SOLD OR WITHDRAWN FROM THE MARKET
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FCA Authorised Payment Initiation Service Provider (PISP) with Open Banking API Access

Undisclosed, Relocatable

Status

SOLD / WITHDRAWN

Date Submitted:

16/06/21

Advert ID

278270
Freehold: Price on Application

FCA authorised Payment Initiation Service Provider (PISP) with production access to the Open Banking payment initiation API:

Https://standards.openbanking.org.uk/customer-experience-guidelines/payment-initiation-services/latest/

Enables development of software that can "automate" the manual process of requesting and tracking bank transfer payments, and eliminates the need to pay card processing fees. Myrid potential applications in B2B services, ecommerce, retail and more.

Open Banking payments is set to revolutionise the world of payments both on and offline, and many believe it will (in time) replace cards in most cases. With Covid more or less out of the way Open Banking payments is set to take off in 2022 and beyond and the market is stil wide open. With this business you would have the opportunity to stake a claim in this market and ride the coming wave.

Incorporated in July 2019, FCA authorised in June 2020 after six months of application preparation and significant investment in compliance support, specialist PSD2 insurance and other setup costs, launch plans were unfortunately derailed due to Covid and the owner and sole director and 99% shareholder now needs to divest so that he can fulfill other commitments that have come due.

The company has not yet started trading and therefore has no revenue or customers and is essnetially a "blank canvas" on which the new owner can fully leverage the PISP license and Open Banking API access to build the modern payments business or "fintech" they have in mind. Just look to succes stories such as TrueLayer (https://truelayer.com) and Plaid (https://plaid.com) for inspiration.

The owner has invested around £100,000 in securing and maintaining the license, some £50,000 of which remains in the company bank account (as share capital) to cover the FCA miniminum capital requirement. The owner is open to offers but is essentially looking to recoup this investment as well as his time invested in securing and maintaining the license over the past two years.

Additionally the owner is a software developer with extensive knowledge of the Open Banking payments API and would be prepared to provide some handover support if the new owner requires assistance in integrating the Open Banking API with their systems.

Key Features
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SOLD OR WITHDRAWN FROM THE MARKET
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