5 key takeaways
- A US fintech cannot obtain a KNF licence directly — Polish and EU financial licences are only available to entities established (or passporting in) within the EU/EEA, so a US company must choose a legal route into Poland, not apply for a Polish licence as a US entity
- Three realistic routes exist: set up or acquire an EU-licensed entity that passports into Poland, partner with an already-licensed Polish or EU payment institution/EMI as a technology or agent provider, or obtain your own Polish licence via a newly incorporated Polish or EU subsidiary
- The right route depends heavily on speed to market, control over the customer relationship, and long-term scale — passporting or partnering is faster, a standalone licence gives more control but takes considerably longer
- Common gap: US companies assume that operating through a technology/software layer (rather than directly holding client funds) automatically avoids Polish licensing requirements — in practice, this depends on exactly what the US company’s Polish entity or local partner is doing, not on how the product is marketed
- Even where no Polish licence is required, GDPR, AML/CFT obligations, and Polish consumer protection rules still apply the moment the product is offered to customers in Poland
I work for an US FinTech, the question “can we launch in Poland without a Polish licence?” comes up early in almost every project. The honest answer is: it depends on what your product actually does and who is in the money flow — not on where your company is headquartered.
US Fintech Launch Poland: The Three Realistic Routes
| Route | How it works | Best for |
|---|---|---|
| EU passporting | Set up or acquire an entity licensed as a payment institution/EMI in another EU/EEA state, then passport the licence into Poland under EU financial services rules | Companies planning EU-wide scale, not just Poland, and able to build or acquire EU licensing capacity |
| Partner/agent model | Operate through an already-licensed Polish or EU payment institution/EMI as an agent, distributor or technology provider | Companies wanting fast market entry and testing product-market fit before committing to a licence |
| Direct Polish licence | Incorporate a Polish (or EU) subsidiary and apply directly to KNF for a payment institution or EMI licence | Companies with long-term commitment to Poland/EU and a need for full control over the customer relationship and balance sheet |
Common gap: US companies often default to assuming the agent/partner model avoids licensing questions entirely. In reality, the licensed partner remains fully responsible for regulatory compliance of the activity carried out through the agent — which means the US company’s role, data handling and operational involvement still needs careful structuring, even though the US company itself holds no licence.
When Passporting Works — and When It Doesn’t
Passporting lets an entity already licensed in one EU/EEA state provide services across the EU, including Poland, without obtaining a second national licence. This works well when the US company is prepared to build or acquire genuine EU licensing substance — a licensed entity with real management, governance and capital in an EU member state, not a shell used purely to access the passport.
Common gap: treating a licence acquired primarily for passporting purposes as a formality. EU and Polish regulators increasingly scrutinise the substance behind passported entities, particularly where the home-state licence appears designed mainly to access other EU markets rather than to conduct genuine business in the home state.
What Applies Regardless of Licensing Route
Even where a US fintech avoids holding a Polish licence directly, several obligations apply the moment Polish customers are served:
- GDPR and Polish data protection rules — processing of any Polish user’s personal data
- AML/CFT obligations — depending on the product, either directly or through the licensed partner’s compliance programme
- Polish consumer protection and e-commerce rules — terms of service, disclosures, right of withdrawal where relevant
- Marketing and advertising restrictions specific to regulated financial products
Frequently Asked Questions
Can a US company apply directly to KNF for a payment institution licence?
Not as a US entity. The applicant needs to be established in the EU/EEA — typically through incorporating a Polish or other EU subsidiary that then applies to the relevant national regulator.
Is the agent/distributor model actually cheaper and faster than getting a licence?
Usually faster to launch, but not necessarily cheaper at scale — commercial terms with a licensed partner (revenue share, fees, contractual control) need to be weighed against the cost and timeline of obtaining an independent licence, especially if the US company expects significant volume in Poland.
Does a US company need a Polish entity even if it only uses the agent model?
Not always for licensing purposes, but a Polish or EU entity is often needed for practical reasons — invoicing, employment, data processing arrangements and tax structuring — even where the licensing itself sits with the partner.
How long does a direct KNF licence application typically take?
Timelines vary significantly depending on the licence type and the completeness of the application, and KNF can request additional information during review, which extends the process. A realistic project timeline should build in review and remediation cycles rather than assuming a fixed statutory deadline will be met exactly. For more about the KNF licensing process, see the Licensing Practical Guide.
What to Decide Before Choosing a Route
- How much control do you need over the customer relationship, pricing and product roadmap in Poland?
- Is Poland a standalone market for you, or one of several EU markets you plan to enter?
- What is your realistic timeline to revenue, and how does that compare to licensing timelines?
- Who will hold AML/CFT and consumer protection responsibility under each route, and does your commercial agreement reflect that clearly?
If you’re a US fintech evaluating how to enter the Polish market, get in touch to discuss which route fits your product and timeline. For more, see Expanding Your US Fintech or Technology Business to Poland and the FinTech practice area page.
Related posts:
- Expanding Your US Fintech or Technology Business to Poland: A Regulatory Guide
- EMI vs KIP — Which Payment Licence Do You Need in Poland?
Katarzyna Szczudlik is a Partner at Schoenherr in Warsaw and a fintech lawyer in Poland, ranked by Chambers & Partners and Legal 500. She advises international fintech companies, including US companies, on market entry, licensing and regulatory compliance in Poland and the EU. Get in touch.
