BCB Group, the crypto-dedicated payments services provider, has acquired fintech-focused Sutor Bank, gaining control of a German bank to drive its expansion in the European Union. Adding a fully licensed bank to the group will enable BCB Group to better service its clients in the EU and drive growth across its business line. The London-based company has witnessed a huge jump in volume growth, and in February this year processed over $4 billion in payments and trades. It raised $4.5 million as it sought to attain more licenses and make a push into Switzerland and Singapore.
Hamburg, Germany-based Suto was founded in 1921. This year the Sutor Bank celebrates its 100th anniversary. For a company to be 100 years old, it always must take new steps. It takes foresight, sensitivity, know-how and a healthy dose of courage to turn a small private bank from 1921 into a modern private bank from 2021. Moonpay, a cryptocurrency payments app, entered a strategic partnership with BCB Group in June this year. The partnership involved Moonpay taking a sizable stake in BCB Group and terms of the deal were also not disclosed.