London-based BVNKFinance has raised $40 million in Series A funding as it looks to appeal to businesses who wish to build crypto into their operations. By JamieCrawleyCD
BVNK, a banking and payments platform targeting businesses seeking crypto integration, has raised $40 million in Series A funding.
The round was led by Tiger Global and also featured digital asset custodian Anchorage Digital, token sale platform Coinlist and open banking startup TrueLayer.with the aim of appealing to businesses looking to offer crypto services not currently served well by existing payment and settlement providers.
The London-based firm will use the funds to accelerate its push for regulatory licenses and expand into new markets, such as the U.S. BVNK currently process $2 billion in annualized payments which it aims to grow to serve cross-border businesses with fast payments and banking in crypto and fiat, hoping to address the fees and slow processing times of legacy infrastructure that could be a barrier to adoption by businesses.
Its API-based platform enables merchants and other businesses to integrate crypto payments into their operations. Enabling businesses to accept payments in cryptocurrency but receive settlements in fiat could prove a boon for institutional and corporate adoption of crypto, which may be currently impeded by the challenges of converting it into fiat, on-ramping customers or managing payouts.
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