• 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.

Photo by Nicolas Postiglioni

• Digital challenger bank Current raised $200 million, boosting its total funding to over $600 million.
• Current plans to use the funding to enhance and scale its accessible financial products that promote inclusion.
• As part of today’s announcement, Current reported a 90% revenue increase this year and welcomed new investors General Catalyst and Cross River Bank.

Digital bank Current received $200 million in fresh capital this week. Along with the announcement, the New York-based company revealed that it experienced a record-breaking year, seeing a 90% increase in revenue.

The company has raised just over $600 million, inclusive of today’s round. Current plans to use the funds to build more accessible financial solutions.

Existing investors Andreessen Horowitz, Wellington Management, and Avenir contributed to the round. Two new investors, General Catalyst and Cross River, also participated. Current expects General Catalyst’s investment will drive member acquisition and fuel profitability. The company also said that Cross River Bank is extending warehouse funding to support Current’s Paycheck Advance product and credit-building card offering.

“Millions of Americans are struggling with affordable access to liquidity and credit,” said Current CEO and co-founder Stuart Sopp. “This new capital provides us the most efficient way to scale these solutions, including providing even higher limits of our earned wage access product to more people and setting our company on the best path to long-term success, including reaching profitability in 2025.”

Current was founded in 2015 to create a banking system that’s more affordable, accessible, and innovative. The company has a credit-building card, early paycheck advance product, fee-free overdraft, crypto trading platform, as well as a high-yield savings account with a transaction round-up savings feature.

“Current’s tremendous growth this year showcases the true product-market fit it has unlocked,” said General Catalyst’s Roy Mabrey. “We are excited to invest in the future of Current because of its demonstrated ability to scale with great unit economics and the key gap it is stepping up to fill in the market for millions of Americans who are struggling to make ends meet. We look forward  to supporting Stuart and the team as they continue to grow and be at the forefront of product innovation.”

Photo by Killian Eon

• Melio raised $150 million in a Series E round led by Fiserv.
• Today’s round values the accounts payable and receivable platform at $2 billion.
• The company’s 10x revenue growth over the past three years reflects its expansion into medium-sized businesses and new partnerships, significantly broadening its customer base.
• Melio and Fiserv initially began working together in 2023, when the two launched a combined solution called CashFlow Central.

Accounts payable and receivable platform Melio has landed $150 million in a strategic Series E round led by Fiserv. The investment, which brings the company’s total raised to $654 million, also saw strategic contributions from Shopify Ventures and Capital One Ventures, which are expected to boost Melio’s partnerships. Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude, and Thrive Capital also contributed.

Notably, today’s round values Melio at $2 billion. This comes as the New York-based company saw a 10x increase in revenue in the past three years. This growth was fueled by Melio’s move to add medium-sized businesses (SMBs) to its customer base, as well as its addition of new partners.

Melio and Fiserv initially began working together in 2023 in a partnership that combined Melio’s accounts payable and receivable workflows with Fiserv’s payment capabilities and biller and merchant network. The combined solution, called CashFlow Central, allows Fiserv’s 3,500+ financial institution clients to help their SMB customers manage their payment operations and cash flow needs.

“Through our partnership with Melio, CashFlow Central is designed to create significant value for financial institutions and their business clients or members,” said Fiserv Head of Financial Institutions Group John Gibbons. “We are excited to leverage our unique position at the intersection of financial institutions and businesses to deliver a comprehensive, integrated experience that enables our clients to compete and grow their portfolios with this important segment of their communities.”

Melio was founded in 2018 with the mission to empower small businesses and their accountants by enhancing cash flow and streamlining payment operations. The company’s platform simplifies both accounts receivable and accounts payable processes. It allows businesses to manage payments and invoices. Melio integrates with QuickBooks, Xero, and Amazon Business to enable features such as ACH transfers, automated bill payments, and the creation of virtual payment cards. Integrating with a business’ existing accounting tool not only reduces their administrative burden, but it also provides them with greater control, visibility, and flexibility over their finances.

“We’re proud to witness our embedded solution helping our partners better service their business clients, leading to increased deposits, higher engagement and creating new revenue streams,” said Melio CEO and co-founder Matan Bar.

