Strategic Payments Platforms and Infrastructure
May 23, 2025
PEXA, the world’s leading digital property exchange platform, today announced that the Financial Conduct Authority (FCA) has approved its application to become an authorised payment institution (API).
This marks a critical milestone for the business as it progresses towards launching its UK sale and purchase product offering in the second half of 2025. In conjunction with the existing remortgage proposition, this will enable PEXA to facilitate approximately 70% of property transactions in England and Wales, with additional extensions to the product planned to increase this coverage further.
The authorisation will also allow PEXA to act as a third-party managed account (“TPMA”) provider to UK conveyancers for sale and purchase transactions. Regulatory approval follows the significant investment PEXA has made, working with the industry to build a bespoke and compelling solution for the UK property market. This includes the development of PEXA Pay, the seventh net settlement payment scheme to clear through the Bank of England. This is explicitly designed to facilitate seamless property transactions.
Its broader sale & purchase offering will build on the significant momentum the business has generated with its remortgage-focused proposition, which has already processed over £100m in transactions since its successful launch in the UK market in 2022.
Commenting on the application approval, Joe Pepper, UK CEO of PEXA, says: “We know that change in the property market has to be earned, not imposed. Any innovation introduced to the market has to be done the right way, be able to scale, and be built to last. Receiving FCA approval provides additional assurance over our considered approach and the strength of the controls and systems we have put in place.
“As we build towards the launch of our sale & purchase solution later this year, this news should give our partners further confidence that we operate responsibly with the highest standards of security and compliance as we help support the industry’s modernisation and growth. We’re here for the long term, with security, stability, and partnership front of mind.
“This significant milestone will enable us to build further momentum in the UK, developing and deploying the trusted digital infrastructure to support the evolution of property transactions. We look forward to working even more closely with the conveyancing and lending industry as we do so.”
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