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December 17, 2024 at 8:00 PM GMT+7 – BVNK, the leading stablecoin infrastructure platform, today announced it has successfully closed a $50 million Series B funding round, bringing the company's valuation to an impressive $750 million. This significant investment will fuel BVNK's continued growth and accelerate its mission to transform global payments through stablecoin technology, with a particular focus on expanding its presence in the United States.
The round was led by Haun Ventures, a prominent venture capital firm specializing in web3 investments, with participation from key industry players including Coinbase Ventures, DRW Venture Capital, Scribble Ventures, and existing investors Avenir and Tiger Global. This strong backing from established investors underscores the confidence in BVNK's vision and its potential to reshape the financial landscape.
BVNK's platform provides businesses with the necessary infrastructure to seamlessly integrate stablecoin payments into their operations. This allows for faster, more efficient, and cost-effective cross-border transactions, bypassing the limitations and delays of traditional banking systems. Use cases include:
- Global payroll: Paying international contractors and employees quickly and easily.
- Instant merchant settlements: Streamlining payment processes for businesses and their suppliers.
- Large-scale payouts: Facilitating efficient distribution of funds without the friction of traditional methods.
- Treasury management: Optimizing corporate treasury operations with the speed and security of stablecoins.
"For BVNK, now is the right time to double down on our mission," said Jesse Hemson Struthers, co-founder and CEO of BVNK. "Closing this funding round is a vote of confidence in our strategy, and enables us to bring stablecoin payments to one of the largest global markets: the US."
BVNK's US expansion is already underway, with the company securing operational licenses in several states, including Alabama, Arizona, Delaware, Florida, Michigan and New Hampshire, and establishing offices in San Francisco and New York City. This strategic move positions BVNK to capitalize on the growing demand for stablecoin solutions in the US market and contribute to the evolution of the global financial system.
This Series B funding follows a successful Series A round in May 2022, where BVNK raised $40 million, demonstrating the rapid growth and market traction the company has achieved. The partnership with Circle, announced in October, further strengthens BVNK's position by leveraging the utility of USDC, a leading stablecoin, for various payment types. Additionally, BVNK's Layer1 self-custody solution empowers businesses to securely manage their stablecoin holdings.
About BVNK:
Founded in 2021, BVNK is a fintech company that provides stablecoin payment infrastructure, bridging traditional banking systems with blockchain technology to facilitate faster and more efficient global money movement. BVNK is committed to building the backbone for global stablecoin and fiat transactions, simplifying complex processes and empowering businesses to thrive in the increasingly interconnected global economy.
About Haun Ventures:
Haun Ventures is a leading venture capital firm focused on investing in web3 companies that are building the future of the internet. Founded by Katie Haun, a renowned figure in the crypto space, the firm brings extensive experience and expertise to its portfolio companies.
About Coinbase Ventures:
Coinbase Ventures is the investment arm of Coinbase, a leading cryptocurrency exchange. The firm invests in early-stage companies building the future of the crypto economy.
About Tiger Global:
Tiger Global is a prominent investment firm with a focus on technology companies. The firm has a strong track record of investing in successful startups across various sectors.
Compiled by CMO Intern team
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