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BVNK, a fintech company based in London that specializes in stablecoin payment infrastructure, has raised $50 million in a Series B round. The investment brings the valuation of the company up to around $750 million and reflects growing confidence in BVNK’s mission to revolutionize global payments by integrating traditional finance and digital assets.
Founding and Leadership
BVNK was founded in 2021 by a group of entrepreneurs who aimed to close the gap between conventional payment systems and distributed ledger technology. The founding team comprises:
- Jesse Hemson-Struthers: Co-founder and CEO with experience in cross-border payments and digital asset solutions.
- Donald Jackson: Co-founder and CTO, who has expertise in developing technologies and integrating blockchain.
Before BVNK, Hemson-Struthers and Jackson co-founded Coindirect in 2017, a cross-border payments company based in Cape Town. Coindirect allowed the customer to circumvent the traditional banking systems by making use of stablecoins to send remittances that are faster and more efficient for international transactions.
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About BVNK
BVNK is a global B2B payments company that combines traditional payment systems with distributed ledger technology to provide a seamless platform through which businesses can send, receive, convert, and store both fiat currencies and stablecoins. The mission of the company is to accelerate global money movement through the provision of modern payment rails that enhance accessibility and resilience, much like the internet.
Accelerate global money movement by uniting financial worlds, enabling businesses to grow through seamless and efficient payment solutions.
Create a payments infrastructure that is as accessible and resilient as the internet, empowering businesses to operate effortlessly across traditional and digital financial systems.
Core Offerings
- Payments: Enabling sending and receiving of payments in multiple currencies, including fiat and stablecoins, via a single API platform.
- Payouts: This allows businesses to make global payouts quickly and efficiently by using both traditional and digital payment rails.
- Virtual Accounts: Multi-currency virtual accounts enable businesses to securely manage and store funds and convert between fiat and stablecoins.
- Compliance and Security: Ensuring adherence to regulatory standards and implementing robust security measures to protect client funds and data.
Recent Funding and Growth
The $50 million Series B is led by Haun Ventures, with notable investors coming in from Coinbase Ventures, Scribble Ventures, DRW VC, Avenir, and Tiger Global, among others. This seed round follows the $40 million Series A in 2022, raising BVNK’s total funding to a total of $90 million.
BVNK has been growing rapidly since its launch, processing over $10 billion in annualized payment volumes-a 200% year-on-year increase. The company’s client roster consists of leading businesses like Deel, Rapyd, and Trust Payments, indicating the growing impact the company is having on the fintech industry.
BVNK will use the fresh capital raised for a number of strategic purposes:
- U.S. Expansion: Opening offices in San Francisco and New York will help the company reach a wider market in the U.S. as more individuals seek stablecoin payment options.
- Product Development: Improving current products and creating new ones that fulfill the changing needs of firms operating at the crossroads of traditional finance and digital assets.
- Regulatory Compliance: Obtaining essential licenses and registrations to run an operation smoothly across jurisdictions ensures compliance with local and international financial regulations.
Strategic Partnerships
BVNK has formed partnerships with leading financial and digital asset players such as PayPal, Circle, and First Digital. Through these partnerships, BVNK can offer an integrated payment solution that works harmoniously with existing financial infrastructures to provide clients with a versatile and robust platform for their payment needs.
Market Context
A more significant shift is being brought in the global payments landscape where stablecoins are playing an important role in facilitating quicker, efficient, and low-cost transactions. As more and more businesses look to capitalize on the use of digital assets in cross-border payments, BVNK is strategically positioned to fill this demand by offering infrastructure that integrates traditional finance with the value-added benefits of blockchain technology.
Customer Base and Services
BVNK caters to a diversified customer base that cuts across industries like fintech, payment service providers, CFD and forex trading, iGaming, and digital assets. Through its integrated platform with multi-currency support and different payment means, BVNK allows companies to manage their payments with minimal complexity and cost reduction.
With the significant infusion of capital from the Series B funding round, BVNK is well-positioned to expand its market presence in the United States. In fact, the company is well-positioned to seize the growing global adoption of stablecoins and digital payment solutions through innovation, compliance, and strategic partnerships