BVNK has reportedly gained a UK Electronic Money Institution (EMI) Licence via the acquisition of System Pay Services Limited (SPS Ltd). SPS has held an EMI license authorized by the Financial Conduct Authority (FCA) since 2020. The deal was approved by the FCA.
BVNK is a Fintech that offers a “bridge” between traditional finance and digital finance, acting as a neobank for firms engaged in the crypto asset sector. BVNK currently offers a payments API, cross-border payments as well as business accounts for its clients.
BVNK is also a registered crypto asset service provider under the authority of the Bank of Spain.
By gaining an EMI License, BVNK will be able to expand its services in the UK.
BVNK CEO Jesse Hemson-Struthers, has issued a statement on the acquisition:
“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.”
Between the authorization in Spain as well as the UK, BVNK is well positioned to extend its services across Europe.
Hemson-Struthers recently commented on the failure of FTX noting his company had no exposure to the bankrupt exchange. He added that they believe crypto is here to stay, noting they are not a crypto exchange explaining that:
“BVNK is a B2B payments platform that enables businesses to move money anywhere, in any currency – fiat or crypto. We provide the modern rails that money flows through. Due to our payment focus, the vast majority of our trading assets are in stablecoin and fiat.”
“BVNK is still bullish on a globally accessible, programmable financial system, underpinned by modern rails. We believe that regulated, fiat-backed stablecoins will provide the infrastructure needed to deliver this vision. We are building in this direction.”
He said that clear regulation is needed to foster a sustainable ecosystem as well as international coordination at the regulatory level.