The benefits of BVNK’s technology
London-based fintech BVNK has led a Series B funding round, raising US$50 million to develop its platform. The startup provides an infrastructure for payments using stablecoins. It facilitates significantly faster transactions by combining banks and blockchains into a single ecosystem.
In 2024, BVNK launched a new product called Layer1. It is a solution for companies that manage internal payments using stablecoins. The investment raised will help FinTech expand its operations in the US. The company plans to open an office in San Francisco and strengthen its presence in the New York market.
BVNK is a fast-growing company. Over the past two years, it has processed more than US$10 billion in payments, increasing its annual growth by 200%. Fintech customers include Deel, Rapyd, and Trust Payments. BVNK’s platform partners include PayPal, Circle, and First Digital, which gives it access to major stablecoins.
Haun Venture was the lead investor in the round, with Coinbase Ventures and Scribble Ventures also participating. Existing investors, including Avenir and Tiger Global, also provided funding. According to Coinbase’s Shaan Aggarwal, BVNK’s product has huge potential. Speed of payment is important to modern consumers. At the same time, they pay special attention to the security of transactions. The solution is to use stablecoins, which provide instant payments with minimal risk. Over the past 10 years, this approach has transformed the financial system and significantly increased the possibilities for global transactions.
Advantages of stablecoins
According to experts, stablecoins are a versatile tool for a variety of tasks:
– significantly speed up the global movement of money, increasing security;
– decrease the likelihood of transaction delays;
– reduce the currency risks associated with traditional banking systems;
– ensure secure payment transactions;
– improve the operational efficiency of trading platforms.
Stablecoins have a wide range of applications. Companies use them to pay their employees. The transfer of funds takes minutes, while traditional payment methods can take several days.
The mechanism has also found application on trading platforms, including Airbnb and Amazon. These companies pay sellers through fintech solution providers, which means that funds can be transferred quickly to thousands of recipients without cross-border delays or payment volume restrictions.
BVNK is not content with resting on its laurels. It is actively developing its products to become useful to more customers.
