BVNK, a stablecoin payments infrastructure firm, has closed a Series B funding round of almost £40 million.
Stablecoins are emerging as a transformative infrastructure upgrade for payments, positioned to take on legacy systems like Swift.
The round, led by Haun Ventures with participation from Coinbase Ventures, Scribble Ventures, DRW VC and existing investors Avenir and Tiger Global, will be used to accelerate stablecoin payments in the United States.
BVNK will expand its operations to the United States, open a San Francisco office and establish a presence in New York City. Over the past year, BVNK has been building out its US team, local banking infrastructure, and operational licenses to serve US businesses eager to harness the benefits of stablecoin payments.
BVNK is led by co-founders Jesse Hemson-Struthers (CEO), a serial entrepreneur with successful exits to Naspers and Sportradar; Donald Jackson (CTO), a seasoned technologist with a background in enterprise systems and blockchain; and Chris Harmse (CBO), a chartered financial analyst and former partner at a macro/crypto fund.
Since its Series A funding in 2022, BVNK has processed over $10 billion in annualised payment volumes via its platform which aims to make sending, receiving and storing stablecoins seamless.
It has worked with customers like Deel, Rapyd and Trust Payments to power their stablecoin payments; and secured partnerships with the world’s leading stablecoin providers PayPal, Circle and First Digital, strengthening access to all major stablecoins.
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“Stablecoins are redefining how money moves across the world – faster, more cost-efficient, and with fewer barriers,” said Hemson-Struthers.
“At BVNK, we’re building the infrastructure to make these new rails accessible to businesses everywhere, empowering them to operate at the speed of today’s economy. This funding marks the next step in our mission to transform payments for the modern world.”
Shan Aggarwal, vice president of corporate and business development, ventures at Coinbase, commented: “Today’s consumers want payments that happen as fast as the internet, across borders, and without compromising security. Stablecoins offer that solution and are helping update the financial system.
“Coinbase Ventures is excited to invest in BVNK as they seek to drive greater global adoption of stablecoin payments.”
Diogo Mónica, general partner at Haun Ventures, said: “Stablecoins represent the most significant infrastructure upgrade to global payments in decades. BVNK has already demonstrated its ability to unlock real-world use cases at scale, and we’re thrilled to support their journey to make instant, borderless payments a reality for businesses everywhere.
“This is the kind of innovation that defines the future of finance.”
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