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BVNK says it's "just the start" after gaining EMI licence on back of SPS acquisition

BVNK says the purchase of System Pay Services will broaden its product offering and through the EMI licence will help it build a modern payment system.

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Jesse Hemson-Struthers/BVNK.

UK-based crypto payments startup BVNK said this is “just the start” after it acquired a UK Electronic Money Institution (EMI) licence following its purchase of fintech System Pay Services (SPS).

SPS’s EMI licence allows it to offer e-money services, e-wallets and multi-currency accounts for merchants to process payments.

Financial details of the deal, which has been approved by the FCA, have not been disclosed.

BVNK has purchased SPS as it looks to ramp up its expansion plans.

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.

“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.”

Earlier this year, BVNK closed a $40m funding round, as it looked to fund expansion into new markets.

It has also received approval as a Virtual Asset Services Provider from the Bank of Spain.

The fintech, which is pronounced (B-V-N-K), aims to bring together fiat currencies from ‘traditional finance’ and crypto technology. 

BVNK wants to use blockchain technology and cryptocurrencies to reshape core banking systems to make business payments and banking more efficient, creating a global payment system akin to Mastercard or Visa.

Currently, BVNK has operations in the UK, Europe, Middle East and Africa and over the past year has upped its headcount from 40 to 190.

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