Lisbon, Nov. 5, 2024 (Lusa) - Portuguese payment solutions fintech Eupago has obtained a licence from the Bank of Spain, allowing it to officially start operations in the country, it announced on Tuesday.

The company had had an "informal presence in Spain since 2019", supporting Spanish companies through its operations in Portugal. Now, with the licence from the Bank of Spain, "Eupago enters a new phase of expansion to leverage e-commerce between the two countries and position itself as a benchmark in the digital payments market", it said in a statement.

Eupago's ambition is to "reach an annual transaction volume of one billion euros by 2027" in Spain, "becoming one of the three largest operators in the Spanish market in the electronic payments segment".

"This licence allows us to strengthen our support for Spanish small and medium-sized businesses, boosting cross-border trade and taking advantage of the natural synergies between Portugal and Spain," said Telmo Santos, founder and co-CEO of Eupago, quoted in a statement.

In this new market, the company will adapt its offer of payment solutions for Spanish consumers, such as credit cards and Bizum, a system similar to MB Way.

MES/ADB // ADB.

Lusa