Payment processor Checkout.com has been awarded a license as an E-money institution in France, according to a release by the company.
The Autorité de Contrôle Prudentiel et de Résolution (ACPR), which is a regulatory division of the Banque de France, awarded the distinction to Checkout.com, as well as 13 other businesses.
Earlier in 2019, Checkout.com announced a $230 million Series A funding round.
“France is one of the most critical eCommerce markets in Europe and of great strategic importance to the continued success of our business,” said Checkout.com CEO Guillaume Pousaz. “We are thrilled to be licensed as an E-Money institution at a time when French businesses have proven themselves as leaders in the ever-changing eCommerce space. As a company whose own leadership team has meaningful connections to the French community, we look forward to being a part of that growth.”
The license means that Checkout.com is fully regulated by the Banque de France, meaning it can now offer more services and products to not only France but other Eurozone countries too.
Checkout.com can issue, provide payment services and manage businesses all autonomously. The company already has operations through the Asia Pacific, Europe and the United States.
The move will allow Checkout.com to “better serve French businesses and other pan-European merchants, by providing them with services through its unified global payment processing platform,” the company said in the release.
Checkout.com is also a member of Carte Bancaire, which is France’s national interbank network, providing more than 70 million cards and overseeing 60 percent of payment transactions in the country.
“At Business France, we help to attract some of the world’s fastest-growing fintechs to set up here, employing people from our highly skilled tech and startup community. We are thrilled that a forward-thinking, global company like Checkout.com has been granted a licence here to further its mission of building the future of banking. We look forward to working closely with them to continue growing a tech ecosystem in France with global reach and influence,” said Pierric Bonnard, director of the bureau of business France.