PEXA receives FCA approval required for UK Sale & Purchase Product

ASX-listed proptech leader PEXA Group Limited have announced that the UK’s Financial Conduct Authority (FCA) has approved the application of Digital Completion UK Ltd, trading as PEXA, to become an Authorised Payment Institution (API), which is required to launch the source account capability within PEXA’s UK Sale & Purchase product offering.

Achievement of this regulatory milestone enables PEXA to continue to develop its UK Sale & Purchase product which will be launched in the second half of CY25. PEXA continues to work towards obtaining lender commitments to the Sale & Purchase product as well as existing Refinancing capabilities. In addition, the authorisation will allow PEXA to act as a Third Party Managed Account provider to UK conveyancers for Sale & Purchase transactions.

PEXA Chief Executive Officer & Group Managing Director, Russell Cohen, said, “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.”