This application comes ahead of the implementation of the European Commission’s new Payment Services Directive (PSD3). The Directive aims to improve consumer protection and competition in electronic payments and empower consumers to share their data in a secure way so that they can get a wider range of better and cheaper financial products and services. The updated Directive follows the rapid growth of electronic payments in the EU, which was accelerated by COVID-19 pandemic. The Commission found that the sector reached €240 trillion in value in 2021 compared with €184.2 trillion in 2017. Philippe Muller has also been appointed General Manager of France to progress the company’s development in France and across Europe. Prior to this, Philippe worked at Societe Generale for 25 years, with senior roles in Payment and International Cash Management for more than 15 years. This builds on the company’s recent positive momentum, following closely on from the news that the company secured funding of $25M from existing investors, reflecting their confidence in the company’s growth potential and strategic vision. Philippe Morel, CEO, Embedded Finance, said: “This is another positive development for the Company after a very challenging period. We are now on the front foot again, rebuilding momentum quickly. We are also delighted that Philippe Muller has joined the firm. We will benefit from his extensive experience in the sector and he will play a key role in ensuring that we maximise the opportunities for the company following the application for the EMI license. Developing our presence in France and across Europe is an important milestone on our path to return to growth and we are looking forward with confidence that we will be one of the small group of winners in the fintech sector." Philippe Muller, General Manager of France, Embedded Finance, added: “I am very pleased to be joining the company at such an exciting time. We are optimistic that the new Payment Services Directive will encourage the continued growth of electronic payments in the EU and we see this as an opportune time to apply for an EMI licence ahead of its implementation. We are very well placed to grow strongly in France and across Europe and I am looking forward to helping the company deliver on this.”