EMEA Daily: EU Opens Silicon Valley ‘Embassy’; Nigeria Grants Flutterwave Payments Processing License

In today’s news from Europe, the Middle East and Africa (EMEA), the European Commission opened its new Californian “embassy,” the Central Bank of Nigeria has granted Flutterwave a payment processing license and more.

EU Opens Silicon Valley Office to Streamline Communication With Big Tech

The European Commission officially opened an office in San Francisco on Thursday (Sept. 1), aiming to help ease the flow of communication between the European Union’s executive branch and California-based Big Tech firms.

The relationship between the EU and Silicon Valley tech firms like Google and Meta has historically been rocky, particularly regarding data protection and antitrust laws. The new office will be headed up by Gerard de Graaf, a senior EU diplomat who was involved in the Digital Services Act and the Digital Markets Act.

Nigeria Grants Flutterwave Valued Payments Processing License

African payments technology firm Flutterwave has been granted a Switching and Processing License by the Central Bank of Nigeria.

Widely considered the most significant payments processing license in the country, the license gives Flutterwave permission to offer customers in the region switching and card processing services, as well as non-bank acquiring, agency banking and payment gateway services.

Previously, Flutterwave had been operating under Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses in the country.

Moneyflow, Aion Bank Partner to Expand Debt Funding Across Europe

Danish embedded finance startup Moneyflow has partnered with Banking-as-a-Service (BaaS) provider Aion Bank to enable up to €250 million ($248.6 million) of debt funding, which will be used to speed the rollout of Moneyflow’s services throughout Europe.

Beyond the debt financing agreement, Aion and its technology partner Vodeno will provide banking services to Moneyflow, and the three companies will also extend their cooperation into additional markets.

SumUp Intros Digital Wallet With Loyalty Rewards as It Ventures Into B2C Space

U.K.-based FinTech SumUp, which develops point of sale solutions, is launching its first digital wallet and loyalty rewards program.

The new solution will offer an enhanced user experience that aims to make daily payments seamless, including payments via QR codes and one-click remote payments for SumUp merchants. Consumers can also track their transactions and get an overview of their history in one central location.

Global Payments Services Provider Moneycorp Arrives in France

Global payments and foreign exchange (FX) provider Moneycorp is continuing its European expansion with the opening of a new office in Paris, which will serve as the headquarters for Moneycorp France.

The effort will be led by Cyril Léger, a treasury and FX specialist with experience working in both a FinTech and banking environment. Initially launching with a team of six, the company plans to increase its headcount over the coming year.

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