Fintech myPOS has been granted an Electronic Money Institution authorisation from the Central Bank.

The development will lead to the company growing its Dublin-based workforce to around 30 by the middle of next year.

The firm provides point-of-sale payment acquiring and payment solutions.

It currently serves over 150,000 small and medium-sized merchants in more than 30 European countries.

"Our international growth demands a talent pool, a strategic location and a robust legal and regulatory framework, and Ireland offers all of these," said Stephane Pilloy, CEO of myPOS Ireland.

"We are excited as the new EMI authorisation will enable us to bring all regulated services under the myPOS Group umbrella, therefore becoming even more efficient at empowering small businesses across Europe and accelerating our growth strategy."

The London registered company was first in 2012 and launched in 2014 at Mobile World Congress in Barcelona.

It was subsequently spun out into a new group of companies headquartered in London and licensed by the Financial Conduct Authority as an e-money institution.

Since then it has been expanding across Europe.

The company is expected to meet its targeted annual growth of more than 60% and reach €8 billion in total payment volume

"The myPOS expansion is impressive and we are delighted that another of the world's most dynamic organisations, which puts innovation in payments at the service of its merchants, has chosen Ireland as its European regulatory headquarters," said Martin Shanahan, CEO, IDA Ireland.