Crypto-to-fiat banking platform BVNK has announced that it raised $40 million in a Series A funding round. The round was led by Tiger Global, with participation from other companies like Base Capital, Nordstar Concentric, Kingsway Capital, and Raba Partnership. According to the announcement, the additional capital will be used to expand BVNK’s operations and enter new markets in the US. It will also be used to enhance its product capabilities and pursue the acquisition of new regulatory licenses for other regions.
BVNK was rolled out in October last year as a platform that makes crypto financial services more accessible to the public. It offers users the opportunity to manage their payment and investment operations, as well as to manage their treasury from a single platform.
The platform also offers a business account with a ‘Know Your Business’ process to access USD, GBP, EUR, and digital asset wallets.
BVNK Expands Its Payment Volumes
Chief Executive Officer of BVNK, Jesse Hemson-Struthers, commented on the development. He noted the demand for crypto payments and transactions in the banking industry. The platform is properly positioned to enable users to transact in cryptocurrencies, which will bridge the gap between fiat and crypto economies.
The demand for crypto payment services has far exceeded even what we were expecting,’ Jesse noted. With this series A funding, the company will be able to expand its operations, services, and markets.
BVNK has expanded its payment volumes over the past four months. The company’s recent financial statement shows that it has more than doubled its monthly payment since the beginning of the year. It also shows that BVNK has processed more than $2 billion in annualized payments.
In another development, Kucoin completed a pre-Series B funding round to become one of the world’s most valuable crypto companies. The crypto firm raised $10 million in the round, sending its market value to $10 billion. According to Kucoin, the additional capital will be used to develop the next generation of the Kucoin core trading system. The funding round was led by Jump crypto, with participation from IDG Capital, Circle Ventures, and Matrix Partners.