W1TTY’s services will be offered through an app. Credit: mohamed Hassan from Pixabay.

UK-based fintech startup W1TTY has secured an electronic money institution (EMI) licence from the Financial Conduct Authority (FCA).

The startup, which is initially targeting generation Z, plans to launch its suite of products in the UK in 2022.

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Notably, W1TTY secured an EMI licence in Lithuania in January this year and has passporting rights across the European Economic Area (EEA).

Additionally, it has applied for an EU consumer credit licence and plans to secure a full banking licence eventually.

The firm, which is headquartered in London but operates internationally, will offer its services through an app. Its launch in Lithuania and Poland is slated for this Autumn with other EEA countries to follow.

Once launched, W1TTY plans to offer a full suite of services, including made to measure finance plans, money transfer, multiple accounts, video call customer service, financial education, and crypto capability.

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W1TTY founder and CEO Ammar Kutait said: “Our aim at W1TTY is to put customers in control of their finances through a customisable suite of attractive products and services available on the App with transparent and flexible pricing.”

Earlier this month, another UK-based fintech startup Kroo secured a restricted banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The restricted authorisation will allow Kroo to accept deposits up to £50,000 in total, which also raised  £17.7m Series A funding round earlier this month.