Pexa Group (ASX:PXA) said its unit Digital Completion U secured approval from the UK's Financial Conduct Authority to operate as an authorized payment institution, enabling the launch of its sale & purchase product in the second half of the fiscal year, according to a Wednesday filing with the Australian bourse.

The approval allows Pexa to offer source account capabilities and act as a third-party managed account provider for UK property transactions, the filing said.

Shares of the company rose past 4% in recent Wednesday trade.