CAB Payments Holdings PLC on Thursday said its Dutch subsidiary has secured a payment service provider licence with De Nederlandsche Bank NV.

The Surrey, England-based cross-border payments and foreign exchange company will now be eligible to provide its services across the entire European Economic Area operating under the name of CAB Payments Europe.

Expanding operations into this domain is one of the company’s latest strategic initiatives that underpin its growth aspirations for 2024 and beyond, it said.

Chief Executive Officer Bhairav Trivedi said: ‘This is a significant step in the expansion of the business and presents a substantial growth opportunity. We have long seen Europe as an important market for the group. We look forward to engaging with potential clients, to move money where it’s needed.’

CAB shares were up 12% to 124.29 pence each in London on Thursday morning.

Copyright 2024 Alliance News Ltd. All Rights Reserved.