Tap Global Group PLC (LSE:TAP) shares gained on Monday after the payments tech firm entered a strategic partnership with Moorwand, to enhance its digital banking capabilities
Moorwand’s Banking-as-a-Service platform will be integrated into Tap’s system, enabling customers to access dedicated GBP and EUR accounts with Sort Codes and IBANs.
Tap said it will allow users to fund accounts directly, removing the need for external bank transfers and improving payment speed through Faster Payments and SEPA.
"This move fundamentally elevates the Tap product from a specialised crypto-led application to a versatile financial account, capable of serving a user's everyday banking needs - accelerating the journey towards becoming a holistic digital banking alternative," Tap chief executive Arsen Torosian said.
"We are not just participating in the future of finance; we are actively building it on a foundation of innovation and regulatory integrity, creating a platform with the potential for scale that is robust, secure, and trusted."
Luc Gueriane, Moorwand chief executive, meanwhile, added: "We are excited to partner with them as they redefine the relationship between traditional finance and digital assets, and we look forward to supporting their continued growth and innovation."
In London, Tap shares were up 7.5% changing hands at 2.58p.