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BVNK will use the funds realized from the Series A round to further its push for regulatory approval.
UK-based crypto banking platform BVNK has secured $40 million in a Series A financing round led by investment firm Tiger Global Management. Tiger Global led the funding despite that the company recently reported losses due to the tech stock declines. The round also featured Coinlist, open banking startup TrueLayer, and digital asset custodian Anchorage Digital. Other participants of the BVNK Series A financing include Kingsway Capital, Concentric, The Raba Partnership, Base Capital, Avenir, and more.
BVNK began operations in 2021 to serve crypto-focused businesses by offering banking and payment services. The company’s founder and CEO, Jesse Hemson-Struthers, stated that the aim is to be the go-to option among other digital assets financial services providers. Companies that utilize the BVNK services can receive payments in both cash and crypto. These companies can also own various currencies and digital assets, as well as send funds globally.
BVNK to Use Series A Funds for Regulatory Push
BVNK will use the funds realized from the Series A round to further its push for regulatory approval. The UK startup also intends to use the funds to expand its reach into new jurisdictions such as the US.
Since its inception last year as a retail business, BVNK has grown into a purely B2B business. According to the CEO, the company now has about 120 clients after last year hunting for the best talent in the crypto space. It also boasts of processing more than $2 billion in annualized payments volume.
In addition to processing over $2 billion in annualized payments volume, the company has recorded more than double monthly payments volumes since the year began. BVNK CEO commented on the Series A funding, saying:
“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. BVN launched to address this demand and plug a gap in the market. The demand for crypto payment services has far exceeded even what we were expecting, and this Series-A funding will enable us to expand our services, markets, and operations.”
Even with the recent crypto downturn, investors still believe in crypto as they hope for a rally. Bitcoin has reduced to its lowest point of the year and its 10-months low at around $30,000.
BVNK Provides Access to Fiat Currencies and Digital Wallets
The crypto startup has made itself available and accessible to payment companies that are being pressured to accept crypto. BNVK has made it easy for customers to send, receive, buy, and sell cryptocurrencies and fiat currencies. Users have access to EUR, USD, GBP, BTC, ETH, and USDC.
Another way BVNK is making it to customers’ hearts is through open banking. The bank startup simply requests bank information and processes instant payments from there. Hence, there is no hassle with card processing.