BVNK, a banking and payments platform for businesses seeking crypto integration, has received $40 million in Series A funding.
- The round was led by Tiger Global and also included digital asset manager Anchorage Digital, token sales platform Coinlist and open banking startup TrueLayer.
- BVNK was founded last October with the goal of targeting companies that want to offer crypto services that are not currently well served by existing payment and settlement providers.
- The London-based company will use the funding to accelerate its efforts to obtain regulatory licenses and expand into new markets, such as the United States.
- BVNK currently processes $2 billion worth of payments per year and is looking to expand its operations to provide cross-border businesses with fast payments and banking in cryptocurrencies and fiat, hoping to eliminate the fees and slow processing times of existing infrastructure that could be a barrier to adoption by businesses.
- Its API-based platform allows merchants and other businesses to integrate crypto payments into their operations. The ability for businesses to accept payments in cryptocurrencies but receive settlements in fiat could prove to be a boon for cryptocurrency adoption among institutions and businesses that may currently be hindered by the challenges of converting to fiat, engaging customers, or managing payouts.