BVNK Raises $50 Million in Series B Round to Expand Stablecoin Payments

The stablecoin infrastructure platform BVNK, which was established in 2021 and is headquartered in London, has raised $50 million in its Series B fundraising round. This additional investment will help the company’s efforts to advance stablecoin payments and represents a major turning point in its growth trajectory. The money, which was revealed on December 17, is thought to be a crucial step in hastening BVNK’s international commercial growth.

Series B Funding and Future Plans

In May 2022, BVNK successfully raised $40 million in a Series A round sponsored by Tiger Global, a venture capital firm. Since then, the company has raised an additional $50 million. The company is now valued at $750 million. Haun Ventures led the Series B investment, including prominent participation from prior backers Avenir and Tiger Global, Coinbase Ventures, DRW Venture Capital, and Scribble Ventures.

With a special emphasis on the US market, BVNK intends to use this funding to advance its objective of growing stablecoin payments. By obtaining regulatory licenses in a number of states, including Alabama, Florida, Michigan, and Delaware, the business has already achieved progress in this area. BVNK wants to take advantage of the increasing need for digital asset solutions by making stablecoin-based payments easy for American companies.

Jesse Hemson Struthers, co-founder and CEO of BVNK, emphasized the importance of this funding for the company’s future. He explained, “For BVNK, now is the right time to double down on our mission. Closing this funding round is a vote of confidence in our strategy, and enables us to bring stablecoin payments to one of the largest global markets: the US.”

The funding also comes at a time when BVNK is further solidifying its position in the stablecoin market. The company recently announced a partnership with Circle, aiming to expand the utility of the stablecoin USDC in various payment types, such as payrolls and large-scale payouts. Additionally, BVNK introduced Layer1, a self-custody solution designed to simplify stablecoin adoption for businesses.