BVNK charges $ 40 million for its cryptocurrency service, TechCrunch

Cryptocurrency startup BNC: (pronounced “bee-vee-en-kay”) closed the $ 40 million A Series A financing phase with a $ 340 million post-financing estimate. Interestingly, Tiger Global leads the round, despite the news, as they are experienced $ 17 billion in losses during the sale of this year’s tech stocks.

Other investors in the financing phase today include The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, Base Capital and various business angels. The BVNK signed its deadline sheet last month.

BVNK offers banking services և payments for crypto-native businesses. Companies using BVNK can accept payments in “fiat” and “cryptocurrencies”, hold hundreds of different currencies “crypto assets” and send funds around the world.

Prior to landing on this product, the BVNK team worked on the consumer platform. It was a more traditional cryptocurrency exchange focusing on emerging markets և remittances.

“We started a retail business and now it’s just a B2B business. We spent the last year looking for the best crypto space talent. We now have 120 people in the company, ”Jesse Hamson-Strutters, co-founder and CEO of BVNK, told me.

While cryptocurrencies currently have very bad week, many businesses are looking for ways to support cryptocurrencies in one way or another. But it was a difficult process, as many banks around the world simply do not want to work with cryptocurrencies.

“Financial services are not really about cryptocurrencies,” said George DGis, co-founder and chief product officer.

The BVNK targets both crypto natives and crypto-curious companies, such as “payment companies that are driven to accept crypto,” DG said.

The key to gaining new customers is banking. You can use BVNK to replace some of your traditional bank accounts. From your BVNK account you can buy, sell, send և receive as fiat currencies as EUR, GBP և USD, as well as cryptocurrencies such as BTC, ETH և USDC.

In addition, BVNK has built a payment service. This is a “crypto payment method” in the “fiat crypto” tab for people who want to buy crypto assets. Businesses using BVNK can use this API with their customers.

Fiat on-ramp is especially interesting because BVNK wants to compete directly MoonPay:. If you are unfamiliar with MoonPay, it is a popular on-ramp API for other products. For example, many crypto wallets incorporate MoonPay into their applications so that users can purchase crypto assets with a debit card.

BVNK believes that it can create a cheap alternative through open banking. Instead of relying on debit cards, BVNK asks people to log in with their bank account information and start paying instantly. This is how BVNK saves card development fees.

So far, BVNK has attracted about 120 customers. “We have been profitable as a business,” Hemson-Strutters told me. The company says it is currently processing more than $ 2 billion in annual payments.

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