Starcart Oy became a regulated payment service provider

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HH Partners’ Martin von Willebrand, Henri Tanskanen and our Fintech team assisted our client in 2021-2022 with the application to the Finnish Financial Supervisory Authority for registration as payment service provider in Finland, under the Finnish Act on Payment Institutions.

Starcart innovates and automizes online sales by offering a service that searches the online stores which have the products the customer is looking for, at the best price and delivery. The customer may also complete the purchase by paying for it directly via the Starcart service.

Payment institution registration involves typically tasks in combating money laundering and terrorism, and creating, developing, and documenting policies to ensure the continuity of business and the safeguarding of client funds. In addition, the overall process includes data protection documentation and drafting the terms and conditions of use for the payment intermediation service and technology, and also tasks of assessing the trustworthiness of management.