BVNK Gains UK EMI License by Acquiring SPS

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 Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term). 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.