FinTech startup and parenting phenomenon StorkCard has received its Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA), guaranteeing the security of its customers’ money at all times.
Possessing an EMI licence signifies trust, something that is essential and highly demanded in today’s modern financial world. As soon as customers transfer money into their StorkCard account, it is securely held in a segregated account at a UK regulated bank in accordance with FCA requirements and Electronic Money Regulations 2011.
Bruce Pannaman, co-founder of StorkCard, said: “The EMI licence is a major milestone for any ambitious FinTech company and as an Electronic Money Institution we can offer current accounts, joint accounts, digital wallets and debit cards. This will drive future products and it means that we can seamlessly scale our operations from a compliance standpoint. It is a significant asset for us, a huge achievement and provides our customers with another clear reason to trust StorkCard.”
StorkCard recently launched the world’s first current account and budgeting app specifically designed to help parents overcome the financial barriers of having a child. The app’s AI and machine learning creates a personalised spending plan that predicts the costs of clothing, feeding, sleep, play and travel over a baby’s first 12 months.
Andres Korin, co-founder of StorkCard, added: “With our EMI licence, we can be at the very centre of a parent’s financial journey. This is our ultimate goal – to build a supportive community empowered by powerful technology so parents have peace of mind to focus on the joys of their baby, not the costs.”
The licence comes as companies jostle to win customer trust and loyalty across banking and financial services, with neo banks, mobile banks and FinTech firms now dominating every aspect of personal finance and life stage banking.
Andres continued: “We understand new parents feel financially vulnerable at the best of times and this intensifies when there’s economic uncertainty. Overcoming the financial pressure of a new child was why we built StorkCard.”
To date, StorkCard’s mission has been recognised by industry and community organisations The Finance Innovation Lab, Toynbee Hall, and Fair by Design. StorkCard was also featured as a noteworthy and positive social innovation in The London Assembly’s Mayoral report on the financial health of Londoners.