Stablecoin payments infrastructure firm BVNK raises $50m series B round
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BVNK, a stablecoin infrastructure platform founded in 2021, has announced it raised $50 million in its Series B funding round. The platform plans to use the funding to drive the next phase of its business growth, it said in a blog post on Dec. 17. The funding is crucial to its mission to expand stablecoin payments. The $50 million Series B follows BVNK’s $40 million Series A funding round, which took place in May 2022 and was led by venture capital firm Tiger Global. Notably, BVNK had announced plans to raise $50 million in a new funding round in November 2024. The funding, which values the company at $750 million, comes as the London-based stablecoin infrastructure firm aims to strengthen its presence in the U.S. The project has sought regulatory approvals across multiple states, securing licenses in Alabama, Florida, Michigan, and Delaware, among others. With venture capital backing in place, BVNK aims to streamline global payments for U.S. businesses. BVNK co-founder and CEO Jesse Hemson Struthers commented: “For BVNK, now is the right time to double down on our mission. Closing this funding round is a vote of confidence in our strategy, and enables us to bring stablecoin payments to one of the largest global markets: the US.” Jesse Hemson Struthers, co-founder & CEO, BVNK Haun Ventures led the Series B investment round, with participation from Coinbase Ventures, DRW Venture Capital, and Scribble Ventures. Existing investors Avenir and Tiger Global also backed the raise. BVNK and Circle announced a partnership in October, aiming to use their collaboration to bring the stablecoin USDC’s utility to more payments types, including payrolls and large-scale payouts. The platform also unveiled its self-custody solution dubbed Layer1 earlier this year, with this aimed at helping businesses easily adopt stablecoins. Source: https://crypto.news/stablecoin-payments-infrastructure-firm-bvnk-raises-50m-series-b-round/
Filed under: News - @ December 17, 2024 9:20 pm