US-based Fintech Rippling has been approved by the UK Financial Conduct Authority to provide services under an electronic money institution (EMI) license. The approval allows various financial services, including the possibility of offering certain bank-like services.
Rippling is a platform that offers HR, IT, spend management, and more, including payroll and expenses.
Rippling says it is accelerating its global expansion. It now has offices in Australia, India, Ireland, and the United Kingdom, serving over 20,000 customers globally.
Rippling UK Chief Risk and Compliance Officer Ross Osborne said the EMI enables them to offer UK businesses regulated services that are fast, reliable, and secure while supporting the FCA’s wider objectives of promoting innovation, competition, and economic growth in the UK market.
Based in San Francisco, Rippling has raised $1.8 billion from well-known investors, including Kleiner Perkins, Founders Fund, Sequoia, and Bedrock.