UK-based financial institution, Contis has secured a UK consumer credit licence.

The licence comes after Contis acquired Paze Financial.

The licence will enable Contis to provide core banking functionality. Furthermore, the consumer credit licence will allow the institution to offer its B2B platform clients the capability to provide credit services to their customers.

Furthermore, the acquisition provides Contis with Paze’s full technological suite. It includes a new consumer lending system powered with artificial intelligence (AI) analytics to take affordability decisions in real time.

Contis founder and executive chairman Peter Cox said: “The acquisition of Paze is the latest step in our journey towards becoming the only one-stop solution for companies looking to transform the financial services industry.

“Contis now boasts a full range of licences and pan-European banking capabilities, following our acquisition of a UK consumer credit licence.

“We have the ability to power start-ups, helping them challenge the status quo and become major players in the wider banking and payments ecosystem.”

Established in 2008, Contis focuses on offering alternative banking and payments solutions to its clients.

Its end-to-end and PCI DSS Level 1 compliant platform along with alternative banking technology enable clients to develop their own solution.

Commenting on the acquisition, Contis CEO Flavia Alzetta said: “With the acquisition of Paze and a UK consumer credit licence, we are excited to begin expanding our offering into the credit space and fulfil the lending needs of new and existing clients.”

Recently, Contis partnered with Visa to roll out a FinTech fast-track Programme to provide the fintech companies access to banking capabilities in around four weeks.