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BVNK, a provider of stablecoin payment infrastructure, has successfully raised $50 million in Series B funding to bolster its operations in the United States. This funding round highlights the growing interest from institutions in digital currency payment solutions.
Headquartered in London, BVNK specializes in facilitating stablecoin transactions for businesses. The newly acquired funds will be directed towards opening offices in both San Francisco and New York City.
The funding round was spearheaded by Haun Ventures, joined by Coinbase Ventures, Scribble Ventures, DRW VC, along with existing backers Avenir and Tiger Global.
Expansion and Collaborations
Since its Series A funding in 2022, BVNK has seen impressive growth, handling over $10 billion in annual payment volumes, which reflects a remarkable 200% increase year over year.
The company offers a robust infrastructure that allows businesses to easily send, receive, and store stablecoins—digital currencies that are intended to maintain their value by being linked to traditional currencies such as the US dollar.
BVNK has formed key partnerships with major players such as PayPal, Circle (the issuer behind the USDC stablecoin), and First Digital, enhancing access to significant stablecoin options. The firm’s clientele includes notable companies like global payroll service Deel, payment solutions provider Rapyd, and merchant services firm Trust Payments.
Earlier this year, BVNK introduced Layer1, a software solution tailored for enterprises to manage their stablecoin payments more effectively. This platform is designed for businesses looking for viable alternatives to conventional payment systems like Swift for international transactions.
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