BVNK’s Global Expansion is Going from Strength to Strength
Driven by digital transformation, emerging technologies and the rise of fintech, the global B2B payments industry is growing at pace.
According to Edgar, Dunn & Company (EDC), the space is already worth around US$113tn and is predicted to reach a staggering US$137tn by 2027.
London-based payments provider BVNK is at the heart of this growth, unifying banks and blockchains in a single API platform.
And now, in a sign that the firm is continuing to go from strength to strength, the company has successfully gone live with its new European EMI licence.
Enabling borderless payments
BVNK bills itself as a next-generation payments platform for businesses, bridging traditional and digital finance to make payments borderless, fast and secure.
It enables businesses to send and receive payments anywhere in the world in a matter of seconds on a 24/7 basis.
Ever since May 2022, when the cryptocurrency specialist secured US$40m in a Series A funding round led by Tiger Global, it has been growing its workforce and enhancing its platform in a quiet but effective fashion.
Using the BVNK platform, businesses can send and receive stablecoin payments, convert between currencies and add crypto payments to their checkout.
Combined with robust global licensing and compliance expertise, innovators can launch new payments products quickly and in compliant fashion.
Global expansion continues
As part of its ongoing growth journey, BVNK has been on a mission to boost payment services for EUR and GBP, which were previously delivered via partners.
Last year, the business went live with its UK EMI licence following the acquisition of System Pay Services and has just taken a similar step on the continent.
BVNK now holds no fewer than eight licences and regulatory approvals globally across the realm of fiat payments and digital assets.
“Businesses are growing across borders, and they need the ability to pay and be paid globally too,” comments Simon Griffin, Managing Director for Core Banking at BVNK.
“BVNK enables merchants to easily send and receive payments in both digital and fiat currencies. Now, as an EMI in Europe, we can better meet the diverse needs of our customers and innovate at a greater pace in future.”
Added benefits for customers
As a licensed EMI in the UK and Europe, BVNK is in a position to provide named virtual IBANs (vIBAN) for EUR and GBP, as well as access to the region’s payment schemes including SEPA, SEPA Instant and Faster Payments.
The firm can now directly manage the payments process between merchants and their suppliers and partners.
This comes with added benefits for customers, including a simpler process for onboarding and faster resolution of payment queries. It also enables the firm to cater for a wider range of business needs, including higher value transactions.
As an EMI, BVNK ensures all customer e-money funds are 100% segregated and safeguarded.
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