BVNK, a cryptocurrency-driven payment and banking firm based in the UK, has purchased System Pay Services (SPS) for an undisclosed sum.

Headquartered in the UK, SPS is a fintech company that provides businesses with e-money services, e-wallets and multi-currency accounts, among others.

The UK-licensed electronic money institution (EMI) also allows merchants to pay, accept, and process payments.

The new deal, which follows an approval from the UK’s Financial Conduct Authority (FCA), helps BVNK to   expand its existing capabilities and drive further growth.

BVNK CEO Jesse Hemson-Struthers 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.”

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By GlobalData

Users of BVNK multi-currency account can carry out transactions on a wide range of major schemes and blockchain networks.

They can also add stablecoins into their payment flows in addition to settling funds from more than 30 markets worldwide.

Last month, BVNK obtained a virtual asset services provider (VASP) licence from the Bank of Spain.

Hemson-Struthers added: “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.”