Tiger Global backs London-based crypto-fiat banking platform with $40 million
Widespread adoption of crypto is skyrocketing. As more and more transactions are conducted in cryptocurrency, businesses are increasingly demanding a banking platform that can accept crypto payments, settle crypto assets, and seamlessly link fiat and crypto economies. The investment will fuel BVNK’s launch into new markets, including the United States, accelerate its acquisition of regulatory licenses and support the expansion of product capabilities.
Bringing traditional finance and crypto together, London-based cryptocurrency startup BVNK raised $40 million in Series A. The funding was led by world tiger alongside other investors, including The Raba partnership, Coming, Capital of Kingsway, Nordstar, Concentricand basic capital. Angel investors, including the founders of Digital anchor, Parts list, Eco.com and TrueLayer; Microsoft ex-head of strategy and former Bandaged and Jump Trade leaders also participated.
The platform aims to make the use of crypto financial services more accessible, helping its customers manage cash, payment and investment transactions for digital assets from a single account. The company already processes more than $2 billion in annualized payment volume and has more than doubled monthly payment volumes since January 2022.
So how does it work? It offers a business account that provides a “Know Your Business” process for accessing GBP/EUR/USD wallets and digital assets. Businesses can manage settlement, exchange and payment from a single account interface.
The interface also hosts BVNK Yield, where clients can grow their capital and earn interest; and BVNK Markets for high-volume digital asset trading. The startup also developed BVNK Insights, which provides market insights to help customers make informed decisions.
Co-founder and CEO of BVNK Jesse Hemson Struthers said, “BVNK bridges the gap between traditional finance and crypto in the market. Demand for crypto-payment services has far exceeded even what we expected, and this Series A funding will allow us to expand our services, marketplaces, and operations.
Alex Cook, Partner, Tiger Global, added, “The rapid adoption of cryptocurrencies by global businesses is adding complexity to cash management, banking and payments. BVNK’s platform helps businesses seamlessly switch between fiat and crypto. BVNK, with its emphasis on product differentiation and conformity, is on its way to becoming a market leader.”