iute receives license in EU

IutePay Bulgaria, part of the iute group, has received an Electronic Money Institution (EMI) license from the Bulgarian Central Bank. This achievement allows the company to expand its payment services throughout the European Union. iute group CEO Tarmo Sild said that this license is an important step in the company’s strategy to become an international payment services provider. “The European-level EMI license allows us to operate in all EU markets, offering fast, simple and tailored payment solutions to customers,” he said.

Iute provides payment, credit and insurance brokerage services in the Balkan countries and Moldova. In Albania, payment services are provided through an e-money license obtained in 2022, while in Moldova, in addition to Iute Moldova, banking services are also provided through Energbank.

IutePay Bulgaria CEO Ms. Elmaz Ismail emphasized that this license brings new opportunities for customers in Bulgaria. “Customers will be able to open payment accounts that can be used for salary deposits, instant transfers, bill payments or loan installments,” Ismail said. “Our goal is to support not only the daily payments of Bulgarian customers, but also to become the main hub for all euro transactions,” she added. “We also want to provide other Iute customers and affiliates with access to instant payments in euro, regardless of whether their countries are part of the instant payments infrastructure or not.”
IutePay Bulgaria plans to launch new services for customers in 2025, after the necessary preparations and developments are completed.

Iute Group is a fintech company founded in Estonia in 2008. It specializes in retail finance, payment services, banking products and insurance. Iute Group serves clients in Albania, Bulgaria, Moldova and North Macedonia. The loan portfolio is financed through equity, deposits and secured bonds on the regulated market of the Frankfurt Stock Exchange and Nasdaq Baltic Main List.