BVNK Raises $50M to Develop Stablecoin Payments Infrastructure
Date: 2024-12-18 Author: Oliver Abernathy Categories: BUSINESS
The company plans to use the funds to further develop its stablecoin payments infrastructure. In a blog post on December 17, the platform emphasized the importance of this funding to expand its presence in the global market.
This Series B round, which valued the company at $750 million, is a follow-up to the Series A in May 2022, when BVNK raised $40 million led by venture fund Tiger Global. The company announced plans to raise $50 million in a new round in November 2024.
The London-based company aims to strengthen its position in the United States, having received licenses in states such as Alabama, Florida, Michigan, and Delaware. These steps are backed by the backing of major venture capital firms, allowing BVNK to simplify global payments for US businesses.
BVNK CEO and co-founder Jesse Hemson Struthers said:
“This is an opportune time for BVNK to solidify our mission. Closing this funding round reaffirms our confidence in our strategy and allows us to advance stablecoin payments in one of the world’s largest markets: the US.”
The Series B funding round was led by Haun Ventures, with participation from Coinbase Ventures, DRW Venture Capital, and Scribble Ventures. Existing investors Avenir and Tiger Global also participated.
In October, BVNK announced a partnership with Circle to expand the use of the USDC stablecoin across multiple payment use cases, including payroll and large-scale remittances. Earlier this year, the platform also introduced Layer1, a self-custody solution that makes it easier for businesses to integrate stablecoins.
