Plum chief executive Victor Trokoudes

Smart money app Plum has managed to secure an e-money licence from the City watchdog, City AM can reveal, even as the volume of application approvals slumps.

Plum , which was founded by the former head of banking at Wise, Victor Trokoudes, in 2016, has received authorisation to operate as an Electronic Money Institution (EMI) from the Financial Conduct Authority ( FCA ).

The move gives Plum the green light to essentially operate as a bank with a narrower scope by offering online transfers, prepaid cards and managing digital wallets.

The London-based fintech company has more than 2m clients and helps to automate complex aspects of personal finance.

Trokoudes said the new licence was a “huge milestone” that would allow the firm to “broa

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