BVNK Powers Up with £40m Series B Funding to Revolutionize Stablecoin Payments
Deal News | Dec 18, 2024 | Business Cloud
BVNK, a stablecoin payments infrastructure firm, has successfully raised £40 million in a Series B funding round led by Haun Ventures with participation from high-profile investors such as Coinbase Ventures, Scribble Ventures, DRW VC, and Avenir and Tiger Global. The new capital will support the accelerated adoption and operational expansion of stablecoin payments in the United States. Key strategic moves include establishing a San Francisco office and securing a foothold in New York City, bolstered by building a comprehensive team, local banking infrastructure, and operational licenses. BVNK, under the leadership of co-founders Jesse Hemson-Struthers, Donald Jackson, and Chris Harmse, has achieved notable milestones since its Series A, processing over $10 billion in payments and establishing significant partnerships with leading stablecoin providers like PayPal, Circle, and First Digital. This funding is set to drive BVNK’s mission further into making seamless, borderless stablecoin payments a mainstream reality for businesses globally.
Sectors
- FinTech
- Cryptocurrency
- Investment
Geography
- United States – BVNK is expanding its operations into the US, establishing offices in key locations such as San Francisco and New York City, and targeting the US market.
Industry
- FinTech – The article discusses the operations and funding of BVNK, a company that utilizes financial technology to enhance payment systems with stablecoins.
- Cryptocurrency – The focus is on stablecoins, a form of cryptocurrency, as BVNK aims to revolutionize payment systems using digital currency.
- Investment – The article highlights a significant investment round in the form of Series B funding, involving multiple venture capital firms.
Financials
- £40 million – The total funding amount raised by BVNK in its Series B round.
- Over $10 billion – The annualised payment volume processed by BVNK's platform since its Series A funding.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BVNK | Target Company | Company | A stablecoin payments infrastructure firm focused on transforming payment systems with cryptocurrency technology. |
| Haun Ventures | Lead Investor | Company | A venture capital firm that led the Series B funding for BVNK. |
| Coinbase Ventures | Investor | Company | An investment arm of Coinbase, participating in BVNK's Series B funding round. |
| Scribble Ventures | Investor | Company | A venture capital firm involved in the Series B funding of BVNK. |
| DRW VC | Investor | Company | A venture capital investment firm that participated in BVNK's funding round. |
| Avenir | Existing Investor | Company | An existing investor in BVNK that also participated in the latest funding round. |
| Tiger Global | Existing Investor | Company | A leading global investment firm and existing investor in BVNK. |
| Jesse Hemson-Struthers | CEO | Person | BVNK's CEO and co-founder, experienced entrepreneur overseeing the company's strategic direction. |
| Donald Jackson | CTO | Person | Chief Technology Officer at BVNK, responsible for the technological development of the platform. |
| Chris Harmse | CBO | Person | Chief Business Officer, responsible for BVNK's business strategies and partnerships. |
| Deel, Rapyd, Trust Payments | Customers | Company | Key customers of BVNK utilizing its stablecoin payment services. |
| PayPal, Circle, First Digital | Partners | Company | Major stablecoin providers partnered with BVNK to broaden their payment services. |