Photo by David Becker on Unsplash

• Finix raised $75 million in a Series C round led by Acrew Capital, with contributions from Citi Ventures, Tribeca Venture Partners, and other prominent investors.
• The new funds boost Finix’s total funding to over $208 million.
• Finix processes 432 million transactions daily across the U.S. and Canada.

Payments processing company Finix has landed $75 million this week. The Series C investment, which brings the company’s total funding to just over $208 million, was led by Acrew Capital and co-led by Leap Global and Lightspeed Venture Partners. New investors Citi Ventures and Tribeca Venture Partners also contributed alongside existing investors Homebrew, Insight Partners, Inspired Capital, and Cap Table Coalition.

Finix was founded in 2015 to help banks, acquirers, and enterprises own, manage, and monetize their payments with a low-code user experience. The company processes 432 million transactions on a daily basis for software platforms, marketplaces, retail, and e-commerce businesses across the U.S. and Canada.

“Finix offers no-code payment solutions for the 22 million businesses without developers, ​​enabling seamless payment integrations with little to no technical expertise,” said Finix CEO and Co-founder Richie Serna. “When we started Finix, we were big believers in the developer movement, and we still are! But over time we’ve seen a major shift in the market. Even businesses that have developers don’t want to spend their time or resources on payments — they want highly brandable, configurable payment solutions that require little to no technical expertise to implement. From startups to publicly traded companies, merchants to vertical SaaS companies, customers of all sizes are taking advantage of Finix’s no-code solutions. Today, every feature in our broad product suite is now available in no-code, low-code and API-driven solutions.”

The funds come at a time of growth for the California-based company. Finix has quadrupled its revenue in the last year. And while the company has not disclosed how many merchants it currently serves, Finix told TechCrunch that it supported more than 12,000 merchants in 2022 and that it has so far closed a record number of merchant deals this year. This growth was likely spurred by Finix becoming a full-stack acquirer processor in May 2023.

As for the next evolution of Finix, Serna said that the company has evolved into a full-stack acquirer/processor. As a testament to this, Finix currently offers real-time payouts, no-code/low-code capabilities, omnichannel support for both card-present and card-not-present transactions, and cross-border payments capabilities.

Photo by Marcel Eberle on Unsplash

• Moneybox raised $90 million (£70 million) in a round led by Apis Global Growth Fund III and Amundi.
• Today’s investment boosts Moneybox’s total funding to $213.4 million (£165 million).
• Moneybox has grown rapidly, achieving an 84% increase in valuation since 2022, and will use the funds to further innovation and strengthen its market position.

Savings and investment platform Moneybox landed $90 million (£70 million) today. The round was led by Apis Global Growth Fund III and includes funds from Amundi.

“We are excited to welcome Apis and Amundi, who share our vision for how we can help millions of customers build wealth so they can live the life that they want – whether that’s saving for their first place in their 20s, being their own boss in their 40s, or taking the gap year that they never got round to in their 60s,” said Moneybox Co-founder and Executive Chair Ben Stanway.

Today’s funds boost the U.K.-based company’s total funding to $213.4 million (£165 million). This investment will largely be achieved via a secondary share sale in which existing investors will sell 10% to 15% of the current share capital. 

“We are also delighted to be able to facilitate this secondary share sale to recognize the hard work of our team and also our investors, many of whom have supported us since inception. We want to enable our shareholder community to realize some of the value of their investment at this important juncture,” added Stanway.

Founded in 2015, Moneybox offers investing, saving, pension, and home-buying Lifetime ISA tools in a single app. The company, which currently counts one million users and surpassed £10 billion in assets under administration in 2023, will use today’s funds to further its innovation, build on its growth, and ultimately strengthen its market position.

The investment comes two-and-a-half years after Moneybox’s £35 million ($45 million) Series D round in 2022, which valued the company at $388 million (£300 million). Moneybox has made an impressive acceleration since then, boosting its valuation by 84% to $711 million (£550 million).

“Moneybox is revolutionizing the way people approach personal finance by making saving and investing more accessible and understandable,” said Apis Co-Founder and Managing Partner Matteo Stefanel. “Moneybox’s mission to help everyone save and build wealth for the future aligns with Apis’ democratisation of finance theme and Impact goals, and we’re excited to support the team in this phase of their journey.”

Photo by cottonbro studio