PEXA Group Limited (ASX: PXA) has achieved a significant regulatory milestone by receiving approval from the UK’s Financial Conduct Authority (FCA) to operate as an Authorised Payment Institution (API). This approval is crucial for the launch of PEXA’s UK Sale & Purchase product, which is slated for release in the second half of 2025.
The FCA’s approval of Digital Completion UK Ltd, trading as PEXA, enables the company to implement the source account capability necessary for its UK Sale & Purchase product. T
his development is a key component of PEXA’s UK strategy, aimed at expanding its presence in the UK property market. The authorisation also allows PEXA to act as a Third Party Managed Account provider for UK conveyancers involved in sale and purchase transactions.
PEXA CEO Russell Cohen emphasized the importance of this approval, stating, “The FCA approval of our API application is a key component of our UK strategy, most notably the launch of the Sale & Purchase product.
We are well positioned with a broader product offering to deepen relationships with UK financial institutions as well as legal and conveyancing practitioners, as we work towards securing industry commitment to the platform.”
This regulatory green light has been well-received by investors, with PEXA shares experiencing a notable increase following the announcement. The company’s stock rose by as much as 4.5% to $11.970, marking its highest level since early March and positioning it for its strongest session since late February.
As PEXA continues to develop its UK Sale & Purchase product, the company remains focused on securing lender commitments and expanding its existing refinancing capabilities. This strategic expansion into the UK market is part of PEXA’s broader strategy to grow beyond its Australian operations, where it has established itself as a leading digital property exchange platform.