Payments giant Visa invests in BVNK, a London-based startup focused on stablecoin payment infrastructure

Payments giant Visa has invested in BVNK, a startup building stablecoin payment infrastructure and operating in London.

According to a May 7 announcement by BVNK, the startup “secured a strategic investment from Visa through their Visa Ventures arm.”

While the company does not fully explain what it entails, it refers to the investment as “more than capital” and describes it as a partnership. The company’s CEO, Jesse Hemson-Struthers, said:

We are thrilled to welcome Visa as a partner to BVNK. Their deep expertise in payments and commitment to innovation align perfectly with our vision for revolutionizing global payments with blockchain technology. Together, we look forward to unlocking new possibilities for seamless and efficient cross-border transactions.

Rubail Birwadker, head of products and partnerships at Visa, explained that “stablecoins are rapidly becoming a part of global payment flows.” He added that Visa invests in new technologies and builders, like BVNK, who are involved in “what’s next in commerce to better serve our clients and partners.”

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What happened: Visa’s investment in BVNK follows the stablecoin infrastructure company closing a $50 million Series B funding round led by Haun Ventures at the end of 2024.

The startup planned to use the funds to expand its operations into the United States. Several crypto-focused firms participated in the round, including Coinbase Ventures, Scribble Ventures, DRW VC, and existing investors Avenir and Tiger Global.

At the time, the company was estimated to be worth about $750 million. It planned to leverage its US offices to develop local banking infrastructure and work on operational licenses to serve local companies.

What’s more:

As part of its expansion plans, BVNK announced that it secured a U.S. banking license from the Wyoming Division of Banking. This move will allow the company to launch a specialized bank focused on serving the needs of Web3 companies.

The startup’s platform is designed to process stablecoin payments quickly and cost-effectively. Its technology can handle various stablecoins, including USD Coin (USDC) and Binance USD (BUSD).

Moreover, BVNK has partnered with Chainlink to integrate decentralized oracle technology into its platform. This partnership will enable BVNK to access real-time data from external sources, which is crucial for facilitating seamless cross-border payments in a rapidly changing economic landscape.

VISA’s crypto journey: The investment in BVNK highlights Visa’s ongoing interest in exploring new technologies within the rapidly evolving digital asset landscape.

In October, Visa announced that users of its prepaid debit cards from e-wallets can now instantly deposit and withdraw funds from their Coinbase accounts.

According to a statement by Visa, the integration will allow the exchange’s users with eligible debit cards to make instant deposits and withdrawals.

Coinbase already has millions of users with a debit card connected to their account, and they will now get “real-time delivery of account funds for those using an eligible Visa debit card.”

Earlier in 2024, Visa unveiled its Visa Tokenized Asset Platform. This new system aims to simplify the issuance and management of tokenized assets, including tokenized deposits, stablecoins, and central bank digital currencies.