Klarpay Secures FINMA License, Plans to Roll Out Borderless Multi-Currency Accountsby Fintechnews Switzerland April 26, 2021
Zug-based merchant payments company Klarpay announced that it has secured a license to offer borderless multi-currency accounts to digital businesses from the Swiss Financial Market Supervisory Authority (FINMA).
Switzerland introduced the fintech license under the Swiss Federal Banking Act Article 1b in 2019 to attract modern financial institutions, and Klarpay is one of the first ones to receive the authorisation. (Yapeal was the first one)
The process of onboarding clients will begin in the 2nd half of 2021.
Leveraging its proprietary technology, Klarpay can offer over 436 payment acceptance methods in more than 96 regions. Additionally, Klarpay can disburse funds to 169 countries in 65 locally preferred methods.
The co-founders of Klarpay, Martynas Bieliauskas and Mihkel Vitsur were the ones who are seed financing the venture.
“From our experience as internet entrepreneurs, established financial institutions always had a hard time understanding and evaluating our business cases. We don’t want to invent anything new.
Reliable solutions are out there. By bundling the best of breed payment products, we can offer these as an all-in-one package to online businesses.”
said Martynas Bieliauskas, CEO of Klarpay.
Featured image credit: Screengrab from Klarpay