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Incard has secured authorisation as an Electronic Money Institution (EMI) in the UK, enabling it to issue electronic money and provide payment services directly under Financial Conduct Authority oversight.
The licence allows Incard to offer payment and card accounts, as well as foreign exchange services. It also gives the company more control over its product roadmap and customer relationships, reducing reliance on third parties for regulated services.
EMI status is a common route for payments-focused fintechs that want to offer stored-value accounts and payment instruments in the UK. Authorised firms must meet requirements on governance, safeguarding customer funds and operational resilience, under the FCA's supervision of payments and e-money activities.
Product scope
Incard describes itself as a financial platform for high-growth digital companies, targeting eCommerce brands, agencies, affiliates and resellers. It says its offering is built around the day-to-day financial workflows of these businesses.
The company points to a fragmented banking and payments landscape for online-first firms managing spend across multiple channels. Incard positions its product as an "orchestration layer" that brings together business banking, corporate cards, cash flow management, invoicing and advertising spend management in one place.
"Securing an EMI licence is pivotal. At Incard, we are building a financial platform for digital entrepreneurs to manage their finances in a way that makes sense for their businesses. The banking system hasn't served their needs well and we've developed an orchestration layer that pulls together what they need in a single place, whether that is access to business banking, corporate cards, cash flow management, invoicing, or ad spend. As we are an Authorised E-Money Institution, we can move faster to overcome the fragmentation that currently exists in the banking and payments infrastructure," said Theo Cesarini, Chief Executive Officer of Incard.
Scale and clients
Incard launched in 2024 and says it has gained traction among digitally native firms with high transaction volumes and frequent supplier payments. The platform is used by brands including Azio Beauty, Aloe Paris and Ankhway.
More than £500 million has been transacted on the platform to date, Incard said.
The UK authorisation follows a recent funding round. In early February, Incard announced a £10 million Series A led by Smartfin, with participation from Founders Capital and MountFund, alongside angel investors.
Investment plans
Incard plans to continue developing its app store and to invest further in AI and automation. It did not give a timeline for new releases or specify which regulated services it expects to roll out first under its new permissions.
Fintechs using an app-store model typically integrate third-party tools for accounting, invoicing, expense management and reporting. For customers, this can reduce the need to switch between providers. For platforms, it can create opportunities for additional fee income and deeper engagement.
The EMI licence also reflects a broader UK trend, as payments and e-money firms seek more direct regulatory permissions while expanding beyond narrow use cases. For companies serving online merchants and marketing-driven businesses, foreign exchange and card issuing have become core requirements as spend shifts across borders and platforms.
Incard was founded in London by Theo Cesarini, Soraya Tribouillois, Liam Seskis and Matteo Martino. The founders say they built the company after facing challenges with traditional business banking while running high-growth digital businesses.
"Modern businesses operate at a different speed. They need a financial institution that understands their unique workflows while keeping pace with their growth. This EMI licence means we can respond effectively to our clients' needs and expand our product offering," Cesarini said.