Shares in London-listed fintech group CAB Payments surged around 10% on Wednesday morning after the company was granted a licence to establish a representative office in the US.
The cross-border B2B payments firm was granted approval from the Board of Governors of the Federal Reserve System and The New York State Department of Financial Services.
CAB Payment’s New York representative office will serve as a regional hub for the company as it looks to expand its operations in the US.
CAB Payments said a licensed presence in America will also allow it to build stronger relationships with its US dollar clearing partners.
“I am delighted we have been granted the licence to operate a representative office in New York,” said Neeraj Kapur, group chief executive.
‘This presence in one of the world’s leading financial centres further enhances our network allowing us to better serve existing and new clients. With on-the-ground presence in the UK, Europe and now the US, we are creating a business with global reach.
Last year, CAB Payments secured its expansion into the European Union after receiving a payment service provider licence from the Dutch financial authorities, allow it to operate across the European Economic Area.
“We are excited to bring our best-in-class FX and cross-border payment services to the Americas, helping businesses overcome the complexities of operating in hard-to-reach markets,” added Kapur.
Kapur, former finance chief at Vanquis Bank, joined the company in 2024 following the departure of Bhairav Trivedi, who resigned as chief executive less than a year after CAB Payment’s initial public offering in London.
The company’s share price has fallen by more than 80% since its 2023 listing.