BVNK Expands to US After Raising $50 Million

Stablecoin payments infrastructure firm BVNK is expanding to the U.S. after raising $50 million.

The company’s Series B round, announced Tuesday (Dec. 17), was led by Haun Ventures, with participation from Coinbase Ventures, Scribble Ventures, DRW VC and existing investors Avenir and Tiger Global.

As part of the funding round, the company is opening an office in San Francisco and “establishing a presence” in New York City, BVNK said in a news release.

The London-based company said it has spent the last year building out its team in the U.S. developing local banking infrastructure, and obtaining operational licenses to serve U.S. businesses that want to delve into the world of stablecoin payments.

“Stablecoins are redefining how money moves across the world — faster, more cost-efficient and with fewer barriers,” said Jesse Hemson-Struthers, CEO of BVNK. “At BVNK, we’re building the infrastructure to make these new rails accessible to businesses everywhere, empowering them to operate at the speed of today’s economy. This funding marks the next step in our mission to transform payments for the modern world.”

Writing on its blog, BVNK noted that this year has seen a number of stablecoin-related milestones, like global transactions reaching $24 trillion, with payments accounting for $5.2 trillion. In November, 28.5 million unique stablecoin users sent more than $600 million onchain.

In addition, efforts by companies like Stripe and Visa “reflect how major financial institutions are integrating stablecoins into their products,” BVNK added, while there has been “growing regulatory clarity” in the U.S. and the European Union.

‍BVNK’s new funding and expansion is the latest in a series of recent announcements that show stablecoins gaining momentum as a cross-border payment method.

“Traditional cross-border payments are notorious for high fees, slow processing times and opaque intermediaries,” PYMNTS wrote on Dec. 9. “Stablecoins offer a compelling alternative by allowing near-instantaneous transfers, significantly lower costs and enhanced transparency through blockchain technology.”

Meanwhile, research by PYMNTS Intelligence has shown that cross-border payments made with cryptocurrencies could be the winning use case that the industry has been searching for. The research found that blockchain-based cross-border solutions, especially stablecoins, are being embraced by businesses looking for a better way to transact and expand internationally.