B4B Payments, a British global payments innovator headquartered in London, offering smart and flexible corporate payments and card solutions, has secured access to the financial markets of continental Europe after Brexit and ensured it can continue operating in the region and avoid disruption to their users. On the 26th of November 2020, the Board of the Bank of Lithuania issued an electronic money institution license to UAB B4B Payments Europe, the new European branch of the B4B Payments Group.
B4B Payments provides forward-thinking payment processing solutions, which enable any size organization to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives. B4B Payment’s solution combines a Mastercard prepaid card with a powerful in-house proprietary management portal saving businesses time and money. License issued by the Bank of Lithuania grants the right to provide a wide range of payment processing services and payment card issuing in all EEA member States.
“This will ensure that B4B Payments stays Brexit-proof for clients and cardholders no matter what exit deal we end up with” said Paul Swinton, the co-founder and CEO of B4B Payments, continuing “We’re very excited to be expanding with a permanent office in the EU market and at the same time improving the service we offer to our current clients by improving the coverage of B4B’s services. 2020 has been a busy year, and this is a fantastic way to finish it off for us.”
The company was assisted by ECOVIS ProventusLaw law firm, a part of the international ECOVIS group specializing in FinTech licensing in European Union and EEA and providing all the necessary services in area. “The UK is facing the most serious challenge so far as the FinTech hub of Europe. Although it is too early to draw any definitive conclusions on what impact Brexit will have, many companies are already making decisions, in order to continue to serve its non-UK customers. B4B Payments is one of them. Important to note, that Lithuania is seen as a gateway to Europe not only because of the ease of business, its welcoming culture, but also because of world-class AML standards, which become more and more important nowadays,” – says attorney at law of ECOVIS ProventusLaw Inga Karulaitytė.
Although it is too early to draw any definitive conclusions on what impact Brexit will have, many companies are already making decisions, in order to continue to serve its non-UK customers.
An E-Money Institution license issued by the Bank of Lithuania tops off a productive year for B4B Payments, who offer corporate expense management solutions including corporate expense cards and prepaid business cards. Over the course of the year, B4B have gained EMI status in the UK and expanded into the USA, as well as joining Mastercard as a principal member. As a leading payment processing provider now operating internationally, B4B Payments offer forward-thinking solutions to organisations and businesses of all sizes.
ECOVIS ProventusLaw is one of the most experienced financial institution licensing advisers in Lithuania, assisting in fintech access to the EU / EEA. The firm has successfully guided more than 30 fintech companies through the licensing process during the last few years. Recently ECOVIS ProventusLaw advised UK based Contis Group by getting of Electronic Money Institution license for securing group‘s access to the financial markets of continental Europe.
Besides the licensing of financial institutions, the firm leads its clients through business incorporation, labour and employment matters, finance and tax issues, AML, GDPR, regulatory compliance, information security services and more. ECOVIS ProventusLaw also has experienced and certified experts in money-laundering prevention (CAMS) and personal-data protection (CIPP/E), as well as experts in IT security.
During the licensing process B4B Payments was led by Inga Karulaitytė, a head of ECOVIS ProventusLaw FinTech group, Eglė Juškaitė, assistant attorney at law and a member of ECOVIS ProventusLaw Fintech group.
B2B Payments press release relating the issued an electronic money institution license you can find by clicking https://www.b4bpayments.com/prepaid/e-money-status-in-europe/.