" class="no-js "lang="en-US"> BVNK acquires UK licensed E-Money Institution to accelerate expansion
Sunday, February 05, 2023
Saltedge Report

BVNK acquires UK licensed E-Money Institution to accelerate expansion

BVNK, the next-generation payments platform for global businesses, today announces it has acquired UK fintech, System Pay Services Limited (SPS Ltd), to accelerate expansion. SPS Ltd is registered as an EMI (Electronic Money Institution) in the UK and offers a one-stop payment solution for businesses — providing e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.

Jesse Hemson-Struthers, BVNK’s CEO, said: “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. As a UK EMI licensed operator, BVNK will be able to serve leading global businesses who require partners to be regulated and enterprise compliant.”

The FCA’s approval of the acquisition follows closely on the heels of BVNK’s registration in Spain as a Virtual Asset Services Provider. Using the BVNK multi-currency account, customers can send and receive payments on all major schemes and blockchain networks, incorporate stablecoins into their payment flows, and settle funds from over 30 markets.

“This is really just the start for us. We’re building the modern payment rails that global businesses deserve — instant, borderless, and resilient. We believe that regulated, fiat-backed stablecoins combined with the best parts of traditional payments will provide the infrastructure needed to deliver this vision. We will continue to obtain new licences and build out our capabilities to provide our customers with an unparalleled offering,” said Hemson-Struthers.

BVNK has an international presence with business activities in the UK, Asia, Europe, the Middle East and Africa. Its acquisition of System Pay Service marks yet another significant milestone in its global expansion plans. In May this year, BVNK raised USD 40m in its Series-A round to fund expansion into new markets, accelerate the acquisition of regulatory licences, and expand its product capabilities. In the last twelve months, BVNK has increased its headcount from 40 to 190 and will continue to add top talent in engineering, product, commercial, and compliance functions. It is actively hiring for vacant roles across the business and welcomes applications from candidates passionate about building the next-generation global payments network.

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