London-based BVNK, a cryptocurrency-based payment and banking platform, has secured an Electronic Money Institution (EMI) license in the United Kingdom by acquiring the paytech firm, System Pay Services (SPS).
With the EMI license, SPS offers e-money services, e-wallets and multi-currency accounts for merchants to make, receive and process payments.
The acquisition will enable BVNK to broaden its product offering and has received the approval of the Financial Conduct Authority (FCA ). However, the financial terms of the deal are not known.
"It's always been BVNK's mission to bridge the gap between traditional and digital finance to offer merchants a modern payments platform that they can trust," said BVNK's CEO, Jesse Hemson-Struthers. "As a UK EMI licensed operator, BVNK will be able to serve leading global businesses who require partners to be regulated and enterprise compliant."
An Emerging Payments Player
BVNK provides sending and receiving of payments on major schemes and blockchain networks. It also allows businesses to incorporate stablecoins into their payment flows and settle payments across 30 markets. It was recognized as "MOST Outstanding Innovator in Payments" at Finance Magnates London Summit 2022, which concluded last week.
The company operates in the UK, Asia, Europe, the Middle East and Africa, and now has further 'global expansion plans'. It gained the new UK license through the acquisition only a couple of months after it received approval as a Virtual Asset Services Provider from the Bank of Spain.
Established last year, the company expanded its headcount from 40 to 160 this year and is planning to raise it to 250 next year. It closed its Series A funding round earlier this year, raising $40 million. Investors in the company include Tiger Global, Base Capital Partners, Raba, Kingsway Capital and a few more.
