B2B payments platform BVNK announced that its electronic money institution (EMI) license is now live in Europe.
The move is expected to enhance the company’s ability to support its customers and expand its operations in the region, BVNK said in a Wednesday (Feb. 21) news release.
The acquisition and operationalization of System Pay Services (Malta) Limited, BVNK’s European Union EMI entity in Malta, as well as the launch of its United Kingdom EMI, have paved the way for the company to offer improved B2B payment services for Europe and the U.K., the company said.
BVNK is positioning itself to tap into the growing B2B payments industry, estimated to be worth around $113 trillion and projected to reach $137 trillion by 2027, per the release.
BVNK aims to offer cross-border payment solutions by unifying banks and blockchains through its payments platform, according to the release. This allows businesses to send and receive payments in any currency, whether digital or fiat.
With its newly acquired EMI license, BVNK can now provide named virtual IBANs in euros and British pounds, offering access to payment services in Europe and the U.K., including SEPA, SEPA Instant, CHAPS and Faster Payments, the company said. Merchants using BVNK’s platform can make payments to and receive payments from suppliers and partners.
BVNK’s EMI status simplifies the business onboarding process and allows for faster resolution of payment queries. Additionally, BVNK can now cater to a wider range of customer needs, including higher-value transactions, the release said.
In 2022, the company raised $40 million in a Series A funding round. Backers included Tiger Global, The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric and Base Capital.
BVNK said at the time it planned to use the funding to continue its goal of building an “international payments and banking infrastructure, one that will support both crypto and fiat currency transactions with an agile, digital-first model.”
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