CAB Payments Holdings today announced it has expanded into the European Economic Area (EEA) with the establishment of CAB Europe BV, trading as
CAB Payments Europe. CAB Payments Europe has secured a payment service provider licence with De Nederlandsche Bank N.V., (DNB) to provide services in the Netherlands and the ability to exercise passporting rights to offer its services across the EEA. From its base in the Netherlands CAB Payments Europe will provide access to a global pool of G10 and hard-to-reach market currencies along with wholesale FX and cross-border payments, and last-mile delivery services.
The commercial activities of CAB Payments Europe are led by
Kostas Konstantis as General Manager, who has more than 20 years of experience in financial services working with ABN AMRO, BNP Paribas, and RBS. CAB Payments Europe has also established a Supervisory Board to oversee the new entity. The Board comprises of:
- Tamara Monzon as Chair is an interim executive board member at Context Logics Collections (payments platform of Wish) and professional Supervisory Board member and Vice Chair of the Supervisory Board at Uber Payments.
- Steven Marshall, as shareholder representative, also Chief Partnerships Officer at Crown Agents Bank.
CAB Payments Europe benefits from CAB Payments’ access to an established global payments network, scalable, purpose-built technology platform, and longstanding relationships, to ensure organisations can move money to and from hard-to-reach markets quickly, efficiently, and securely.
Specialist provider enters the EEA market
Moving money across borders is a large, structurally growing market where there is a high demand to access, trade and disburse funds in emerging economies. However, despite this opportunity and demand, cross-border payments can be expensive, slow and opaque, particularly in these hard-to-reach markets.
To support its clients in the EEA and work with new organisations, CAB Payments Europe has established its European headquarters in Amsterdam, and plans, to draw from the exceptional talent pool in the Netherlands.
The Netherlands was selected due to the market opportunity and strong client base within the region, as well as its high regulatory standards that are aligned with wider European regulations. Additionally, the Netherlands provides a combination of strong financial infrastructure, an established fintech ecosystem, global connectivity, and a vibrant international development sector that made it an attractive destination for CAB Payments to expand its operations in the EEA.
Driven by client demand
Expansion to the EEA is driven by market demand and is therefore an important element of the company’s global ambitions. The current global payment landscape poses difficulties for EEA organisations to efficiently transfer funds to and from emerging markets as the withdrawal of larger traditional banks has reduced the reach and competitiveness in cross-border payments.
CAB Payments Europe will connect its clients to underserved geographies rapidly and consistently so money can move where it’s needed most. It offers a single API for all FX and cross-border payments with 100+ currencies across 700+ currency pairs. CAB Payments Europe benefits from the extensive network of partners that comes from being part of CAB Payments Holdings which ensures competitive pricing, and fast and reliable settlement.
“FX and payments to and from hard-to-reach markets are often expensive, slow, and opaque. Cross-border transactions can be subject to significant fees and FX margins. For EEA organisations, especially governments and NGOs looking to transparently disburse aid during humanitarian crises, these challenges exacerbate global inequality, stunts international trade, and limits growth,”
said Kostas Konstantis, General Manager at CAB Payments Europe. “CAB Payments Europe aims to solve this problem across the EEA. Our network, tech, and expertise means we can move money quickly, cost effectively, and transparently in complex situations, to complicated markets, for leading global organisations that uphold the highest standards.”
Bhairav Trivedi, CAB Payments CEO commented, “I am delighted that CAB Payments Europe has received this approval with such a respected regulator within the EEA; this is testament to the quality of our compliance and service culture. This is a significant step in the expansion of the business and presents a substantial growth opportunity. We have long seen Europe as an important market for the Group. We look forward to engaging with potential clients, to move money where it’s needed.”
