The archive · Money & Fintech · Strategic decision · 2021–2026
BVNK bets MiCA licenses stablecoin rails; Mastercard buys it for up to $1.8B
London startup bets MiCA makes compliant stablecoin rails enterprise-grade; MFSA CASP licence, $30B annualized, then Mastercard acquires it for up to $1.8B.
BVNK
What the business is
BVNK gives businesses one API to send, receive and settle stablecoin and fiat payments across blockchains and traditional rails — serving global payroll, marketplace payouts, merchant settlement and treasury flows.
Starting capital：US$40M Series A led by Tiger Global (May 2022); US$50M Series B led by Haun Ventures with Coinbase Ventures and DRW Venture Capital (Dec 2024).
How it started
Founded in London in 2021 by Jesse Hemson-Struthers and Donald Jackson after they built a global settlement network that moved money by collecting local currency, converting to crypto, and liquidating into a new local currency; the company took no external funding until a $40M Tiger Global-led Series A in May 2022.
What happened
BVNK raised a $50M Series B in December 2024 led by Haun Ventures (with Coinbase Ventures and DRW Venture Capital), opened US offices, and scaled from $10B to $30B annualized processing volume while signing Deel, Rapyd, Trust Payments, then Visa, Worldpay and dLocal. In February 2026 it secured a Crypto-Asset Services Provider licence from Malta's MFSA under MiCA, passportable across the EEA, alongside its EMI licence and direct SEPA access via Lithuania's CENTROlink.
How it ended up
Acquired: Mastercard announced a definitive agreement on March 17, 2026 to buy BVNK for up to $1.8 billion (including $300M in contingent payments) and completed the acquisition on August 3, 2026, keeping BVNK as its stablecoin-infrastructure arm.
Background
BVNK is a London-based B2B payments company that gives businesses one API to send, receive and settle stablecoin and fiat payments across blockchains and traditional rails. Its bet was that the EU's Markets in Crypto-Assets Regulation (MiCA) — fully applicable to crypto-asset service providers from December 30, 2024 — would turn licensed stablecoin infrastructure into something global enterprises pay for, and that building the compliant bridge before the deadline would make BVNK the default choice.
Founded in 2021 by Jesse Hemson-Struthers and Donald Jackson, BVNK bootstrapped its Global Settlement Network before a $40M Series A led by Tiger Global in May 2022. A $50M Series B led by Haun Ventures followed in December 2024, when BVNK was processing $10B in annualized payments for Deel, Rapyd and Trust Payments, growing 200% year on year. In February 2026 it secured a MiCA Crypto-Asset Services Provider licence from Malta's MFSA — passportable across the EEA alongside its EMI licence and SEPA access — after scaling to $30B annualized volume with Visa, Worldpay and dLocal as customers.
The regulatory bet paid off with an exit: on March 17, 2026, Mastercard announced a definitive agreement to acquire BVNK for up to $1.8 billion including $300M in contingent payments, and completed the deal on August 3, 2026. Mastercard said it will use BVNK's technology to help financial institutions, fintechs and enterprises scale stablecoin and tokenized-asset use cases across B2B payments, payouts, settlement and treasury flows.
What has to be true
- The regulatory opening is dated: MiCA applied to stablecoin issuers from June 30, 2024 and to CASPs from December 30, 2024, creating a licensed EU market for stablecoin services.
- The bet is legible in the company: BVNK deliberately collected licences (EMI, SEPA access, then the MFSA CASP) instead of chasing unregulated volume.
- Traction is specific: $40M Series A (2022), $50M Series B (Dec 2024), $10B to $30B annualized volume, named customers from Deel and Rapyd to Visa, Worldpay and dLocal.
- The outcome is concrete: Mastercard's up-to-$1.8B acquisition (announced March 17, 2026, closed August 3, 2026) is one of the largest fintech exits of the year.
What can be applied
When a market is about to be licensed, the startup that becomes the regulated infrastructure early gets bought for the moat: compliance turned into an acquisition premium.
Aftermath
As of 2026-09-02, BVNK operates inside Mastercard: the acquisition closed on August 3, 2026 after the definitive agreement of March 17, 2026, with total consideration of up to $1.8 billion including $300 million in contingent payments. BVNK said existing operations and clients are unaffected, and it is bringing Mastercard payment reach, card functionality and new global money-movement capabilities to its customers while Mastercard leverages the technology for stablecoin and tokenized-asset use cases across B2B payments, payouts, settlement and treasury flows.
Sources
- BVNK raises $50m Series B to expand global Stablecoin payments
- BVNK secures crypto licence in Malta
- Mastercard completes BVNK acquisition to expand stablecoin payments infrastructure
- The EU's crypto regulation MiCA is now fully applicable
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card