CAB Payments gets Netherlands payment service provider licence, shares surge

CAB Payments surged on Thursday after its Dutch subsidiary secured a payment service provider licence with De Nederlandsche Bank N.V. (DNB).

The fintech firm said it was confident that being able to provide services across the European Economic Area will bring "significant" opportunity for the business and for the clients and the markets it serves.

The Dutch licensed firm will be based in The Netherlands and will operate under the name of CAB Payments Europe.

Chief executive officer Bhairav Trivedi said: "I am delighted that CAB Payments Europe has received this approval from such a respected regulator within the EEA.

"The company is committed to the highest standards of compliance and client service. This is a significant step in the expansion of the business and presents a substantial growth opportunity. We have long seen Europe as an important market for the group. We look forward to engaging with potential clients, to move money where it's needed."

At 0840 BST, the shares were up 14.4% at 126.60p.