Major UK banks closed to fintech business
The following is a guest post from Andrea Dunlop, the CEO of acquiring and card solutions at Paysafe and deputy chair of the Emerging Payments Association advisory board.
With London leading the way as the global fintech hub, some may think that gaining bank services is easy to achieve or a matter of fact if you are an FCA-regulated entity.
Over the last few years the Emerging Payments Association (EPA) has been highlighting the challenges faced by emerging fintechs in gaining bank accounts in the UK for business. Many companies reach out to the EPA for help and support – particularly FCA-regulated companies who are trying to seek accounts or have had access terminated by their bank with no alternative solution.