BVNK acquires fellow paytech System Pay Services

BVNK, a UK-based payments platform for global businesses, has acquired a fellow UK paytech, System Pay Services (SPS).

BVNK has global expansion plans

SPS is registered as an electronic money institution (EMI) in the UK and provides e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.

BVNK says it has “global expansion plans”. It currently operates in the UK, Asia, Europe, the Middle East, and Africa.

Earlier this year, BVNK raised $40 million in its Series-A round, and has since increased its staff headcount from 40 to 190.

Jesse Hemson-Struthers, the company’s CEO, says the paytech’s mission is “to bridge the gap between traditional and digital finance to offer merchants a modern payments platform that they can trust”.

The FCA’s approval of the SPS acquisition follows closely on the heels of its 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.

“This is really just the start for us,” Hemson-Struthers states.