UK crypto payments platform BVNK has acquired payments company System Pay Services for its Electronic Money Institution (EMI) license after receiving Financial Conduct Authority (FCA) approval.

The EMI license enables BVNK to broaden its product offering to include e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.

BVNK’s platform currently allows customers to send and receive payments on all major schemes and blockchain networks, incorporate stablecoins for payments, and settle funds from over 30 markets.

Founded in 2021, BVNK closed a US$40 million Series A funding round led by Tiger Global in May 2022. The company also received a Virtual Asset Services Provider license in Spain in October 2022.

“As a UK EMI licensed operator, BVNK will be able to serve leading global businesses who require partners to be regulated and enterprise compliant,”

said Jesse Hemson-Struthers, CEO of BVNK.