December 17, 2024
BVNK, a platform for stablecoin payments, has raised $50 million in its Series B funding round. The investment was led by Haun Ventures, with notable contributions from Coinbase Ventures, Scribble Ventures, DRW Venture Capital, and existing investors Avenir and Tiger Global. This funding is set to support the company’s growth, particularly its expansion into the U.S. market.
Launched to simplify stablecoin transactions, BVNK has developed a comprehensive infrastructure for businesses to handle stablecoins and fiat currencies across international and domestic payment systems. Since its Series A round in 2022, BVNK has achieved a 200% year-on-year growth in payment volumes, now processing $10 billion annually for clients including Deel, Rapyd, and Trust Payments. The company also introduced Layer1, a self-custody solution, earlier this year to assist businesses at all stages of their stablecoin journey.
The platform’s services are already proving to be valuable across various sectors. For instance, Deel uses BVNK to pay contractors worldwide in stablecoins like USDC, enabling rapid and reliable payments. Additionally, businesses like Rapyd and Visa utilize BVNK to settle transactions quickly, removing delays associated with cross-border banking. As adoption of stablecoins continues to increase, BVNK aims to position its platform as a replacement for traditional financial infrastructure, such as SWIFT.
About BVNK
BVNK is a payments platform that offers businesses the ability to send, receive, and store stablecoins and fiat currencies. The platform supports global payment systems, facilitating faster and more efficient transactions. BVNK's services include a self-custody solution, Layer1, aimed at easing stablecoin adoption for businesses of all sizes.
X: @BVNKFinance
About Investor
Haun Ventures
Haun Ventures is a venture capital firm that focuses on investments in companies within the blockchain and cryptocurrency sectors. The firm’s portfolio includes early-stage companies, such as Coinbase and other blockchain-focused startups.
Location: Menlo Park, California
Website: https://www.haun.co/
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