London-listed fintech CAB Payments has expanded into Europe as it looks to boost revenue opportunities amid slowing profits.
The business-to-business payment processing and foreign exchange company has launched CAB Europe BV after securing a payment service provider licence from the Dutch financial authorities.
The Dutch licence will allow CAB to operate across the European Economic Area (EEA). The company said it chose the Netherlands for its European base due to its well-established fintech ecosystem.
“This is a significant step in the expansion of the business and presents a substantial growth opportunity,” said CEO Bhairav Trivedi.
“We have long seen Europe as an important market for the Group. We look forward to engaging with potential clients, to move money where it’s needed.”
CAB’s European operations will be led by Kostas Konstantis, who said he in particular aimed to support the foreign exchange and cross-border payments of “governments and NGOs looking to transparently disburse aid during humanitarian crises”.
“These challenges exacerbate global inequality, stunts international trade, and limits growth,” Konstantis said. “CAB Payments Europe aims to solve this problem across the EEA.”
Last month, CAB Payments reported profits were down 29% in 2023. The company said securing overseas licences will open up “significant additional sales channels”.
The company is also looking to secure a US licence later this year.
