UK API Licence Application
Your Payment Solutions Gateway
Launch innovative payment solutions in the UK by obtaining the coveted Authorized Payment Institution (API) license. With the UK API License, you can establish your business as a regulated provider of secure payment services. At CryptoLicence, we simplify the application process, guiding you through FCA requirements to help you confidently secure your API license and succeed in the competitive UK market.
- Your External Compliance Team: We’ll handle the complex FCA requirements so you can focus on building your business. We’ll build a strong application to boost your approval chances.
- Comprehensive Support: We offer a one-stop service for UK API application, including legal consultation, document review, AML/KYC policy development, external audit arrangements, and more. We streamline the process to save you time and effort.
- Flexible Options: Need speed? We can help you explore API acquisitions for a faster route, if your budget allows.
Ready to launch your UK API? Let’s partner up! Contact us today.
- Expand Your Capabilities: Offer a wide range of regulated payment services, including remittance, payment accounts and processing, card issuing, and more.
- Build Trust: Gain credibility, attract customers and investors by operating as a regulated entity.
- Valuable Asset: An API licence can increase your business value and open doors to new partnerships and funding.
The FCA sets the requirements for API applicants. Here’s a basic overview:
- Initial Capital: GBP 20,000.
- Registration Fee: GBP 5,000.
- Safeguarding: Have a plan to protect client funds (segregated accounts or insurance).
- Leadership: Appoint experienced UK-based leadership with financial services expertise.
- Plan: Submit a comprehensive business plan outlining operations, risk management, revenue forecast, and security measures.
A UK Payment Institution Licence allows businesses to offer a broad range of regulated payment services, including:
- Deposit and manage cash within payment accounts.
- Enable cash withdrawals and account operations.
- Execute payment transactions, including direct debits and credit transfers. – Process card-based payments and credit transfers.
- Conduct transactions backed by a credit line.
- Issue payment instruments and acquire payment transactions.
- Facilitate money remittance services.
- Provide payment initiation and account information services.
With this license, businesses gain the regulatory compliance needed to operate effectively in the UK financial market.
Step 1: Evaluation
2 - 4 weeks We'll assess your business plan, advise on structure, and outline requirements, costs, and timelines.
Step 2: Fit & Proper
Estimated 1 - 2 weeks We ensure your team is qualified and ready for FCA compliance.
Step 3: Company Formation
Approximately 1 week We'll set up your UK LLC.
Step 4: Documentation & Preparation
Estimated 4 - 8 weeks, depending on complexity We'll help you develop a strong application that includes detailed plans, forecasts, policies, and coordinate with your departments to produce materials that meet FCA’s standard.
Step 5: Local Presence
Estimated 2 - 4 weeks, can be done in parallel with Documentation Prep We'll assist with recruiting local staff (director, CoSec, MLRO) and securing office space.
Step 6: Safeguarding Accounts
Estimated 2 - 4 weeks We'll leverage our connections to help you establish safeguarding accounts and access necessary payment infrastructure.
Step 7: FCA Submission
Estimated 1 - 2 weeks We'll electronically submit your application via the FCA's Connect system.
Step 8: FCA Follow-up
Estimated variable, can range from a few weeks to several months We'll support you throughout any follow-up communications, questions, or interviews with the FCA.- Costs: Expect setup costs (local staff, accounting), licensing fees, and ongoing compliance. Contact us for a clear breakdown.
- Timeline: Based on our experience, the process can take several months. We’ll streamline it, aiming for the fastest possible outcome. Our FCA experience helps minimise delays.
UK API licences no longer offer automatic EEA access. Let’s discuss your European expansion strategy – we’ll help you navigate the options.
1. Why obtain a UK API licence?
Operating within the UK's innovative FinTech market provides numerous benefits: expand your service offerings, build stronger credibility, and tap into new growth opportunities alongside established financial institutions.
