London-based payments startup Volt has been granted an EMI licence, allowing it to issue e-money accounts in the UK.
Founded in 2019, Volt has established itself as a payments gateway, facilitating transactions between merchants and consumer bank accounts.
The company has raised more than $80m (£63.3m), most recently securing £47m in its Series B round in June last year.
It secured the EMI, or electronic money institution, licence from the Financial Conduct Authority.
Volt said it plans to launch virtual accounts as a standalone product, specifically targeting enterprises.
The company said that with a Volt account, businesses can manage funds and complex reconciliation processes more simply, particularly when dealing with multiple currencies.
The company previously secured an equivalent licence in Poland.
“The UK and Europe are integral markets for our business, so I am delighted we have been granted our EMI licence from the FCA,” said Volt CEO Tom Greenwood.
“With this licence, we are able to go even further in expanding our business. By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set but also adapt and enhance our broad commercial offering.”
Volt does not intend to expand into consumer payment accounts offered by other EMI-licenced firms, such as Revolut.