UK Small Payment Institution Licence

If you want to become a small payment institution (SPI) and offer payment services in the UK market, you need to apply to the FCA for an SPI licence. As set out in the Payment Services Regulations 2017, an SPI licence enables you to offer services such as remittance, payment processing, and operating payment accounts.

If you’re offering money transfer or currency exchange services, you may also need to register with HMRC for a Money Service Business Licence.

We can manage the SPI licence application process for you from start to finish, so you can become a licenced small payment institution quickly and easily, freeing up your time to focus on running your business.

What do I need to get an SPI licence?

• A UK head office and registered office (though the FCA is gradually opening up to remote working models)
• UK-resident management with the right knowledge, training and – most importantly – experience- if you need help, contact us about our recruitment services
• UK-resident MLRO
• Owners, directors and senior managers that are fit and proper
• Average monthly payment service turnover of less than €3m (actual or projected)
• Detailed and effective controls to manage the business

How long does it take to get an SPI licence?

We aim to complete your SPI licence application within two weeks. The FCA processing time is highly variable and can take from 3-12 months.

What if I’m in a rush?

If you can’t wait, you have a few options, including:

• Buying an existing SPI
• Becoming an agent to a firm that holds a licence whilst you are waiting for yours

Will I be accepted for as a SPI licence?

We’re proud to have a 99% success rate with applications we’ve made on behalf of our clients. We don’t want to waste your time or our own so, before we take on your case, we’ll screen your company, directors and shareholders to make sure you meet the FCA’s requirements. Doing these initial checks mean we can be confident you’ll be granted your SPI licence first time.

How much does it cost?

We charge a flat fee for an Small Payment Institution Licence Application, which includes unlimited follow-up with the FCA until your licence is granted.