Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FCA decision, including banking and payment rails.
Get a payment institution license in the UK.
For remitters, acquirers, processors and open-banking firms: FCA authorisation as a payment institution runs from €20,000 capital, with small-PI and AIS registration routes below it, and the 2026 safeguarding regime across all of it. We run the file from 7 Bell Yard.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
The UK PI in brief
The working licence of the payments industry.
The payment institution licence is what most of the industry actually runs on: money remittance at €20,000 initial capital, payment initiation at €50,000, acquiring and the full execution list at €125,000 - authorised by the FCA under the Payment Services Regulations 2017 on the same statutory clocks as e-money: three months for complete applications, twelve for incomplete. Below authorisation sit two lighter routes: small-PI registration for businesses averaging under €3 million a month in payment volume, and registration-only status for account information services with no capital requirement at all.
Everything else that makes the UK the industry's home applies here in full - the talent pool, agency banking and Faster Payments access, clients that adopt, and so does the 2026 safeguarding rebuild: PS25/12's interim rules, in force from 7 May 2026, cover authorised PIs handling client funds with the same strengthened records and reporting as EMIs. If your model issues e-money - wallets, prepaid balances - you need the EMI licence instead; the boundary is subtle and expensive to get wrong, and drawing it correctly is the first thing we do. From our own office at 7 Bell Yard.
The industry's workhorse: FCA PI authorisation at €20k (remittance), €50k (PIS) or €125k (acquiring) - with SPI and AIS registration below.
The 2026 safeguarding rules cover funds-handling PIs from 7 May. EMI vs PI is the boundary that decides everything - drawn first.
The three routes
Authorised PI - with SPI and AIS below it.
Capital follows the service: €20,000 for remittance, €50,000 for payment initiation, €125,000 for acquiring and execution. With registration routes underneath. We fix the perimeter first, then build once.
Capital follows the service - €20k to €125k. With no-capital registration routes beneath.
01 - AUTHORISED PI
The full payment licence
Money remittance, acquiring, execution, card issuing without e-money, payment initiation. The service list defines the capital tier, from €20,000 to €125,000.
Money remittance, acquiring, execution, card issuing without e-money, payment initiation. The service list defines the capital tier, from €20,000 to €125,000.
- ✓Money remittance - €20,000 capital
- ✓Payment initiation - €50,000
- ✓Acquiring and execution - €125,000
- ✓Safeguarding under the 2026 regime
- ✓3-month statutory clock - when complete
- ✓Agency networks and FPS access routes
02 - SPI & AIS ROUTES
From £0 capital - SPI / AISThe registration tier
Small-PI registration for models under €3 million average monthly volume, and registration-only AIS status for open-banking data firms - no initial capital at either gate.
SPI under €3M monthly and registration-only AIS. The proving ground tier.
- ✓Small PI - under €3M monthly average
- ✓No initial-capital requirement
- ✓AIS - account information, registration-only
- ✓UK-only · upgrade paths to authorisation
- ✓Lighter files, same conduct standards
- ✓The proving ground for new models
Costs and timelines are confirmed for your case before any work begins. FCA fees follow its published schedule; the EMI-versus-PI boundary is assessed first. It decides capital, safeguarding and the whole file.
Why the UK PI
The industry's workhorse, in the industry's capital.
The framework is the PSRs 2017 under the FCA. The licence most payment businesses actually need, in the market where they scale.
✓
Capital that fits the service
€20,000 starts a remittance business; €125,000 runs full acquiring. The tiers let models license at their real scope instead of overpaying for unused permissions.License the scope you run.
✓
The registration tier below
Small-PI and AIS routes start regulated operations with no initial capital. The FCA built a proving ground, and disciplined founders use it.SPI/AIS from £0 capital.
✓
Open banking's home
The UK's open-banking ecosystem is the world's most developed. AIS/PIS firms plug into standardised APIs across every major bank, with the regulatory route registration-light.The world's best API ecosystem.
✓
Rails and agency banking
Faster Payments, agency models and sponsor networks. The operational infrastructure for licensed PIs is mature, competitive and reachable.Mature, competitive, reachable.
✓
The 2026 safeguarding bar
PS25/12's rules cover PIs handling client funds from 7 May 2026. Firms that implement properly convert a compliance cost into counterparty trust.Safeguarding as counterparty trust.
✓
One desk, both licences
The EMI/PI boundary is where models trip. Wallets and stored balances need the EMI. We assess the perimeter first and file for the licence you actually need.EMI/PI boundary drawn correctly.
How it compares
How the UK PI differs from other routes.