2. How does an API licence differ from an EMI licence?
APIs primarily focus on enabling seamless data sharing and payment initiation between financial institutions and third parties. EMIs offer a wider range of services, including e-money issuance, payment processing, and account management. We can advise the right choice based on your specific business model.
3. API vs SPI - what’s the difference?
An API primarily focuses on secure data sharing and payment initiation between financial systems, while an SPI is a licensed entity that can directly offer payment services like account management, processing, and potentially card issuance. We'll help you choose the right licence for your business.
4. How long does the application take?
Based on our experience, the process can take several months and if potential FCA requests for further information arise. We'll streamline the process for the fastest possible outcome.
5. Do I need a UK office?
Yes, your leadership must be UK-based. We can help find suitable staff and space.
6. Can I reach the EU with a UK API licence?
No, Brexit changed that. We'll help you craft a European expansion strategy.
7. Does my team need prior FinTech experience?
Relevant experience is beneficial, but not always required. We can help you build a qualified team or connect you with experienced professionals.
8. What technology do I need?
Expect to implement systems for secure data transmission, API management, fraud prevention, and compliance monitoring. We can advise on suitable solutions or connect you with trusted technology providers.
9. What are the costs involved in obtaining and maintaining a UK API licence?
Costs include FCA application fees, setup costs (office space, staffing), technological infrastructure, ongoing compliance, and potential audits. We'll provide a transparent breakdown.
10. Can you provide ongoing compliance support?
Yes! We offer ongoing compliance services to keep you on track.
11. Why choose your company?
We have a proven track record and a client-focused, streamlined project management approach for cross-border licensing applications. We're experts in navigating UK and global regulations, aiming to be your long-term partner for both UK compliance and global expansion.
12. Can you help me with the entire API application process?
Absolutely! From company formation to application submission and FCA communication, we'll guide you every step of the way.
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CryptoLicence specializes in simplifying the registration and licensing process for payment and crypto businesses seeking a UK API License. We help startups, crypto businesses, and financial service providers navigate the UK’s regulatory landscape with ease, ensuring full compliance and a smooth market entry.
With in-depth knowledge of key markets, we provide tailored compliance solutions for businesses in regions such as Hong Kong, Singapore, Malaysia, Europe and North America. Our expertise spans popular licenses, including the Czech Republic VASP license, Swiss SRO, Polish VASP, and Salvadoran cryptocurrency licenses. Our global network and understanding of local practices give your business a competitive edge.
We understand the unique challenges international businesses face, from complex regulations to cross-border compliance and cultural differences. CryptoLicence provides end-to-end support, from navigating FCA requirements to delivering tailored compliance solutions. Our goal is to streamline the licensing process, empowering you to launch and scale your payment or FinTech venture in the UK and beyond.
Sheldon | Director
Sheldon is a seasoned FinTech professional with 7 years of experience specializing in cross-border payments and cryptocurrency licensing, spanning from the web2 to web3 era. He has successfully managed over 30 projects, delivering expertise in payment and cryptocurrency license applications. With a strong network of strategic partnerships, Sheldon brings valuable connections and resources to every endeavor.
Connect with Sheldon on LinkedIn
Jing C | Consultant
Jing is a skilled professional specializing in project management for regulatory compliance and financial institution business development. Currently handling licensing requests in Czech and Switzerland, he also brings a strong legal background in dispute resolution to his work.
Connect with Jing on LinkedIn
Boo | Consultant
Boo offers expertise in handling UK API and Hong Kong MSO license applications, as well as maintaining the Poland VASP license. With his previous experience as an analyst at a family office VC fund, he brings a valuable skill set to the firm.
Connect with Boo on LinkedIn
Cing | Consultant
Cing Hui is a corporate and commercial law specialist with expertise in overseas company formation, customized business solutions, and legal counsel. She currently specializes in MSB (Money Service Businesses) license applications for Canadian and American entities.
Connect with Cing on LinkedIn
