BVNK, a crypto-powered payments platform for businesses, has secured a $40m series A funding round to help the company expand into new markets.

The company said the investment would be used to fuel its launch into new markets, including the US, accelerate its acquisition of regulatory licences and support the expansion of product capabilities.

BVNK's infrastructure processes online, treasury and cross-border payments for both crypto and fiat currencies.

It currently processes over $2 billion in annualised payments volume, and says it has “more than doubled” monthly payment volumes since January 2022.

The fundraising round was led by Tiger Global, alongside other investors including The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric and Base Capital.

BVNK chief executive Jesse Hemson-Struthers said Tiger Global had an “in-depth understanding” of the global crypto, payments and banking landscape, having backed crypto infrastructure companies such as NEAR protocol and TRM, and payments companies Stripe and Revolut.

Hemson-Struthers said there is “growing demand” among businesses for a banking platform that can accept crypto payments, settle crypto assets and “seamlessly” bridge between fiat and crypto.

He added:“The demand for crypto payment services has far exceeded even what we were expecting, and this series A funding will enable us to expand our services, markets and operations.”

Where required, merchants can accept payments in cryptocurrency but receive settlements in standard fiat currencies. Using the BVNK Business Account, customers can integrate crypto into their payment and treasury flows.

Alex Cook, partner at Tiger Global, said: “We believe BVNK, with its focus on product differentiation and compliance, is poised to be a market leader.”

BVNK says it is looking to further expand its senior team with “significant hires” in product, engineering and commercial operations.

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