By Daniel Lanyon on Friday 13 May 2022
The London-based crypto powered payments and banking platform for businesses wants to bring traditional finance and crypto together.
BVNK, a crypto payments fintech, has secured $40m in Series-A funding in a round led by Tiger Global.
The fintech, which is pronounced (B-V-N-K) aims to to bring together fiat currencies from ‘traditional finance’ and crypto technology.
BVNK wants to use blockchain technology and cryptocurrencies to reshape core banking systems to make business payments and banking more efficient, creating a global payment system akin to Mastercard or Visa.
“Rapid adoption of cryptocurrencies by global businesses adds complexity to treasury management, banking, and payments. BVNK’s platform helps companies seamlessly switch between fiat and crypto. We believe BVNK, with its focus on product differentiation and compliance, is poised to be a market leader, and we're excited to partner with Jesse and the team,” said Alex Cook, Partner, Tiger Global.
The new cash will be used to fuel BVNK's launch into new markets, including the USA, accelerate its acquisition of regulatory licences, and support the expansion of products.
“We are excited to partner with Tiger Global given their in-depth understanding of the global crypto, payments and banking landscape and with them having backed key crypto infrastructure companies, such as NEAR protocol and TRM, and payments companies Stripe and Revolut,” BVNK Co-Founder and CEO, Jesse Hemson-Struthers.
Its senior team include Darran Pienaar, BVNK”s Chief Financial Officer, who joined the company at launch, having previously held senior treasury roles at Marks & Spencer and Ebury. Co-founder and Chief Product Officer, George Davis, previously led payments at open banking innovator Truelayer.
Recent appointments include Maximilian von Both (former legal counsel for PayPal and Senior Vice President of Compliance for Paysafe Group) as Chief Legal, Risk and Compliance Officer and Matt Barclay (who held regional director roles at Meltwater Group) as Chief Revenue Officer.
Other investors include The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, and Base Capital. Angel investors included the founders of Anchorage Digital, Coinlist, Eco.com and TrueLayer; Microsoft’s ex-head of strategy and former Stripe and Jump Trading executives.