BVNK, a banking and payments platform targeting businesses seeking crypto integration, has raised $40 million in Series A funding.
- The round was led by Tiger Global and also featured digital asset custodian Anchorage Digital, token sale platform Coinlist and Francesco Simoneschi CEO of open banking startup TrueLayer.
- BVNK launched last October with the aim of appealing to businesses looking to offer crypto services not currently served well by existing payment and settlement providers.
- The London-based firm will use the funds to accelerate its push for regulatory licenses and expand into new markets, such as the U.S.
- BVNK currently process $2 billion in annualized payments which it aims to grow to serve cross-border businesses with fast payments and banking in crypto and fiat, hoping to address the fees and slow processing times of legacy infrastructure that could be a barrier to adoption by businesses.
- Its API-based platform enables merchants and other businesses to integrate crypto payments into their operations. Enabling businesses to accept payments in cryptocurrency but receive settlements in fiat could prove a boon for institutional and corporate adoption of crypto, which may be currently impeded by the challenges of converting it into fiat, on-ramping customers or managing payouts.
UPDATE (16:47 UTC May 12): Adds that Francesco Simoneschi joined funding round in personal capacity, rather than TrueLayer doing so as a company
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