Cryptocurrency firm BVNK has secured a $40 million Series A fundraising at a $340 million post-money estimate. Interestingly, Tiger Global is heading the round considering being in the headlines because they’ve sustained a $17 billion in damages during this year’s tech market sell-off.
BVNK provides financial services and transactions for crypto-native enterprises. Companies utilizing BVNK may process payments in both cryptocurrency and fiat, hold hundreds of multiple currencies and digital assets, and move money over the world.
Other investors in the investment round also Included Kingsway Capital, Nordstar, Concentric, Raba Partnership, Avenir, Base Capital and several business angels. BVNK approved its term sheet last month.
“We originally began a retail operation and today it is a fully B2B firm. We devoted the last year looking for the greatest people in the crypto field. We currently have 120 individuals in the company,” stated Jesse Hemsen-Struther, co-founder and CEO of BVNK.
Before arriving at this service offering, the BVNK team has been working on a consumer platform. It was a more typical crypto exchange emphasizing developing markets and remittance.
“Financial services really aren’t built for cryptocurrency whatsoever,” claims the co-founder and chief commercial officer George Davis.
You may use BVNK to substitute some of your regular bank accounts. With your BVNK account, you may buy, sell, transfer and collect both fiat money and cryptocurrencies.
BVNK targets both crypto-native and cryptocurrency-curious organizations, such as “payment companies that are forced to adopt crypto,” Davis added.
BVNK explicitly seeks to rival Moonpay, which is a prominent on-ramp API for other goods. For instance, several crypto wallets include MoonPay in their applications so that customers may buy crypto assets using a debit card.
While cryptocurrencies are presently experiencing an awful week, many businesses are searching for methods to embrace cryptocurrencies in one form or another. But it has been a challenging task as many banks across the world do not want to engage with cryptocurrencies whatsoever.
BVNK believes it can offer an inexpensive alternative through open banking. Instead of depending on debit cards, BVNK urges individuals to check in with their bank account details and initiate an instant online transaction from there. In this manner, BVNK cuts down on card processing expenses.
As of now, BVNK has gathered roughly 120 consumers. “We’ve been lucrative as a business,” said Hemson-Struthers. The startup says it presently handles over $2 billion in annual payment volume.
Author: To The Verge Team
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