Stablecoin firm BVNK looks to raise $50m amid market surge

The London-based stablecoin startup BVNK is exploring a new funding round, aiming to raise $50 million, as investor appetite for the sector grows.

Stablecoin payments firm BVNK is said to be in early discussions to raise at least $50 million in a new funding round, Bloomberg has learned, citing sources familiar with the matter.

Founded in 2021 by Donald Jackson and Jesse Hemson-Struthers, BVNK previously secured $40 million in Series A funding. That funding valued the firm at $340 million post-money. The round was led by Tiger Global, with participation from The Raba Partnership, Avenir, Kingsway Capital, and others.

You might also like: French firm SG-FORGE to launch stablecoin on XRP ledger

The startup, which processes $8 billion in payments annually and employs over 270 people, is in the early stages of funding discussions, with both the size of the raise and its valuation still subject to change, the sources said.

Investors are said to be particularly keen on the sector following Stripe’s acquisition of Bridge, a stablecoin infrastructure provider, though it is not clear when the deal will finalize.

BVNK, which holds regulatory licenses in the U.K., Spain, South Africa, and Malta, allows users to replace traditional banking services by buying, selling, and transferring both fiat currencies such as EUR, GBP, and USD, and cryptocurrencies.

Read more: UK government to introduce legislation on stablecoins, staking: report

Source