Iute Group’s subsidiary IutePay Bulgaria has received an Electronic Money Institution (EMI) license from the Bulgarian National Bank. This milestone allows the company to expand its payment services across the European Union.
Tarmo Sild, CEO of Iute Group, stated that the Electronic Money Institution (EMI) license is a crucial step in the company’s strategy to become an international payment services provider. “The European-level EMI license allows us to operate in all EU markets, offering fast, seamless and customer-centric payment solutions,” he said.
Iute provides payment, loan, and insurance brokerage services across the Balkan countries and Moldova. In Albania, payment services are offered to local customers under an e-money license obtained in 2022, and in Moldova, in addition to Iute Moldova, banking services are also provided through Energbank.
Elmaz Ismail, CEO of IutePay Bulgaria, emphasized that the obtained license brings new opportunities for Iute customers in Bulgaria. “Customers will have the opportunity to open payment accounts that can be used for payroll deposits, real-time money transfers, utility bill payments, or loan installments,” Ismail noted. “Our broader vision is not only to support the daily payment operations of Bulgarian customers but to become the Payment Hub for all euro transactions,” said Ismail. “Another goal is to provide other Iute subsidiaries and their customers access to instant euro payments, regardless of whether their countries are part of the Instant Infrastructure,” she added.
IutePay Bulgaria plans to launch new services for customers in 2025 after completing the necessary preparations and developments.
Iute Group is a fintech company established in 2008 in Estonia. The Group specializes in consumer finance, payment services, banking, and insurance products. It serves customers in Albania, Bulgaria, Moldova, and North Macedonia. Iute Group finances its loan portfolios with equity, deposits, and secured bonds on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.