BVNK grabs $40 million for its crypto banking services

A $40 million Series A funding round has been closed by the startup. Tiger Global is leading the round despite being in the news because of their $17 billion loss during the tech stock sell-off.

The Raba Partnership is one of the investors in the funding round. The term sheet was signed last month.

Payments and banking services are offered by BVNK. Companies using the platform can accept payments in both cryptocurrencies and dollars, hold hundreds of different currencies, and send funds all around the world.

The team has been working on a consumer platform. It was a more traditional exchange with a focus on emerging markets.

We launched a retail business and now it is a purely B2B business. The best talent in the space was head-hunting. Jesse Hemson-Struthers told me that the company now has 120 people.

Many businesses are looking at ways to support cryptocurrencies in one way or another, while cryptocurrencies are having a very bad week. It has been difficult as many banks around the world don't want to work with cryptocurrencies.

George Davis, co-founder and Chief Product Officer, told me that financial services are not made forcryptocurrencies.

Payments companies that are being pushed to acceptcryptocurrencies are being targeted by BVNK.

Banking is the main way to get new customers. Some of your traditional bank accounts can be replaced with BVNK. You can buy, sell, send and receive both fiat and cryptocurrencies from your BVNK account.

A payments service has been built by BVNK. It's a way to collect payments incryptocurrencies and a way to buy them. Businesses can use the API with their own customers.

The on-ramp is quite interesting as the company wants to compete with MoonPay. MoonPay is a popular on-ramp for other products. Users can use a debit card to buy DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch DropCatch

It thinks it can build a cheap alternative with open banking. People are asked to log in with their bank account information and initiate an instant payment from there. It saves on card processing fees.

Hemson-Struthers told me that they have been profitable so far. The company says it processes over $2 billion a year.