MobilityOne pushes FCA application into next year

E-commerce infrastructure payment and platform specialist MobilityOne updated the marker on the proposed expansion of its business in the UK through its wholly-owned subsidiary M-One Tech on Friday.

The AIM-traded firm announced on 30 September that it intended to re-submit an application to the Financial Conduct Authority (FCA) in the fourth quarter, for authorisation as an electronic money institution to provide e-money services in the UK.

It said it had made “significant progress” in respect of the underlying preparatory work in relation to the application.

“Notwithstanding this, external personnel availability during the festive period has meant that onboarding the requisite services is taking longer than expected,” the board said in its statement.

“Accordingly, it is now expected that the group will re-submit the revised FCA application reflecting the FCA's feedback in the first quarter of 2023.

“The company will release further announcements as and when appropriate.”

At 0831 GMT, shares in MobilityOne were flat at 6.75p.

Reporting by Josh White for Sharecast.com.