UK crypto payments and banking platform BVNK lands $40m Series A

BVNK, a B2B cryptocurrency payments and banking platform, has landed a $40 million Series A funding round as it looks to expand into new markets, including the US.

BVNK CEO Jesse Hemson-Struthers

The round was led by Tiger Global and saw participation from The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric and Base Capital.

Angel investors include the founders of Anchorage Digital, Coinlist, Eco.com and TrueLayer as well as Microsoft’s ex-head of strategy and former Stripe and Jump Trading executives.

BVNK co-founder and CEO Jesse Hemson-Struthers says the Series A will allow the company to “expand our services, markets and operations” as well as leverage Tiger Global’s “in-depth understanding of the global crypto, payments and banking landscape”.

“Mainstream adoption of crypto is skyrocketing. As more transactions are carried out in cryptocurrency, there is growing demand among businesses for a banking platform that can accept crypto payments, settle crypto assets and bridge seamlessly between fiat and crypto economies,” adds Hemson-Struthers.

The London-based firm’s API-first platform enables merchants to integrate cryptocurrency-powered payments into their operations without having to manage any of the complexity of collecting and converting crypto, on-ramping customers or managing payouts.

Merchants can accept payments in cryptocurrency but receive settlements in standard fiat currencies and using the BVNK Business Account, customers can integrate crypto into their payment and treasury flows.

BVNK says it currently processes more than $2 billion in annualised payments volume and has more than doubled its monthly payment volumes since January 2022.