The Swedish Financial Supervisory Authority has granted Seamless a licence to conduct money transfers in Europe.
It applies to the Seamless Remittance AB company, which plans to offer payment and remittance services such as international money transfers.
The approval also allows the firm to offer its services in other European Union countries. The company is one of the world’s leading providers of mobile phone payment systems and handles more than 3.1 billion transactions every year.
Peter Fredell, chief executive officer of Seamless, said the firm is primarily targeting the private market.
“The licence allows us to offer competitive solutions compared with banks and international money transfer agents such as Western Union, which enables users to send international payments via their mobile phone, for example," he added.
According to Mr Fredell, the annual turnover in the money transfers market is close to $500 billion, meaning the licence award gives the firm a large opportunity in both the Swedish and European market.
By Asim Shah