Stablecoin infrastructure provider BVNK has secured $50m in a Series B funding round, to facilitate its expansion within the US.
The investment was led by Haun Ventures and saw contributions from Coinbase Ventures, Scribble Ventures, DRW VC, Avenir, and Tiger Global.
The company raised $40m in Series A funding which was led by Tiger Global in 2022.
Since then, BVNK has claimed growth by processing over $10bn in annualised payment volumes, achieving a 200% year-on-year increase.
With the new funding, BVNK aims to open an office in San Francisco and set up a presence in New York City.
Its customer base includes prominent companies such as Deel, Rapyd, and Trust Payments.
BVNK has applied for licences in all US states and secured clearance in states such as Alabama, Arizona, Delaware, Florida, Michigan, and New Hampshire, the company disclosed to CoinDesk via email.
In a blog post, BVNK CEO & co-founder Jesse Hemson Struthers said: “We’ve forged strong partnerships to simplify access to all the leading stablecoins. And we’ve continued to invest in fiat and crypto licenses globally, as well as top-tier banking partnerships. Earlier this year, we launched our self-custody solution, Layer1, so businesses at all stages of their stablecoin journey can benefit from our ecosystem.
“At BVNK, we see a future where stablecoins and all leading fiat currencies are seamlessly interchangeable in real time. We’re building the backbone for global stablecoin and fiat transactions, abstracting complexity and enabling businesses to grow internationally.”
