Alchemy Pay Invests in LaPay to Leverage Its UK Payment License

Source: Fintech News Singapore

Alchemy Pay, a global crypto payment service provider, has invested in UK-based fintech LaPay to expand its global Web 3.0 payment solutions. The financial details of the investment were not disclosed.

LaPay, which operates under the regulatory oversight of the UK Financial Conduct Authority (FCA) with the license number 914920, represents a key piece in Alchemy Pay‘s global strategy.

The UK fintech firm’s Authorised Payment Institution (API) license will bolster Alchemy Pay’s reach into regulated markets, supporting its goal to secure over 20 licenses in key regions including the U.S., UK, Hong Kong, Singapore, Australia, and South Korea.

With six regulatory licenses already in place across four continents, Alchemy Pay said that it is on track to achieve its licensing goal by the end of 2024.

Gibbs Lvy, Co-Founder of Alchemy Pay said,

“Previously, we operated as a compliant Web 3.0 payment solution provider on a global scale, but today, our investment in LaPay gives us increased reach and new opportunities in the UK and global market. Innovative fintech firms like LaPay are reshaping the dynamics between traditional banking, finance, payments, and Web 3.0.

Currently, established financial giants like PayPal, Visa, Revolut, and others are also venturing into Web 3.0 fintech, marking the beginning of a transformative era in the global financial payments landscape, where payments, wallets, custody services, and stablecoins are gradually integrating into traditional banking, finance, and payment infrastructures.”