Vinted’s dedicated payments business has received an Electric Money Institution (EMI) licence from the Financial Conduct Authority.
The licence allows Vinted Pay to issue electronic money and provide payment services to its users in the UK.
This includes holding a member’s funds in an online wallet when they successfully sell an item on the secondhand marketplace, which can then either be withdrawn to their bank account or used to shop on Vinted.
The service, which launched in 2023 after obtaining an EMI licence from the Bank of Lithuania, is available to members in multiple European countries. The FCA approval means Vinted Pay can now make these services available in the UK.
Vinted vice-president of payments Modestas Tursa said: “The FCA’s authorisation is an important step for Vinted Pay in the UK.
“It strengthens how we can support members with secure, reliable payment and wallet services as we continue to expand.”
Earlier this month, it emerged that BlackRock was among a line-up of new investors looking to take a stake in Vinted.
The asset manager is understood to be one of several new investors that have agreed to take part in a secondary share transaction.
Vinted is valued at around £7bn and a secondary round is expected to comprise stock worth in excess of £500m. Vinted’s UK shareholders include Schroders and Baillie Gifford.
No comments yet