London-based payments fintech The Payment Firm has been hit with regulatory restrictions and has ceased onboarding new customers.
The Payment Firm, which has an FCA EMI licence, launched in 2023 and is understood to have made job cuts last year, with eight staff leaving the fintech, more than half of its overall staff, according to sources.
The Payment Firm planned to offer cross-border payments, merchant services, card issuance, account-to-account payments and real-time onboarding.
According to the FCA website, The Payment Firm can’t onboard new customers without the FCA’s approval, and can’t issue e-money or accept additional funds from existing customers. The restrictions came into place on February 21.
The regulator hit the fintech with restrictions after The Payment Firm applied to the regulator to put itself in what is commonly known as ”special measures”.
The Payment Firm, which is owned by Malaysian entrepreneur Jit Chun Tan, said during the FCA restrictions period it would not onboard new clients and that it was “actively engaging with the FCA to ensure compliance with all regulatory obligations”.
Accounts for The Payment Firm Limited show it made a loss of £407,010 in the year ending 2023.
Last year, The Payment Firm appointed core banking engine SaaScada to power its payment services.
The Payment Firm did not respond to a request for comment.
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