London-based Emma Technologies has secured approval from the Financial Conduct Authority (FCA) to provide payment services in the country.

The approval comes barely a month after Emma, which provides a mobile banking solution for millennials, launched its beta service.

The bank will now operate under the recently launched PSD2 scheme.

The mobile-only app will enable consumers to avoid overdrafts, find and cancel subscriptions and track debt, thereby helping users to save money. Further, the new solution will provide a consumer focused banking experience and improve the financial situation of its users.

Emma CTO and co-founder Antonio Marino said: “We started developing Emma on a mission to improve people’s financial well being. We are thrilled to announce the FCA has given us full permission to achieve our goal.

“Further, we are happy to share we are currently working to integrate a series of challenger banks and savings solutions to further extend our offering.”