In a statement published on its site on 1 January, 2020, the bank announced it had received its payment institution licence from Luxembourg’s finance ministry.

The licence and European passport granted at the same time will permit the bank to operate in 31 countries in the European economic area.

“After more than two years of work and intensive exchanges with the Luxembourg regulator, the receipt of this licence is very good news and above all a major turning point for Sogexia, which now manages the entire value chain internally while remaining a 100% independent company,” CEO Kilian Füg wrote.

According to its press release, Sogexia has just migrated its 180,000 customers from former partner Raphaels Bank (a credit institution based in the UK for which it was acting as an agent) to its own institution, safeguarding it against a hard Brexit.

With the new licence secured, the bank plans new developments related to international transfers, cheque cashing and 3D secure.

Sogexia was founded in 2010 through a partnership between French national Füg and a UK institution offering prepaid cards in France for people excluded from the banking system.