The PI is the right-sized licence for non-e-money payments. Compared squarely below.
UK PI vs other routes
| Feature |  UK PI | Other routes |
|---|---|---|
| Capital | €20k-€125k by service | EMI €350k flat |
| E-money issuance | Not permitted - EMI needed | EMI covers both |
| Registration tier | SPI / AIS - no capital | Rare elsewhere |
| EU passport | None - UK-only | EU PIs passport EEA-wide |
Capital
UK PI€20k-€125k by service
Other routesEMI €350k flat
E-money issuance
UK PINot permitted - EMI needed
Other routesEMI covers both
Registration tier
UK PISPI / AIS - no capital
Other routesRare elsewhere
EU passport
UK PINone - UK-only
Other routesEU PIs passport EEA-wide
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| United Kingdom | PI (FCA) - €20k-€125k | 25% CIT · 19% small | Deep market, no EU passport |
 Lithuania | PI / EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Ireland | PI (CBI) | 12.5% CIT trading | Thorough, engagement-led |
 Hong Kong | MSO licence (C&ED) | 16.5% · no CGT | Remittance-focused, fast |
United KingdomLicense typePI (FCA) - €20k-€125k
Taxation25% CIT · 19% small
RequirementsDeep market, no EU passport
LithuaniaLicense typePI / EMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
IrelandLicense typePI (CBI)
Taxation12.5% CIT trading
RequirementsThorough, engagement-led
Hong KongLicense typeMSO licence (C&ED)
Taxation16.5% · no CGT
RequirementsRemittance-focused, fast
Before you apply
Requirements for FCA authorisation.Requirements for authorisation.
The PSRs define the file by service scope. The checklist below is what a complete application contains.
01
UK entity. A limited company with its registered office and mind-and-management in the UK.
02
Initial capital - €20,000, €50,000 or €125,000 by service tier, evidenced; SPI and AIS routes carry none.
03
Service-perimeter analysis. The EMI/PI boundary documented before anything else; it decides the licence.
04
Regulatory business plan. Services, volumes, three-year financials the FCA can interrogate.
05
Fit & proper management and controllers. Approved persons, clean records, ownership to UBOs.
06
Safeguarding. For funds-handling PIs: designated accounts, reconciliation and records per the 2026 interim rules.
07
AML/CFT framework. MLR-grade KYC, monitoring and SARs, with an interviewable MLRO.
08
IT and operational resilience. Architecture and incident frameworks to FCA expectations; API security for AIS/PIS.
09
Agent oversight. Frameworks where distribution networks are used.
10
Wind-down plan. Credible, funded and documented.
01
UK company, managed locally.
02
Capital €20k-€125k by tier.
03
Documented EMI/PI perimeter.
04
Interrogable business plan.
05
Approved persons and controllers.
06
Safeguarding per 2026 rules (funds).
07
MLR-grade AML with MLRO.
08
Resilience and API security.
09
Agent oversight where used.
10
Funded wind-down plan.
Reflects the PSRs 2017 and PS25/12 (interim safeguarding rules in force 7 May 2026) as of 2026.PSRs 2017 + PS25/12 (7 May 2026), as of 2026.
How it works
From first call to the FCA register.
01
Perimeter and route
EMI or PI, authorised or SPI/AIS, which capital tier. The analysis that decides the file, fixed in writing.EMI/PI, tier, SPI/AIS - in writing.
02
UK company and people
Limited company, approved persons and the MLRO the FCA interviews.Approved persons, MLRO.
03
The application file
Business plan, safeguarding to the 2026 rules where funds are held, AML and resilience. Complete before filing.Complete = the 3-month clock.
04
FCA review
Question rounds on the statutory clocks - 3 months complete, 6-12 realistic. We answer every round.6-12 months realistic.
05
Authorisation and operation
Register entry, rails live, and the reporting calendar we can keep running.Rails on, reporting running.
Quick facts
RegulatorFCA
FrameworkPSRs 2017
Remittance capital€20,000
PIS capital€50,000
Acquiring / execution€125,000
Small PI< €3M monthly avg
AISRegistration-only
Safeguarding rules7 May 2026
The EMI/PI boundary is where applications go wrong. Wallets and stored balances mean EMI. We draw the line first.
On the ground in London
Licensed from the city we work in.
Prifinance - United Kingdom
London · 7 Bell Yard
7 Bell Yard, London WC2A 2JR
01
Perimeter analysis first
EMI or PI, which tier, which permissions. The boundary documented before the file, because it decides everything after.The boundary decides the file.
02
The authorisation file
Business plan, safeguarding design, AML and resilience packs. Drafted by us and defended through the FCA's rounds.Defended through FCA rounds.
