An FCA-authorised Electronic Money Institution (EMI) can issue electronic money, operate prepaid wallets, and provide payment services — combining the broadest fintech product scope available in the UK under a single regulatory licence.
Electronic money institutions are authorised under the Electronic Money Regulations 2011 (EMRs) to issue electronic money — storing monetary value electronically for payment purposes. This enables prepaid cards, digital wallets, stored-value accounts, and e-money products. An EMI can also provide the full range of payment services, making it the most versatile fintech licence in the UK.
Marensa Advisory advises on FCA EMI authorisation, e-money product structuring, safeguarding framework design, and ongoing compliance — from initial scoping through to authorisation and beyond.
Discuss Your EMI ApplicationEMI applications are scrutinised heavily on safeguarding arrangements, AML/CFT controls, and financial sustainability. These are the areas where most applications face delays.
EMI applications have a high rate of delay due to incomplete safeguarding arrangements, insufficient capital demonstration, or weak AML/CFT programmes. Each deficiency triggers an RFI cycle adding months to the process.
Marensa Advisory prepares EMI applications with the rigour the FCA expects — producing internally consistent, complete documentation packages that minimise the risk of time-consuming RFIs.
Start the ConversationAn EMI issues e-money and provides payment services but cannot lend, take deposits (as defined under FSMA), or engage in credit activity. A bank can do all of these. For most fintech wallet and payment use cases, EMI authorisation is the appropriate licence.
UK EMIs lost EU passporting rights after Brexit. To serve EU customers or operate in EU countries, UK EMIs typically establish an EU subsidiary (often in Lithuania, Ireland, or another EU member state) authorised as an EU EMI.
Typically 12–18 months from initial submission. The FCA has significant application volumes. A complete, high-quality application — particularly around safeguarding — significantly improves processing speed.
Yes. If you are issuing prepaid cards that store monetary value (e-money), you need EMI authorisation. If you are distributing prepaid products issued by a third-party EMI, you may be able to operate as an agent of that EMI — subject to FCA agent registration.