Unnax, the first Spanish Banking-as-a-Service (BaaS) platform, has obtained the passport that authorizes it to operate throughout the European Union. Awarded by the Bank of Spain, this new milestone allows the Barcelona-based Fintech to operate in any EU country. Until now, the startup had its activity passported only in France, Portugal, Italy and Poland, in addition to Spain where it is already operating.
The new passport allows Unnax to offer all the services it provides under its Electronic Money Institution (EDE) license in all the countries of the Union, such as its modular Banking-as-a-Service (BaaS) platform. This complete and unique technological platform that combines banking infrastructure with Open Banking technology, makes it easier for non-financial companies to develop their own financial services such as bank accounts with Spanish IBAN and digital wallets, as well as technologies for reading and categorizing financial data, among others.
Julián Díaz, co-founder and co-CEO of Unnax, explains that “this new milestone allows us to continue advancing in our international expansion plans, key to achieving the ambitious growth objectives that we have set for ourselves. The strategy involves progressively expanding our presence in different countries, starting with southern Europe”.
In this sense, and responding to its ambition to accelerate the digital transformation of the financial sector in the Latin world (Southern Europe, Latin America and the US Hispanic population), the company plans to start operations in France and Italy before the end of 2022.
With this authorization, Unnax becomes the fifth EDE with a Spanish license to obtain a passport to operate in the EU.Unnax obtains the passport to operate throughout the EU