PEXA has been approved by the Financial Conduct Authority to become an Authorized Payment Institution (API).
The authorization is the next step for the company to launch its UK-selling products in the second half of 2025.
This will sit with its existing cash-out claims and enable PEXA to promote 70% of real estate transactions in England and Wales.
Pexa also said it has other extensions to products that plan to increase this coverage.
The FCA’s authorization will also allow PEXA to act as a third-party escrow account provider for UK transporters in order to sell and purchase transactions.
PEXA investments follow regulatory approvals, working with the industry to build solutions for the UK property market, including developing PEXA compensation.
“We know that changes in the real estate market in the industry must be earned, not imposed. Any innovation introduced into the market must be done in the right way, able to scale and build lasting,” said Joe Pepper, CEO of Pexa UK.
“Getting FCA approval provides additional assurance on the approach we consider and the strength of the control and systems we have achieved.”
“When we launch purchase and purchase solutions later this year, this news should give our partners further confidence that we operate responsibly with the highest security and compliance as we help support the modernization and growth of the industry. We are here to be on security, stability and partnerships.”
