BVNK acquires System Pay Services

BVNK, the next-generation payments platform for global businesses, announces it has acquired UK fintech, System Pay Services (SPS), to accelerate expansion. SPS is registered as an EMI (Electronic Money Institution) in the UK and offers a one-stop payment solution for businesses — providing e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.

BVNK’s officials stated that it’s always been their 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 global businesses who require partners to be regulated and enterprise 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. Using the BVNK multi-currency account, customers can send and receive payments on all major schemes and blockchain networks, incorporate stablecoins into their payment flows, and settle funds from over 30 markets.

The company is building modern payment rails for global businesses that are instant, borderless, and resilient. It believes that regulated, fiat-backed stablecoins combined with the best parts of traditional payments will provide the infrastructure needed to deliver this vision. It plans to continue to obtain new licences and build out its capabilities.

BVNK has an international presence with business activities in the UK, Asia, Europe, the Middle East, and Africa. Its acquisition of System Pay Service marks yet another significant milestone in its global expansion plans. In May 2022, BVNK raised USD 40 million in its Series-A round to fund expansion into new markets, accelerate the acquisition of regulatory licences, and expand its product capabilities.

What doe BVNK do?

BVNK is a next-generation payments platform for global businesses. It bridges the gap between traditional and digital finance to make payments borderless, instant, and compliant. BVNK is used by global businesses to send and receive payments on all major schemes and blockchain networks, incorporate stablecoins into their payment flows, and settle funds in over 30 markets.