Xace becomes first FCA licensed specialist digital bank for the gaming industry

Xace has become the first specialist payment and account provider in Europe to offer FCA licensed solutions, specifically for the gaming and casino industry.

News
Xace
Marketing
Aug 26, 2020
5 min read

Xace has become the first specialist payment and account provider in Europe to offer FCA licensed solutions specifically for the gaming and casino industry. Accounts are now being offered for GBP and EUR through our custom web banking platform, with companies and retail customers welcome from across Europe.

Founder and CEO David Hodkinson

"Having worked with hundreds of casinos as chartered accountants for the past decade, we were always well aware of the problems these businesses and players were facing with their banks - or lack of banks. We knew we could provide a specialist solution to the industry that would not only solve a pain point but would enable us to demonstrate our resolve to potential customers in being there to find the answers they desperately needed."

This fighting, 'never say die' approach to making sure barriers are removed for legitimate businesses and gamers underpins everything that Xace is about, from our customer support and customer development services to the entire development of our payment platforms.

David continues - "It's been a challenging process but we've moved incredibly quickly. Every step of the way, something would come up that put a barrier in front of us, a barrier we ultimately broke down to take the next step and get to the next one. Xace will always face up to challenges and put up that fight and resolve that we see in our clients. Together with our account customers and the gaming industry as a whole, we hope for greater regulatory support for compliant businesses and players from all over Europe, removing the stigma around gaming from the financial world."

The Xace approach has enabled rapid development of the software solutions required to be a regulated payment institution in the UK, working alongside Europe's biggest banking providers with access to UK Faster Payments, SEPA network and now VISA with our virtual debit cards.

CMO & Head of Product Adam Grist sees the opportunity

"We're yet to start our various planned marketing campaigns or business development strategies, yet the demand has been so high since week 2 of our website being online, we've been blown away by how quickly the gaming industry has come looking for our offering. Their struggles are real, and not just in gaming but with cryptocurrency and Bitcoin too, banks just don't want to know."

Through opportunity comes continued pressure and challenges that were hard to foresee in 2020 for every business globally and for Xace it was no different, but the technology stack has softened the blow.

"Working with the leading technology providers in the UK has made it possible for us to develop our products rapidly and on a bootstrap budget, something we're extremely proud of at Xace and grateful for in the open banking industry. At the start of a global pandemic, we were just starting the core integration with our banking partners but in true Xace fashion, it was just another challenge to overcome and it continues to drive this brand with an identity that truly is ingrained in the fibres of each of us."

As we continue to onboard new customers in the UK, Xace will soon be opening up to the rest of Europe, at which point we will start to make significant headway in removing banking barriers for the entire gaming industry.

Latest News Articles

Gaming Digital Bank Accounts
Aug 26, 2020
5 min read

Xace becomes first FCA licensed specialist digital bank for the gaming industry

Xace has become the first specialist payment and account provider in Europe to offer FCA licensed solutions, specifically for the gaming and casino industry.
Xace
Marketing
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