Merge, a pioneering fintech company that provides embedded payments and banking infrastructure via a single API, has secured approval in-principle for an EMI license in France.
The French license in-principle means that Merge can significantly widen its operational scope and provide a new range of financial services. This includes moving e-money, issuing payment instruments, and issuing localised IBANs - enabling their global business customers to grow locally. The endorsement from the French regulators, known for their rigorous standards, underscores Merge’s commitment to excellence.
In addition, Merge has also announced its significantly expanded currency coverage, adding US Dollars (USD) and 60 other currencies to its existing GBP and EUR offerings. The expanded offering will include additional currencies from G10 countries like Australia, Japan, Canada, and Switzerland. Additionally, the API will support more European currencies, including those from Poland and the Nordic countries, as well as currencies from Latin America, such as Brazil and Mexico. Currencies for the UAE, India, and several other Asian and African nations are also available and makes Merge truly global in its capabilities - allowing the platform to offer a more comprehensive and versatile cross-border payment service.
Merge’s currency expansion simplifies international payments for businesses by allowing them to manage everything from one platform, reducing complexity and the need for multiple partners. Additionally, it lowers currency conversion and transaction fees, enabling businesses to serve more customers and expand into new markets through the Merge API.
With the new EMI license in-principle and their expanded product and currency offerings, Merge has hit a significant milestone and has entered a new phase of its growth journey. It also brings the team closer to its goal of enabling businesses to collect, hold, and move money globally across any currency through local rails at low cost via a single API.
Kebbie Sebastian, CEO and founder at Merge, commented:
“We’re at an extremely exciting moment in Merge’s journey. These developments are part of our ambitious growth plans, aimed at benefiting global businesses and technology companies. It means we can provide them with more diverse currency options and a robust, reliable platform for their financial transactions. This strategic expansion will help us achieve our goal of merging all local rails and currencies to power global trade.”