London-based traditional finance and crypto solutions platform Orbital, has raised £5 million in an oversubscribed round. Orbital by name and orbital by nature, the fintech is a licensed provider for traditional payment and crypto payments for global firms, 'especially focusing on the business use cases for stablecoins in cross-border payments'.
The round was led by Golden Record Ventures and includes New Form Capital, GSRV, Psalion and Luminous Futures. Orbital’s says that this is its first bit of institutional capital as it has been bootstrapped and become profitable since being founded in 2017 by Chris Mason (CEO), Luke Wingfield-Digby (CIO) and Paulius Grigaitis (CTO).
The fresh funding will see Orbital continue its 'rapid growth, secure additional licences in new jurisdictions, and further develop its product'.
“We believe all modern, global companies will require access to both blockchain and fiat payment rails, from one single platform, to effectively manage their business in the future - we’ve both grown rapidly and raised financing in a very difficult crypto bear market. Now we’re ready to scale even further and push our platform towards the bleeding edge of fintech,” says Wingfield-Digby.
“The annual volume of B2B payments is larger than worldwide GDP and yet the architecture of cross-border flow is a patchwork of legacy methods mired with friction and inefficiencies. The Orbital team has developed a best-in-class, compliant technology platform that caters specifically to large corporates and enterprises. The global business community is starting to internalise the value and importance of stablecoins settlement, and we are delighted to back Orbital in its mission to overhaul traditional banking coverage,” says Jad Benabdelkhalek, General Partner at Golden Record Ventures.