UK fintech BVNK secures $50m in Series B funding round
BVNK, a London-based provider of stablecoin payments infrastructure, has landed $50 million in a Series B funding round led by Californian venture capital firm Haun Ventures.
BVNK bags $50 million Series B
The round also saw additional support from existing backers Avenir and Tiger Global, alongside a group of new investors including Coinbase Ventures, DRW VC, and Scribble Ventures.
Founded in 2021, BVNK enables businesses to send, receive, convert, and store stablecoins and fiat. Its solution offers multi-currency payment infrastructure, cross-border payouts, and a variety of virtual account options.
At the start of the year, the fintech introduced its Layer1 product, a software offering for businesses looking to “manage their stablecoin payments in-house”.
BVNK previously secured $40 million in Series A funding back in 2022. Since then, the company claims to have processed over $10 billion in annualised payment volumes, reflecting 200% year-on-year growth.
Moreover, since its previous round, the fintech has secured clients including Deel, Trust Payments, and Rapyd, obtained digital asset registration from the Bank of Spain, and acquired UK-based paytech System Pay Services (SPS) for an undisclosed sum.
BVNK’s latest capital injection will be used to drive its expansion efforts in the US, with the firm opening an office in San Francisco and “establishing a presence” in New York.
The company says that over the past year, it has been “building out its US team, local banking infrastructure, and operational licenses to serve US businesses eager to harness the benefits of stablecoin payments”.