03
Rails and sponsors
Agency-banking and FPS access mapped to your flows. The operational build alongside the licence.Mapped to your flows.
04
UK + EU pairing
Where Europe matters: the EU PI/EMI structured alongside from our Vilnius office. One group, both markets.London + Vilnius, one project.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in the UK.
The same clean UK frame as for e-money: ordinary corporation tax, VAT-exempt services, R&D relief for real engineering.
Corporation tax 25%
The main rate with the 19% small-profits tier. Remittance margins, acquiring fees and processing income under ordinary rules.19% small; ordinary rules.
VAT-exempt payment services
Payment execution and transfers are exempt financial services. Partial-exemption recovery on costs is planned upfront, not discovered.Partial exemption planned.
R&D for payments engineering
Orchestration, fraud tooling and API infrastructure routinely qualify under the merged scheme. Documented defensibly from the start.Real engineering qualifies.
Open-banking economics
AIS/PIS models carry light balance sheets. The tax plan is mostly about revenue characterisation and group charges, both modelled early.Characterisation modelled early.
Safeguarded funds
Where client funds are held, float and interest treatment follows established practice. Part of the safeguarding architecture, not an afterthought.Float treatment settled.
130+ treaties
Cross-border corridors price predictably under the world's largest treaty network.Corridors price predictably.
Tax summary
Corporation tax25% · 19% small
VAT on payment servicesExempt
Standard VAT20%
R&D reliefMerged scheme
Dividend withholdingNone
Tax treaties130+
*Figures as of 2026. Corridor pricing and partial exemption drive PI economics. Both modelled before launch.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: UK limited company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, FCA-authorised institution.
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Launch your payment institution in the UK with expert support.
Full-service assistance - from perimeter analysis to FCA authorisation and the rails build.
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Is the UK PI the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
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The UK payment institution licence: the practical answers.
What licence does a payment business need in the UK?+
FCA authorisation as a payment institution under the PSRs 2017 - with capital of €20,000 for money remittance, €50,000 for payment initiation, or €125,000 for acquiring and the full execution list. Small-PI and AIS registration routes sit below.
PI or EMI - how do we know which we need?+
If the model issues e-money - wallets, stored balances customers hold - it needs the EMI licence at €350,000. If it moves money without storing it - remittance, acquiring, initiation - the PI fits. The boundary is subtle, expensive to get wrong, and the first thing we assess.
What is the small-PI route?+
Registration for businesses averaging under €3 million a month in payment volume - no initial capital, a lighter file, UK-only, with an upgrade path to full authorisation once the model proves.
What about open-banking firms?+
Account information services register with no capital requirement; payment initiation requires authorisation at €50,000. The UK's open-banking APIs are the world's most developed - the regulatory route is deliberately light.
How long does authorisation take?+
Three months statutory from a complete application, twelve from an incomplete one - 6-12 months realistic. Completeness decides the clock, and it is our job.
Do the new safeguarding rules apply to PIs?+
Yes - authorised PIs handling client funds fall under PS25/12's interim regime from 7 May 2026: strengthened records, reconciliation and reporting, with the CASS-style end-state to follow. We build the architecture in from day one.
What substance does the FCA expect?+
A UK company with mind-and-management in the UK, approved persons and an interviewable MLRO, real operational controls, and - where funds are held - working safeguarding, not paper safeguarding.
How are PIs taxed?+
Corporation tax at 25% (19% small profits), VAT-exempt payment services with partial-exemption planning, and R&D relief for genuine platform engineering.
Does the UK PI passport into the EU?+
No - Brexit ended passporting. EU corridors run through an EU PI or EMI, typically from Lithuania; our London and Vilnius offices run the pairing as one project.
Why the UK PI with you?+
Because the perimeter analysis comes first and the rails plan comes built-in: EMI-versus-PI drawn correctly, capital tier matched to the model, agency banking mapped - from our own office at 7 Bell Yard.
What licence is needed?+
FCA PI - €20k/€50k/€125k by service.
PI or EMI?+
Stored balances = EMI. We assess first.
Small PI?+
Under €3M monthly; no capital.
Open banking?+
AIS registers; PIS authorises at €50k.
How long?+
3 months complete; 6-12 realistic.
Safeguarding?+
Yes for funds-handling PIs - 7 May 2026.
Substance?+
UK management, MLRO, real controls.
Taxes?+
25%/19%; VAT-exempt services.
EU passport?+
No - pair with an EU licence.
Why with us?+
Perimeter drawn first; rails built in.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Google
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Google
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Google
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Google
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