Today, London fintech BVNK announced the successful closing of its $50 million Series B funding round.
BVNK provides stablecoin payments infrastructure, unifying banks and blockchains in a single platform, to accelerate global money movement.
Stablecoins are solving real-world business problems by making payments faster, more efficient, and more reliable. They can eliminate delays and reduce FX risks associated with traditional banking systems, ensuring faster, more reliable seller payments while improving marketplaces’ operational efficiency.
Some examples of how businesses are using stablecoins include:
- Global payroll: Deel uses stablecoins to pay contractors worldwide in minutes, addressing demand for USD in volatile markets. Previously, payouts could take up to a week in some regions.
- Streamlined merchant settlements: Companies like Rapyd and Visa use stablecoins to instantly settle payments with thousands of merchants globally, eliminating cross-border delays and freeing up liquidity for merchants.
- Marketplace payouts: Global marketplaces such as Airbnb and Amazon rely on payment providers like Worldpay to send payouts to millions of sellers worldwide.
Over the last two years, BVNK has processed over $10 billion in annualised payment volumes, with 200 per cent year-on-year growth. Its worked with customers like Deel, Rapyd, and Trust Payments to power their stablecoin payments, and secured partnerships with stablecoin providers such as PayPal, Circle, and First Digital, strengthening access to all major stablecoins.
Earlier this year, BVNK launched Layer1, a software solution tailored to enterprises that want to manage their stablecoin payments in-house.
As part of its Series B, BVNK is expanding its operations to the United States, opening a San Francisco office and establishing a presence in New York City.
Haun Ventures led the funding, with participation from Coinbase Ventures, Scribble Ventures, DRW VC and existing investors Avenir and Tiger Global.
Shan Aggarwal, Vice President of Corporate and Business Development, Ventures at Coinbase commented:
“Today’s consumers want payments that happen as fast as the internet, across borders, and without compromising security. Stablecoins offer that solution and are helping update the financial system.”
According to Diogo Mónica, General Partner at Haun Ventures, stablecoins represent the most significant infrastructure upgrade to global payments in decades:
“BVNK has already demonstrated its ability to unlock real-world use cases at scale, and we’re thrilled to support their journey to make instant, borderless payments a reality for businesses everywhere.
This is the kind of innovation that defines the future of finance.”
Lead image: BNVC. Photo: uncredited.