Another milestone in FinTech! Our law firm secures KIP status for Fincard sp. z o.o.

A remarkable success for our FinTech Team – we have obtained National Payment Institution (KIP) status for our client, Fincard sp. z o.o.!

Thanks to the combined efforts of the FinTech Team of Dudkowiak Putyra sp. k. Law Firm and the Company, the Polish Financial Supervision Authority (KNF) granted Fincard sp. z o.o. a license to operate as a National Payment Institution on 22 November 2024. This achievement is a testament to the collaborative approach and legal expertise of our firm, which continuously supports the growth of the FinTech sector in Poland.

DKP’s Expert FinTech Team Leading the Way

Securing a KIP license requires not only a deep understanding of regulatory frameworks but also seamless teamwork. The following specialists contributed to this achievement:

• Attorney Piotr Putyra,
• Attorney-at-law Piotr Glapiński,
• Attorney-at-law Aleksandra Walas,
• Attorney Alicja Mruczkiewicz,
• PhD Marcin Waszak,
• Associate Anna Cichoń,
• Junior Lawyer Mateusz Ba?uta.

Our team worked together to prepare comprehensive licensing documentation and represent the Company in proceedings before the KNF.

Fincard Joins the Elite Group of National Payment Institutions

Thanks to the KNF’s decision, Fincard sp. z o.o. has thus joined the elite group of 45 national payment institutions in Poland. Notably, an increasing number of these institutions rely on the expertise of our FinTech DKP Team.

The KIP license allows the Company to provide the following payment services:

1. Accepting cash deposits and making cash withdrawals from payment accounts, as well as other activities necessary for account management.
2. Performing payment transactions, including transferring funds to payment accounts via payment cards or similar instruments.
3. Executing transfer order services, including recurring payments and standing orders.
4. Performing payment transactions using credit funds, as specified in Article 74(3) of the Payment Services Act.
5. Issuing payment instruments.

New Opportunities for Fincard sp. z o.o.

This license represents a significant milestone for Fincard sp. z o.o., one of Poland’s first non-bank credit card issuers operating under the NetCredit and Halvo brands. With KIP status, the Company is now entitled to:

• Provide payment services without the transaction limits imposed on small payment institutions.
• Passport its services across the European Economic Area (EEA), enabling international expansion.

Comprehensive Legal Support Every Step of the Way

Our law firm provided end-to-end legal support for this project, assisting Fincard sp. z o.o. in:

• Preparing the complete licensing documentation.
• Representing the Company during proceedings before the KNF.
• Simultaneously crafting the legal framework for the Company’s new card and credit product to ensure compliance with current regulations.

Congratulations to Fincard sp. z o.o.!

We extend our heartfelt congratulations to our Client and wish them continued success and growth in Poland and internationally.

Link to the decision.

This post originally appeared on dudkowiak.com