Januar Is Allowed To Operate Legally With A Full Danish Payments License
- The Danish Financial Supervisory Authority has granted Januar a complete Payment Institution license.
- The company provides IBAN infrastructure to cryptocurrency companies, enabling them to conduct payments and operational activities.
- Januar raised €6 million in a seed round in which numerous angel investors participated.
Januar, a Danish startup, announced on April 19 that it had been granted a Payment Institution License by the country’s Financial Supervisory Authority (DFSA).
The license represents a watershed moment for the rapidly expanding organization, paving the path for customer onboarding throughout the whole European Economic Area (EEA). Customers from outside of Denmark have shown great interest in the firm, and it will now aggressively begin to enroll and support these consumers throughout Europe.
The license will enable Januar to do business in the 30 European Economic Area markets when before, it could only service Danish enterprises.
Januar offers International Bank Account Number (IBAN) business accounts to cryptocurrency companies. Connecting to IBAN infrastructure allows crypto firms access to compliant fiat banking services, like as payments and settlement, that they would not be able to get otherwise. Simon Ousager, co-CEO of Januar, stated:
“The Payment Institution license granted to us by the Danish FSA marks the next chapter for the regulated European crypto industry and signifies trust in us that we’re among the best in the world at quantifying and managing risk in this space.”
Following getting a restricted license to service the Danish market in 2021, the company started the process of seeking the now-obtained full Payment Institution license. Januar can now provide its services across Europe, and its payment services are no longer confined to Danish businesses.
The next year, Januar, which was created in 2021 by former Chainalysis employees, surpassed the Danish record for startup fundraising, obtaining 6 million euros ($6.5 million) in early money. Element Ventures led the round, with participation from Angular Ventures Outward VC and byFounders. Many angel investors also took part.
This revelation comes at a time when the crypto sector has lately been rocked by the closure of many prominent US banking partners who serve crypto firms.
Following the recent closures of Silvergate and Signature Bank, the sector has been seeking compliant and dependable financial services partners. Several market players are now looking for partners in Europe that operate in a country with better regulatory certainty.
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