Cross-border payments and currency exchange firm Freemarket has secured a Payment Institution licence from the Central Bank of Ireland , to drive European expansion. Following this announcement, Freemarket will be given the possibility to leverage the market access to the entire European Economic Area (EEA), where there are multiple small and medium-sized businesses (SMBs) which operate in the EU (approximately 99% of all companies).

The regulatory authorisation from the Central Bank of Ireland is set to enable Freemarket’s operations to expand in the region as well. Freemarket will focus on partnering with European banks, nonbanking financial institutions, as well as foreign currency providers in order to accelerate its expansion in the area. By utilising the Application Programming Interface (API) technology, Freemarket will continue to automate the full lifecycle of cross-border payments and consolidate the entire process into a single, secure, and efficient platform.

This aims to tackle high costs, the lack of transparency, and legacy technology issues that usually undermine cross-border ecommerce. In addition, the company will focus on meeting the needs, preferences, and demands of its customers and clients, while remaining compliant with the requirements and laws of the industry at the same time. Freemarket’s recent strategy of development UK-based fintech platform, Freemarket works with small and medium-sized enterprises (SMEs) around the world in order to accelerate their process of development, by providing them with secure and fast access to cross-border payments and currency exchange services.

Its suite of solutions is optimised for users’ treasury and operational needs and preferences, focusing on streamlining processes, increasing efficiency, and removing complexity and overall challenges of the industry. The company announced a couple of partnerships and launches in the last couple of months, covering different geographic areas around the world. In May 2023, Freemarket announced that it secured an investment from Baird Capital.

According to the press release published at the time, the firm aimed to use the growth capital investment in order to boost its development and international expansion. At the same time, a part of the sum was set to be provided as a partial cash-out to the company’s stakeholders. The financial details and conditions of Baird Capital’s investment in Freemarket were not disclosed.

Baird Capital’s funding in Freemarket was consistent with the company’s line of investments in fintechs across the B2B sector. For more information about Freemarket, please check out their detailed profile in our dedicated, industry-specific Company Database. .