23.4 billion euros ($25 billion).
Persons:
Adyen, Mariëtte Swart, Revolut
Organizations:
Bank of England, Regulators
Locations:
Netherlands, Amsterdam