Klarpay, a start-up which facilitates payment traffic for internet companies, is the second fintech to win a Swiss license under a new regulatory scheme.
Zug-based Klarpa won a fintech licence from Swiss regulator Finma, it said in a statement. The company said it will be the first Swiss fintech to offer account and payment services to the digital enterprise sector.
Bern-based Finma introduced the start-up licenses last year to lower barriers on entry into financial services. Companies granted the license can hold a total of 100 million Swiss francs ($109 million) in client deposits.
Client Onboarding
After neobank Yapeal, Klarpay is the second start-up to win a fintech license off Finma. The two-year-old start-up said it sees an opportunity to help internet, e-commerce and social media startups that many banks balk at taking on because they do not understand their business model.
Klarpay offers 436 payment methods in more than 96 countries and can itself transact with over 169 countries. It intends to onboard its first customers in the second half of this year.
