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BVNK raises $50 million to scale stablecoin payment infrastructure

BVNK raises $50 million to scale stablecoin payment infrastructure

Money Moves

Haun Ventures led the round, valuing the London startup at $750 million

December 17th, 2024: BVNK announces $50 million Series B

Overview

Updated Yesterday

BVNK, a London startup that builds payment infrastructure for stablecoins, raised $50 million in a Series B round led by Haun Ventures. Coinbase Ventures and Tiger Global joined, valuing the company at about $750 million.

The company processes $10 billion in annualized payments and grew volume 200% year over year, with clients including Deel, Rapyd, and Trust Payments. It plans to use the cash to enter the US market, where federal stablecoin rules are still taking shape.

Why it matters

Stablecoins are becoming the settlement layer for cross-border payments; BVNK's US expansion is a bet on which firms own that plumbing.

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Key Indicators

$50M
Series B funding raised
All-equity round led by Haun Ventures.
$750M
Company valuation
Post-money valuation per a source familiar with the deal.
$10B
Annualized payment volume
Processed for clients across payroll, merchant settlement, and marketplace payouts.
200%
Year-on-year volume growth
Measured since the 2022 Series A.
$40M
Annualized revenue
Reported by cofounder and CEO Jesse Hemson-Struthers.

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People Involved

Organizations Involved

Timeline

2021 December 2024

5 events Latest: December 17th, 2024 · 2 years ago
Tap a bar to jump to that date
  1. BVNK announces $50 million Series B

    Latest Funding

    Round led by Haun Ventures values BVNK at about $750 million and funds US expansion, including offices in San Francisco and New York.

  2. Stripe agrees to acquire Bridge

    M&A

    Payments giant Stripe agrees to buy stablecoin infrastructure startup Bridge for $1.1 billion, the largest acquisition in crypto history.

  3. Layer1 self-custody product launched

    Product Launch

    BVNK launches Layer1, a software tool for enterprises managing stablecoin payments in-house.

  4. Series A raised

    Funding

    BVNK raises $40 million in Series A funding led by Tiger Global.

  5. BVNK founded

    Founding

    Jesse Hemson-Struthers and cofounders launch the stablecoin payments company in London.

Scenarios

1

BVNK becomes a leading US stablecoin payments provider

Likely Resolves by End of 2026

Discussed by: Fortune; BVNK's own announcements

BVNK planned a San Francisco office, a New York presence, and a January 2025 US launch. If it signs major American enterprise clients and pushes annualized volume past $20 billion, it locks in a leadership position among independent stablecoin infrastructure firms.

2

US stablecoin law passes, expanding the market

Possible Resolves by End of 2026

Discussed by: BVNK blog; industry analysts

A proposed federal stablecoin bill, following Europe's MiCA framework, could clarify rules and draw traditional banks and payment firms into stablecoin settlement. That would expand demand for infrastructure like BVNK's, though it would also invite bigger competitors.

3

Stripe's Bridge dominates, squeezing independent players

Possible Resolves by Q2 2027

Discussed by: Fortune; Haun Ventures

Stripe's $1.1 billion Bridge deal could give it a commanding position in stablecoin settlement. If Bridge wins most large enterprise deals, independent players like BVNK face slower growth and possible consolidation into larger payments firms.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

October 2024

Stripe acquires Bridge (2024)

Stripe, the payments giant, agreed to buy Bridge, a stablecoin infrastructure startup founded in 2022 by two Coinbase and Square alumni, for $1.1 billion. It was the largest acquisition in crypto history at the time. Bridge had raised $58 million just two months earlier from Haun Ventures, Sequoia, Ribbit, and Index.

Then

The deal turned heads among generalist investors and fintech operators who had shunned blockchain companies after two turbulent years.

Now

It validated stablecoin infrastructure as a mainstream payments category and drew new capital into the space.

Why this matters now

Bridge's sale cleared the way for Haun Ventures to lead BVNK's round; venture firms usually avoid backing two direct competitors.

2023

PayPal issues PYUSD stablecoin (2023)

PayPal issued its first dollar-backed stablecoin, marking a major payment processor entering crypto issuance directly rather than only accepting crypto payments.

Then

The move drew traditional finance attention to stablecoins and their use in payments.

Now

It set the stage for the 2024 wave of payments-focused stablecoin infrastructure, including Bridge and BVNK.

Why this matters now

BVNK lists PayPal as one of its stablecoin partners, showing how issuers and infrastructure firms have become intertwined.

Sources

(8)