API in UK- Authorized Payment Institution

A payments-focused business is advancing its operational platform and regulatory positioning with key partnerships and infrastructure development. Having acquired a distressed asset ~14 months ago, significant capital has been deployed to stabilise and modernise its technology stack. The current platform is described as go-to-market ready and superior in market readiness relative to comparable solutions.

Regulatory Licenses
United Kingdom
Payment services across EEA
E-money issuance
Account information services
Payment initiation

Canada
Canadian MSB — Money Services Business
Cryptocurrency exchange
Money transfer operations
Virtual currency dealing
North American access

Business & Operational Highlights
Platform Development
A previously underperforming business was acquired and stabilised with >GBP 900k of investment.
The newly established platform is considered commercially ready and more advanced than peer offerings.
Multiple unresolved legacy issues were addressed post-acquisition.
Partnerships
Strategic relationships with Visa and Mastercard are in place (details pending NDA).

Regulatory & Banking Infrastructure
EMI Authorisation
UK regulatory environment has delayed EMI change-in-control (CiC) processing; direct purchase CiC is not currently progressing.
The EMI authorisation application is ~78–80% complete, prepared with third-party support.
Documentation is substantially ready for submission once finalised.
Banking & Issuing Partners
Custodian bank engaged.
European banking partnership in Lithuania active.
Payments processing via Currencycloud.
Card issuing and open banking partners onboarded.
Dynamic routing system under development to optimise payment flows across providers.
A transition to a Reliance Model is planned within ~6–8 weeks to enable Level 1 issuance of IBANs/vIBANs.

API Assets & Sale Process
The company owns two API products; the secondary API was acquired in April 2025 to enhance competitive positioning.
The original API is being marketed for sale due to lower profitability.
Discussions are ongoing with three potential buyers across different regions.
Proposed sale structure includes integration with a money services business that has banking and liquidity connectivity, including crypto capabilities.
Resources from the divested API will be redeployed into the core business.

Ownership, Regulatory Strategy & Transition
A planned transition of API and Money Laundering Registration (MLR) components is expected over the next 2–3 months, with soft landing support.
Formal CiC routes are being avoided due to potential complexity; ownership restructure is proposed as a more efficient alternative.
Previous CiC history exists, with ownership transferred from the legacy owner to a holding entity.
Company documentation, policies, and procedures have been strengthened post-acquisition.

Conclusion
Technology & Market Readiness: The core payments platform is ready for commercial deployment and positioned ahead of some competitors.
Regulatory Progress: EMI authorisation is near completion; submission readiness is high once final documentation is closed.
Strategic Rationalisation: Sale of non-core API assets will streamline focus and enhance capital allocation.