BVNK, a cryptocurrency startup, has raised $40 million during a Series A fundraising round, valued at $340 million post-money. Interestingly, Tiger Global is heading the round despite the fact that it has been in the spotlight due to a $17 billion setback during this year’s tech market sell-off that resulted in the huge loss.
The Raba Partnership, Kingsway Capital, Avenir,Nordstar, Concentric, Base Capital, Concentric, and different business angels are among the other participants in today’s investment round. Last month, BVNK approved its term sheet.
For crypto-native enterprises, BVNK provides payment and banking services. Companies who use BVNK can take fiat and cryptocurrency payments, store hundreds of crypto assets and multiple currencies and transfer funds all over the world.
The BVNK team is working on the user platform prior to launching this product. This was a more traditional cryptocurrency exchange that specialized in emerging countries and remittances.
“We started off as a retail company, but now we only do business with businesses.” We spent the previous year searching for the top crypto talent. Jesse Hemson-Struthers, co-founder and CEO of BVNK, told me that the company currently has 120 employees.
While cryptocurrencies have had a particularly rough week, many organizations have been looking into methods to begin supporting them in some capacity. However, it has been a challenging process because many institutions throughout the world refuse to operate with cryptocurrencies.
BVNK is aiming for organizations that are both crypto focused, such as “payment companies who are being pushed to take crypto,” according to an insider.
Banking is the key attraction for new consumers. Some of your standard bank accounts can be replaced with BVNK. You may buy, sell, transfer fiat currencies like EUR, USD and GBP, as well as cryptocurrencies like BTC, Ethereum, and USDC, from your BVNK account.
In addition, BVNK has developed a payment facility. It’s crypto useful to people who wish to buy crypto assets as well as a mechanism to receive crypto payments. This API can be used by BVNK users with their customers.
The fiat on-ramp is particularly intriguing because BVNK intends to directly compete with MoonPay. MoonPay is a common on-ramp API used on other goods. Several crypto wallets, for example, integrate MoonPay into their services so that customers can purchase crypto assets using a debit card.
Owing to open banking, BVNK believes it can create a low-cost alternative. BVNK urges users to log in using their banking details and make an instant transaction from there, rather than using debit cards. BVNK saves money on card transactions fees this way.
BVNK has garnered roughly 120 consumers so far. “As a business, we’ve been lucrative,” Hemson-Struthers told Tribesilicon. According to the company, it now handles over $2 billion in annual payments.
