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Numeral Launches in the UK / Helps UK FinTechs Access EU Market and SEPA
Numeral announces its launch in the UK, with the support of SEPA, Bacs, and FPS payments for UK fintech companies. The news follows integrations with UK banks SVB UK, Barclays, and HSBC as well as the recent appointment of Victor Mithouard as Vice President, Growth, and the company’s first executive in the UK.
Numeral’s banking aggregation and payment automation platform provides fintech companies with fast, future-proof and cost-effective access to SEPA, Bacs, and FPS through their banking partners. European fintech trailblazers like Swile, Spendesk, and Alma trust Numeral as their bank connectivity and payment automation solution and are on track to process €5 billion in 2023 with the platform.
As Europe’s leading fintech hub and a prime destination for global fintech companies in their international expansion, the UK is a point of entry to continental Europe for financial innovators.
However, since Brexit, customers of UK fintech companies have faced renewed cases of IBAN discrimination. IBAN discrimination is a form of financial inequity that occurs when companies or employers refuse to accept an IBAN for payment in euros due to its country code, which can lead to customers being unable to access certain services.
By strengthening its presence in the UK and allowing for pan-European banking aggregation, Numeral aims to help UK-based fintech companies address this issue and thrive in the European market.
“Using Numeral, UK fintech companies can connect to and send and receive SEPA payments with the EU banks of their choice, effectively benefiting from EU IBANs,” says Édouard Mandon, co-founder and CEO at Numeral. “More advanced companies seeking to obtain EU payment institution or electronic money institution licence can also become SEPA participants and issue their own EU IBANs. Numeral helps these companies connect to their SEPA sponsor bank and process their SEPA payments,” adds Mithouard.
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