Stablecoin firm BVNK looks to raise $50m amid market surge

London-based stablecoin startup BVNK is exploring a new funding round aiming to raise $50 million as investor appetite for the sector grows.

Stablecoin payments company BVNK is said to be in early talks to raise at least $50 million in a new financing round, Bloomberg has learned from sources familiar with the matter.

Founded by Donald Jackson and Jesse Hemson-Struthers in 2021, BVNK previously provided $40 million in Series A funding. This fund valued the firm at $340 million post-money. The round was led by Tiger Global with participation from The Raba Partnership, Avenir, Kingsway Capital and others.

The startup, which processes $8 billion in annual payments and employs more than 270 people, is in the early stages of financing talks, sources said, and both the raise size and valuation could still change.

Investors are said to be particularly keen on the sector following Stripe’s acquisition of stablecoin infrastructure provider Bridge, but it is unclear when the deal will close.

BVNK, which holds regulatory licenses in the UK, Spain, South Africa and Malta, allows users to replace traditional banking services by buying, selling and transferring both fiat currencies such as EUR, GBP and USD, and cryptocurrencies.