Question 1

What is Fire?

Accepted Answer

Fire is a UK-regulated digital payments provider that offers integrated payment services to businesses and financial institutions. Operating as an Electronic Money Institution (EMI) authorised by the Financial Conduct Authority, Fire specializes in API-driven payment automation, helping businesses streamline their payment processes. The company processes billions of pounds in payments annually for thousands of businesses across the UK and Europe.

Fire is distinct from a traditional bank as it does not offer credit facilities, overdrafts, or pay interest on customer funds. Instead, it focuses on providing comprehensive payment infrastructure and digital accounts designed for business automation and integration.

Question 2

When was Fire founded?

Accepted Answer

Fire was founded in 2010 by entrepreneur Colm Lyon as part of Realex Payments, an online payment gateway business that Lyon had established in 2000 with Owen O'Byrne. Initially created to help merchants and payment providers develop innovative products like open banking payment acceptance and automated payouts, Fire operated within the Realex ecosystem.

In March 2015, when Global Payments acquired Realex Payments for €115 million, Fire was spun out as an independent entity. Under Colm Lyon's leadership, Fire refocused on serving fintechs and corporate clients requiring integrated payment processing capabilities. The company obtained its UK Electronic Money Institution license in 2018, having first been regulated in Ireland in 2010.

Question 3

Where is Fire headquartered?

Accepted Answer

Fire's UK operations are headquartered in London at The Rise, 41 Luke Street, EC2A 4DP. The company was incorporated in the UK on 3 September 2018 as Fire Financial Services Limited (Company Number 11549793).

Fire's parent company, Fire Financial Services Limited (Ireland), is based in Dublin at Dogpatch Labs, The CHQ Building, Custom House Quay, D01 Y6H7. The Irish entity has been operating since 28 November 2008 and serves as the group's primary European base.

Question 4

Where does Fire operate?

Accepted Answer

In the UK, Fire operates throughout England, Scotland, Wales, and Northern Ireland, providing payment services to businesses registered across the country. The company serves both UK-incorporated businesses and UK establishments of international companies.

Fire's UK operations are authorized to serve customers with directors and beneficial owners who are residents or citizens of the UK. The company primarily targets businesses that require digital payment automation, including sole traders, limited companies, and unincorporated entities across various industries.

Question 5

What services does Fire offer?

Accepted Answer

Fire provides a comprehensive suite of digital payment services designed for business automation and integration.

Payment Services: Fire offers access to UK Faster Payments, Bacs Direct Credits and Direct Debits, and SEPA transfers. The company is a principal issuer of Mastercard debit cards and processes international payments in 14 different currencies. Open banking payment acceptance allows businesses to receive account-to-account payments with reduced fraud risk and improved settlement times.

Accounts and Automation: Businesses can open multiple sterling accounts instantly, each with unique UK account numbers. The Fire Payments API enables automated payment processing, real-time reconciliation, and webhook-driven notifications. Internal transfers between Fire accounts occur instantly, supporting fund segregation and streamlined accounting.

Foreign Exchange: Fire facilitates international transfers and currency exchange services, helping businesses manage cross-border payments and engage with international partners.

Digital Tools: The platform includes a web application for account management and a mobile app for payment authorization. API integration allows businesses to automate payment workflows, create batch payments, and manage multi-user authorization processes.

Question 6

What makes Fire unique?

Accepted Answer

Fire distinguishes itself through its commitment to developing proprietary technology rather than relying on banking-as-a-service providers. The company builds and maintains its own payment infrastructure, ensuring direct control over security, reliability, and innovation.

API-First Approach: Fire processes over 8 million API calls monthly, reflecting its focus on programmatic integration. The Fire Payments API enables businesses to embed payment functionality directly into their systems, automating everything from payment initiation to reconciliation.

Principal Issuer Status: As a principal issuer of Mastercard debit cards, Fire has direct relationships with payment networks rather than operating through intermediaries. This allows greater control over card issuance, faster implementation, and more flexible product development.

Regulatory Leadership: Founder and CEO Colm Lyon serves on multiple UK payments industry bodies, including the UK Finance Payments Products and Services Board, the Digital PSP Group, and the Strategic Participant Group for the New Payments Architecture. This involvement ensures Fire remains at the forefront of UK payments innovation and regulation.

Customer Funds Protection: All customer funds are held in segregated safeguarding accounts with tier-one financial institutions, completely separate from Fire's operational funds. While not covered by the Financial Services Compensation Scheme (as Fire is not a bank), this structure provides strong protection under Electronic Money Institution regulations.

Question 7

What type of financial institution is Fire?

Accepted Answer

Fire is an Electronic Money Institution (EMI) authorized by the Financial Conduct Authority under reference number 900983. In the UK, EMIs are regulated financial institutions that can issue electronic money, provide payment accounts, and execute payment transactions, but cannot offer credit or lending services.

This classification distinguishes Fire from traditional banks in several key ways. EMIs must safeguard customer funds in separate accounts but are not deposit-taking institutions. They cannot pay interest on balances or offer overdrafts and loans. However, EMIs can provide payment services including account management, payment execution, card issuance, and currency exchange.

Fire's EMI status allows it to focus exclusively on payment infrastructure and automation without the full regulatory burden of traditional banking. This enables faster innovation in payment technology while maintaining strong regulatory oversight and customer protection through FCA supervision and mandatory safeguarding requirements.

Fire

in the United Kingdom 🇬🇧

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About Fire in the United Kingdom