Stablecoin Platform BVNK Raises $50 Million in Series B Funding
Stablecoin infrastructure platform BVNK has raised $50 million in a Series B funding round, increasing its valuation to approximately $750 million. The London-based firm announced the funding on Tuesday, led by Haun Ventures with participation from Coinbase Ventures and Tiger Global.
Founded in late 2021, BVNK has expanded its operations, entering the US market last year with an office in San Francisco and working on operational licenses. The company has received approvals in states including Florida, Alabama, Arizona, Delaware, Michigan, and New Hampshire.
BVNK focuses on simplifying payments through stablecoins, which are digital currencies designed to maintain stable value. Its platform enables businesses to facilitate global transactions, make instant payouts, and mitigate exchange-rate risks associated with cross-border payments.
Instant Payroll and Secure Payouts with Stablecoins
BVNK is already making an impact as businesses utilize its services for instant payroll, merchant settlements, and marketplace payouts. For example, Deel uses BVNK to pay contractors globally with stablecoins like USDC, helping workers avoid delays and unfavorable currency conversions.
Co-Founder and CEO Jesse Hemson-Struthers emphasizes the transformative potential of stablecoins in finance, stating they eliminate outdated bottlenecks in traditional systems, offering speed, reliability, and cost-efficiency.
“Stablecoins are an infrastructure upgrade for payments, ready to replace legacy systems,” said Jesse Hemson-Struthers.
Global merchants benefit as well, with companies like Visa and Rapyd using stablecoins for instant payment settlements, enhancing liquidity and avoiding cross-border banking delays. This technology aids marketplaces such as Airbnb and Amazon in providing faster, more secure seller payouts.
Stablecoin Transactions Triple PayPal Volume
BVNK’s growth aligns with rising global stablecoin adoption. In 2024, stablecoin payments are projected to reach $5.2 trillion, tripling PayPal's processed volume. Last month, 28.5 million unique users conducted over $600 million in on-chain transactions.
Major financial institutions are recognizing this trend, as evidenced by Stripe’s $1 billion stablecoin acquisition and Visa’s new tokenization platform. BVNK views this momentum as a chance to reshape global payments for businesses.
The recent funding positions BVNK for rapid expansion in the US, the largest payments market. Over the past year, the company has developed a local team, banking infrastructure, and regulatory framework while opening a new office in San Francisco and establishing a presence in New York City.