BVNK Gains UK EMI License by Acquiring SPS

The company can now offer e-payment services in the UK.

It recently gained a VASP license from the Bank of Spain.

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."

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.