We’re delighted to be able to continue to offer the same level of support to our clients during what has been an unsettling time for many businesses.
Neopay partnered with Axius Global, who required e-money authorisation, to support their application to the FCA. Axius Global, a specialised global Fintech 2.0 company, provide a virtual storage solution where electronic money can be recorded, allowing their corporate clients to receive payment transactions from their customers as well as send funds to named third party beneficiaries.
Working closely with the Axius team and utilising workshops, our team of consultants were able to finalise the FCA application quickly. Despite the challenges posed by the Covid-19 pandemic, the application was submitted to the FCA in the last week of April, along with agreements in principle for key partnerships, including banking facilities.
The ‘Minded to Approve’ (agreement in principle) was received from the FCA on 5th June 2020. A process which usually takes four to five months, was completed in just six weeks! The speed at which the process was completed was also notable considering the impact and restrictions, brought about by the global pandemic on the FCA.
Bruce Thompson, President & COO of Axius, commented: “Without the subject matter expertise of the Neopay team, we would have struggled internally to even complete the filing by June let alone have the minded to approve from the FCA. The measurable objectives we achieved utilising Neopay as our FCA representatives saved us time to market, provided cost avoidance in financial and personnel resources; and delivered comprehensive intrinsic value to our company”.