Finseta Plc (LON:FIN), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, has announced that it has been granted a Category 3D licence (DFSA Licence) from the Dubai Financial Services Authority, which authorises the Group to provide payment services within the United Arab Emirates.
The receipt of DFSA Licence, which has been granted to a wholly-owned Dubai-registered subsidiary of the Company, is a key milestone in the Group’s delivery on its stated strategy to expand its geographic footprint and regulatory capabilities. The UAE, and the Dubai International Financial Centre in particular, represent a considerable market opportunity for the Group as one of the world’s leading financial hubs. It contains a diverse ecosystem of international businesses, including a large presence of professional services firms that the Group can leverage through its introducer-led customer acquisition model.
The Group has an existing presence in Dubai, where it has been building a partner network. The DFSA Licence will enable the Group to significantly expand its activities by now being able to service corporate and professional clients in the UAE as well as to benefit from local payment rails.
The Group has established a new office in the DIFC and expects to make a series of key hires over the coming months in its sales and regulatory and compliance support functions to facilitate business development activities, including broadening partner relationships, and the onboarding of new clients in compliance with local regulations. The expanded UAE business is expected to make a positive contribution to Group profitability from 2026.
The expansion of activities in the UAE together with the Group’s intended investment in sales, compliance and overhead functions in 2025 to exploit the growth opportunity in the Canadian market following the receipt of a regulatory licence in 2024, and to support the scale-up of the Group’s corporate card programme following its commercial launch, as announced on 3 March 2025, operating expenses are expected to be higher than previously forecast. These investments will increase Group operating expenses from the current year onwards but are expected to drive incremental sales growth in the current year, and significantly accelerate sales growth and increase profitability in the medium term.
James Hickman, CEO of Finseta, said: “The receipt of this licence marks another milestone in the execution on our strategy. As one of the world’s top financial centres, Dubai represents a significant opportunity for Finseta. We already have established foundations there, which, with some initial investment, we expect to scale to drive strong growth in this market. Our introducer-led go-to-market approach is also particularly well-suited to this business environment with international professional services and advisory firms having a substantial presence. We look forward to expanding our activities in Dubai and reporting on our progress.”
