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Aura Pay obtains the license as a payment entity from the Bank of Spain

MADRID, 23 May.

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Aura Pay obtains the license as a payment entity from the Bank of Spain

MADRID, 23 May. (EUROPA PRESS) -

The 'fintech' Aura Pay has received a license from the Bank of Spain to operate as a payment entity, which will enable it to carry out transactions of up to 36 million euros per year, as reported by the company on Tuesday in a statement.

"The fact that our platform is recognized as a payment entity opens the doors to easier, safer and more affordable transactions for all migrants residing in Spain and whose families need these transfers to be able to meet basic expenses such as education, food or housing", stressed the CEO and founder of Aura Pay, Jesús Javier Guevara.

In this way, the platform will be able to start offering remittance services to residents of Spain with destination to Latin America. The commission will vary between 3% and 5% of the amounts sent and the destination countries available will depend on which alliances the firm reaches with other entities.

At the moment, Aura Pay only allows remittances to the Dominican Republic, of which Spain is the second country that issues remittances, only behind the United States, with 41 million euros per year.

The 'fintech' closed a financing round in the 'pre-seed' phase of 530,000 euros in April 2022 to start its activities. In December, it opened a new round with the aim of raising an additional two million euros to finance its expansion to Colombia or Peru.