London-based crypto-processing group BCB Group has acquired Sutor Bank, founded in 1921 in Hamburg, Germany, with a fintech focus.
\n\n\n\n
BCB Group is delighted to announce today that Hamburg-based @SutorBank is joining the group!
Find out more: https://t.co/PUrlRq5zE2 pic.twitter.com/bzZVvvIaYi
— BCB Group (@BCBcrypto) December 15, 2021
The parties expect regulatory approval by the end of February.
\n\n\n
Terms of the deal were not disclosed.
\n\n\n
Sutor Bank operates a banking-as-a-service platform and supports independent financial advisers with a broad range of products, including savings and pension plans.
\n\n\n
“The addition of a fully licensed bank will enable BCB Group to better serve its clients in the EU and drive business growth,” the press release said.
\n\n\n
According to the crypto-processing firm, in 2021 it processed payments of more than $40 billion.
\n\n\n
In March, BCB Group raised $4.5 million to obtain licenses in Singapore, Switzerland and other jurisdictions.
\n\n\n
Earlier, the crypto-processing firm introduced the BCB Treasury service, which gave clients access to Bitcoin and other digital assets. With it, corporations could trade, manage and store cryptocurrencies as part of their strategy.
\n\n\n
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full stream of news, ForkLog — the most important news, infographics and opinions