Stablecoin payments infrastrcuture firm BVNK has secured a $50 million Series B round to expand its operations in the United States.
The funding was led by Haun Ventures, with participation from Coinbase Ventures, Scribble Ventures, DRW VC and existing investors Avenir and Tiger Global.
As a licensed electronic money institution in the UK and Europe, BVNK provides named IBANs for EUR and GBP, and access to UK and Europe’s payment schemes including Sepa, Sepa Instant and Faster Payments, so merchants can send and receive payments to suppliers and partners.
Since its $40 million Series A funding in 2022, BVNK has processed over $10 billion in annualised payment volumes, with 200% year-on-year growth.
Customers include Deel, Rapyd, and Trust Payments who can access stablecoins from PayPal, Circle and First Digital for instant cross-border payments.
As part of its Series B, BVNK is opening a San Francisco office and establishing a presence in New York City. Over the past year, the firm has been building out its US team, local banking infrastructure, and operational licenses as stablecoins begin to emerge as serious threat to long-established payments plumbing like Swifft and the card networks.
In 2024, $24 trillion in stablecoin transactions were processed globally, with $5.2 trillion attributed to payments - 3x PayPal’s payments volume. The market is set for further growth following the launch today of Ripple's stablecoin RLUSD and a surge in uptake by banks and payment institutions worldwide,
Jesse Hemson-Struthers, CEO of BVNK, says: "Stablecoins are redefining how money moves across the world—faster, more cost-efficient, and with fewer barriers. 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."