Stablecoin payments infrastructure firm BVNK raises $50m series B round

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As a seasoned crypto investor with over a decade of experience under my belt, I find BVNK’s recent Series B funding round of $50 million to be a promising development in the stablecoin space. The fact that they’ve managed to secure such a substantial investment within just two years of their founding is quite impressive.

In simpler terms, launched in 2021, the company known as BVNK – a platform for building stablecoin infrastructures – has declared that they’ve successfully secured $50 million during their Series B funding round.

In a blog post dated December 17, the company announced that the funds would be utilized to fuel the upcoming expansion of its business, with a focus on increasing the use of stablecoins in its payment system.

In a subsequent development, BVNK’s Series B financing round, worth $50 million, comes after their successful Series A round that was held in May 2022, which was spearheaded by Tiger Global. It is worth noting that BVNK had previously announced intentions to secure $50 million in a new funding round, slated for November 2024.

This $750 million investment is given at a time when the London-headquartered stablecoin infrastructure company is striving to boost its influence within the U.S. The undertaking has been pursuing regulatory endorsements across various states, obtaining licenses in Alabama, Florida, Michigan, and Delaware, among others.

Bolstered by venture capital support, BVNK intends to simplify international payment processes for American companies. In response, BVNK’s co-founder and CEO, Jesse Hemson Struthers, stated:

In light of recent developments, BVNK should strongly reinforce its commitment to our purpose. Securing this investment round signifies faith in our approach, empowering us to introduce secure digital currency transactions to a vast market – the United States.

Jesse Hemson Struthers, co-founder & CEO, BVNK

In the Series B funding round, Haun Ventures served as the primary investor, while Coinbase Ventures, DRW Venture Capital, and Scribble Ventures joined in as additional participants. Furthermore, existing investors Avenir and Tiger Global continued their support by also taking part in this investment round.

In October, BVNK and Circle joined forces in a partnership, intending to expand the usability of the stablecoin USDC for various payment options such as payrolls and large-scale payouts. Additionally, their platform introduced its self-custody solution called Layer1 earlier this year, designed to facilitate businesses in effortlessly adopting stablecoins.

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2024-12-17 23:49