Crypto start-up BVNK bags $40M Funds for banking services
- ByStartupStory | May 12, 2022
BVNK, a cryptocurrency business, has raised $40 million in a Series A fundraising round, valued at $340 million post-money. Tiger Global is heading the round even though the fact that it has been in the spotlight due to a $17 billion loss during this year’s tech market sell-off
The Nordstar, Raba Partnership, Kingsway Capital, and Avenir before landing with this product offering, the BVNK team has been working on a consumer platform. It was more like a traditional crypto exchange with a focus on remittance and emerging markets. Last month, BVNK accepted its term sheet. The BVNK team is working on the consumer platform before launching this product. It was a more typical cryptocurrency exchange that specialised in emerging countries and remittances. We started as a retail company, but today we only do business with businesses.
We spent the previous year searching for the top crypto talent. Jesse Hemson-Struthers, co-founder and CEO of BVNK, told me that the firm currently has 120 employees.
While cryptocurrencies have had a particularly rough week, several businesses have now been looking for methods to begin supporting them in some capacity. However, it has been a challenging process because many institutions throughout the world refuse to operate with cryptocurrencies.
“Financial services aren’t built for crypto at all,” George Davis, Chief Product Officer, and Co-Founder told me.
BVNK is aiming for organisations that are both digital native and crypto interested, such as “payment companies who are being pressured to take crypto,” according to Davis.
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