BCB Group has taken over Hamburg-based Sutor Bank, founded in 1921.
British fintech company BCB Group acquired German Sutor Bank. Information about the deal appeared on Twitter. The deal is currently pending approval by the Federal Financial Supervisory Authority (BaFin). The companies expect to receive it by the end of winter. Details have not been advertised.
BCB Group provides account and payment processing for major crypto platforms, including Coinbase, Kraken, Gemini, Galaxy, BitPay, Circle, etc. According to the company, BCB Group has processed over $40 billion in payments in 2021.
Sutor Bank specializes in fintech solutions and operates an innovative BaaS platform. The bank provides services to independent financial advisors, including pension and savings funds. The press release describes Sutor Bank as “one of the very few banks in Germany integrating with Fintechs in the digital asset space.”
The acquisition of the fully licensed bank will open up opportunities for BCB Group to improve its service to EU customers and act as a growth driver for the company as a whole.
