Freemarket Announces Significant EUR Expansion
Today, portfolio company Freemarket announced the award of a Payment Institution licence from the Central Bank of Ireland, unlocking the company’s next expansion stage across Europe.
Freemarket, a leading London-based fintech platform for B2B cross-border payments and currency exchange, works with SMBs globally to accelerate their growth by giving them access to cross-border payments and currency exchange services that are far more optimised to their needs than those of institutional banks. In July, Freemarket was named to “The Sunday Times 100” which recognizes Britain’s fastest-growing private companies.
Today’s news of approval by the globally respected regulator, Freemarket now has market access to the entire European Economic Area (EEA), where an estimated 24.4 million small to mid-size businesses (SMBs) operate across the EU, representing 99% of all businesses. With the B2B cross-border payment market set to grow 43% globally by 2030, Freemarket has identified the opportunity to serve these European SMBs that traditional banks underserve.
The regulatory authorisation will also see Freemarket’s operations in Ireland expand. Having already opened an office in Dublin to house its growing team, Freemarket will be looking to partner with European banks, nonbanking financial institutions and foreign currency providers to support its European expansion.
“We are delighted about today’s news and what it means for Freemarket’s continued growth,” said Michael Holgate, Partner with Baird Capital’s Global Private Equity team. “Alex [Hunn] has built a fantastic team, and we are encouraged by the support given by the business community in Ireland. Big things are to come for this group.”
The Government of Ireland supports Freemarket through IDA Ireland.