Global: BVNK Expands Operations and Customer Support with Electronic Money License

BVNK, a B2B payments platform, announced the activation of its electronic money institution (EMI) license in Europe, marking a significant milestone for the company’s growth strategy. The issuance of this license, BVNK revealed in a press release on Wednesday (Feb. 21), is poised to bolster its operational capabilities and customer service across the region.

The successful acquisition and operational launch of System Pay Services (Malta) Limited, BVNK’s European Union-based EMI entity in Malta, along with the establishment of its United Kingdom EMI, pave the way for the company’s expanded footprint in Europe and the U.K. These developments position BVNK to offer enhanced B2B payment solutions tailored to the evolving needs of businesses in the region.

BVNK strategically aims to capitalize on the burgeoning B2B payments industry, which is estimated to be valued at approximately $113 trillion and projected to reach $137 trillion by 2027. By unifying banks and blockchains through its innovative payments platform, BVNK endeavors to provide seamless cross-border payment solutions, facilitating efficient transactions in both digital and fiat currencies.

With the activation of its EMI license, BVNK now has the capability to issue named virtual IBANs in euros and British pounds, granting access to a wide array of payment services in Europe and the U.K., including SEPA, SEPA Instant, CHAPS, and Faster Payments. This empowers merchants utilizing BVNK’s platform to effortlessly conduct transactions with suppliers and partners, streamlining their financial operations.

BVNK’s EMI status streamlines the onboarding process for businesses and expedites the resolution of payment inquiries, enhancing the overall customer experience. Moreover, BVNK can now cater to a broader spectrum of customer requirements, including facilitating higher-value transactions, thus further solidifying its position as a leading player in the B2B payments landscape.

In 2022, BVNK secured $40 million in a Series A funding round, attracting prominent investors such as Tiger Global, The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, and Base Capital. The company articulated its intention to utilize the funding to advance its vision of building a robust international payments and banking infrastructure that seamlessly integrates both crypto and fiat currency transactions, underpinned by an agile, digital-first approach.