BVNK raises USD 40 mln to fuel crypto-powered payments

The investment will fuel BVNK's launch into new markets, including the USA, accelerate its acquisition of regulatory licences, and support the expansion of product capabilities. While traditional payments running on legacy infrastructure suffer from excessive fees and slow processing times, the attributes of cryptocurrencies – digitally-native, offering almost-instant transactions, and requiring fewer intermediaries — supposedly provide a foundation for more efficient financial services. BVNK has leveraged these capabilities to build infrastructure that powers online, treasury, and cross-border payments for both crypto and fiat currencies.  

Today, BVNK processes over USD 2 billion in annualised payments volume and has more than doubled monthly payment volumes since January 2022. BVNK is focused on serving global businesses that operate across borders in crypto and fiat currencies with compliant and secure payments and banking. BVNK sees an opportunity to build a network for moving money around the world. 

The fundraising round was led by Tiger Global alongside other notable investors including The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, and Base Capital. Angel investors included the founders of Anchorage Digital, Coinlist, Eco.com, and TrueLayer; Microsoft’s ex-head of strategy and former Stripe and Jump Trading executives. 

BVNK’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. Where required, merchants can accept payments in cryptocurrency but receive settlements in standard fiat currencies. Using the BVNK Business Account, customers can integrate crypto into their payment and treasury flows. 

Building on new, crypto-powered infrastructure rather than legacy technology, BVNK’s solution directly addresses a range of common pain points for international businesses – for instance high fees, excessive operational overheads, and the complexity of managing the movement of funds in a basket of currencies across multiple jurisdictions.