Crypto banking firm BVNK snares $40m

BVNK, a banking and payments platform targeting firms that are seeking crypto integration, has raised $40m in a Series A funding round.

The round was headed by Tiger Global and also included participation from digital asset custodian Anchorage Digital, Coinlist and CEO of TrueLayer Francesco Simoneschi.

According to CoinDesk, BVNK launched last October with the aim of appealing to firms looking to offer crypto services not currently served well by existing payment and settlement providers.

To date, BVNK processes $2bn in annualised payments which it hopes to grow to serve cross-border companies with fast payments and banking in crypto and fiat.

The firm’s API-based platform allows merchants and other companies to integrate crypto payments into their operations.

BVNK will use the new funds to accelerate its push for regulatory licences and expand into new markets including the US.

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