Safenetpay Is Enhancing Its Services For EU/EEA Customers

One stop business payment solution provider, Safenetpay, Financial Supervisory Authority, following the establishment of a Danish subsidiary.

Being granted this EMI licence will give Safenetpay the freedom to promote and provide services across the EU/EEA (subject to passporting), without the need to negotiate arrangements and obtain separate licences in other member states countries. Furthermore, establishing a Danish subsidiary and obtaining a new EMI licence and will allow Safenetpay to expand its operations in Europe and provide SMEs and sole traders across the continent with smarter business solutions.

As with many UK-based FinTechs, Safenetpay was looking for European base to continue their ambitious growth plans post Brexit. Safenetpay initially considered Ireland, the Netherlands, France and Cyprus, but ultimately opted for Denmark.

Sanjar Mavlyanov, Founder and CEO, Safenetpay, says:

“We chose Denmark as our European base because it is home to one of the most thriving start-up cultures in Europe and is has one the most digitalised economies in the world. The Danish regulators encourage Entrepreneurial spirit, collaboration and the pursuit of innovative solutions to complex problems.”

Safenetpay will be hiring a local team to oversee its entry into to the Danish market, with a focus on targeting domestic SMEs and sole traders before branching across Europe in the future. The team will work under the Danish subsidiary of Safenetpay, with UK operations continuing to be managed from their London headquarters.