Digital property exchange platform, PEXA, has announced that the FCA has approved its application to become an authorised payment institution (API).
The platform is now aiming to launch its UK sale and purchase product offering in the second half of 2025, in conjunction with its existing remortgage proposition, which aims to deliver 48-hour remortgage transactions. This will enable PEXA to facilitate around 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.
Its broader sale and purchase offering will build on the momentum the business has generated with its remortgage-focused proposition, which has already processed over £100m in transactions since its launch in the UK market in 2022.
Joe Pepper (pictured), UK CEO of PEXA, said: “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, able to scale, and built to last. Receiving FCA approval provides additional assurance over our considered approach, and of the strength of the controls and systems we have put in place.
“As we build towards the launch of our sale and purchase solution later this year, this news should give our partners further confidence 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.”
