Vinted will utilise the new licence to expand its wallet services to users in the UK. The service has been rolling out gradually across Europe since the beginning of this year.
Vinted Pay, the payments business of online marketplace Vinted, has received an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Vinted Pay was first launched as an in-house payment service in 2023, and is designed for users of Vinted’s marketplace to manage transactions, receive and send funds, and store earnings.
The business is already a licensed EMI with the Bank of Lithuania, and began rolling out a new wallet service among users in select European countries at the beginning of this year.
A company statement confirms that Vinted Pay will utilise the EMI licence from the FCA to “issue electronic money and provide payment services in the UK”. This includes an expansion of its wallet service to UK consumers.
Vinted says UK consumers will “receive more information before the wallet services are launched”, with the company to “continue to work with other payment service providers to support secure and seamless payments”.
In comments, Modestas Tursa, VP of payments at Vinted, describes the authorisation as “an important step for Vinted Pay in the UK”, adding that it “strengthens how we can support members with secure, reliable payment and wallet services as we continue to expand”.
The company becomes the latest fintech to secure an EMI licence from the UK regulator this year, following the likes of digital asset infrastructure provider Ripple, payments infrastructure provider Capi Money, and Incard, a business banking start-up backed by Smartfin, Founders Capital, and MountFund.
Source: Fintech Futures
