Mainstream adoption of crypto is skyrocketing. As more transactions are carried out in cryptocurrency, there is a growing demand among businesses for a banking platform that can accept crypto payments, settle crypto assets and bridge seamlessly between fiat and crypto economies. The investment will fuel BVNK’s launch into new markets, including the U.S., accelerate its acquisition of regulatory licences, and support the expansion of product capabilities.
Bringing traditional finance and crypto together, London-based cryptocurrency startup BVNK has raised $40 million in Series A round. The funding was led by Tiger Global alongside other investors, including The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, and Base Capital. Angel investors, including the founders of Anchorage Digital, Coinlist, Eco.com and TrueLayer; Microsoft’s ex-head of strategy and former Stripe and Jump Trading executives also participated.
The platform aims to make the use of crypto financial services more accessible, helping its clients manage treasury, payment and investment operations for digital assets from a single account. The company is already processing over $2 billion in annualised payments volume and has more than doubled monthly payment volumes since January 2022.
So how does it work? It offers a business account that provides a ‘Know Your Business’ process for access to GBP/EUR/USD and digital asset wallets. Firms can manage settlement, exchange and payment from a single account interface.
The interface also hosts BVNK Yield, where clients can put their capital to work and earn interest; and BVNK Markets for large volume digital asset trades. The startup has also developed BVNK Insights, which provides market intelligence to help customers make informed decisions.
BVNK co-founder and CEO Jesse Hemson-Struthers said: “BVNK plugs the gap between traditional finance and crypto in the market. The demand for crypto payment services has far exceeded even what we were expecting, and this Series-A funding will enable us to expand our services, markets and operations.”
Alex Cook, partner, Tiger Global, added: “Rapid adoption of cryptocurrencies by global businesses adds complexity to treasury management, banking, and payments. BVNK’s platform helps companies seamlessly switch between fiat and crypto. BVNK, with its focus on product differentiation and compliance, is poised to be a market leader."
Would you like to write the first comment?
Login to post comments