Payments innovator BVNK acquires SPS Ltd to become UK EMI licensed operator
“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.”
BVNK has acquired System Pay Services Limited (SPS Ltd), an electronic money institution (EMI) registered and regulated in the United Kingdom, in order to accelerate expansion and broaden its product offering.
The deal opens BVNK to SPS’s one-stop payment solution for businesses, which includes e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.
The acquisition was approved by the Financial Conduct Authority, UK’s financial watchdog, and will allow BVNK to further its product offering and international presence, with existing business activities in the UK, Asia, Europe, the Middle East, and Africa.
BVNK offers a multi-currency account for customers to send and receive payments on all major schemes and blockchain networks, incorporate stablecoins into their payment flows, and settle funds from over 30 markets.
BVNK offers payments solutions powered by blockchain networks
The firm is a blockchain-powered payments platform that bridges the gap between traditional and digital finance to make payments borderless, instant, and 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. Also this year, the firm raised $40 million in a Series A funding round to fuel expansion into new markets, accelerate the acquisition of regulatory licenses, 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.
BVNK becomes UK EMI licensed operator
Jesse Hemson-Struthers, Chief Executive Officer at BVNK, 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.
“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.”