- U.K.-based stablecoin infrastructure provider BVNK secured a $50 million Series B round, boosting its valuation to $750 million.
- The round was led by Haun Ventures with participation from Coinbase Ventures and Tiger Global.
- BVNK plans to launch in the U.S. next month with offices in New York and San Francisco.
As living proof that the stablecoin revolution is underway, stablecoin infrastructure provider BVNK has raised $50 million. The investment is the U.K.-based fintech’s first round since 2022 and boosts its valuation to around $750 million.
Haun Ventures led the Series B round, which also included participation from Coinbase Ventures and existing investor Tiger Global. Notably, Haun Ventures is also an investor in stablecoin infrastructure startup Bridge, which was acquired by Stripe for over $1 billion in October of this year.
“Every competitor of Stripe is coming to us saying, ‘Stripe’s done this, how can we get involved in the space now?'” BVNK cofounder and CEO Jesse Hemson-Struthers told Fortune.
Stablecoins, which are cryptocurrencies pegged to fiat or a physical asset, have the potential to bring significant value to users. That’s because they are both instant and inexpensive, unlike payments made via traditional payments rails such as SWIFT. Stablecoins have exceptional potential for cross-border payments and remittances. They offer greater accessibility compared to traditional banking systems, while also mitigating the volatility typically associated with other cryptocurrencies.
Stablecoin infrastructure companies like BVNK and its competitor Bridge are key players in the stablecoin space, as they serve as on-and-off ramps for converting fiat into stablecoins and back.
BVNK was founded in 2021 and currently processes an annualized volume of $10 billion. The company integrates with established banking networks like SWIFT and SEPA to provide real-time settlement and the ability to operate outside of standard banking hours. BVNK has historically focused on the European and Asian markets, but plans to launch in the U.S. next month, opening offices in New York and San Francisco.