FinanceVelocity has successfully raised an additional $10 million in its Series A funding round, bringing the total to $48 million, with a valuation set at $200 million, according to CEO Eric Queathem.
By Krisztian Sandor|Edited by Jamie Crawley4 hrs ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on
SummaryShow- Velocity, a startup focused on stablecoin payments, has raised an additional $10 million from notable investors including Visa Ventures, Circle Ventures, and Ripple, increasing its Series A total to $48 million.
- The funding round values the company at $200 million while it works on establishing infrastructure for payment settlements and treasury operations utilizing stablecoin technology.
- According to CEO Eric Queathem, his past experience at Worldpay highlighted the need for improvements in the underlying systems of payment processing.
The stablecoin-focused startup, Velocity, has secured an extra $10 million from investors such as Visa (V), Circle (CRCL), and Ripple, bringing its total Series A funding to $48 million. This influx of investment reflects the growing interest from financial giants in blockchain-based payment systems.
Other contributors to this funding extension include Haun Ventures, Translink Capital, and Mirana Ventures, following a previously announced $38 million Series A round in July.
The latest funding values the London-based company at $200 million post-investment, as reported by CEO Eric Queathem. He mentioned that the initial Series A was oversubscribed.
This funding surge comes amid the increasing significance of stablecoins, which are cryptocurrencies pegged to fiat currencies. Initially popular among cryptocurrency traders for transferring dollars between exchanges, stablecoins' circulation has surpassed $300 billion and they are now being utilized for payments, international transfers, and corporate treasury functions.
Velocity aims to enhance the infrastructure necessary for these transactions. Its platform allows payment providers and banks to utilize stablecoins for settlement, liquidity, and treasury functions without the need to overhaul existing systems.
The Infrastructure Challenge
Queathem's prior experience at Worldpay, which processes over $2 trillion in payments annually, played a crucial role in shaping Velocity's vision. Although consumer payment solutions have advanced considerably, the mechanisms for transferring money between issuers, card networks, acquirers, and merchants remain inefficient.
“Over the last 15 years, capital has poured into the payments sector, focusing entirely on enhancing consumer experiences,” Queathem stated.
“However, the backend processes have not been addressed.”
Visa's investment is especially significant as Velocity does not intend for stablecoins to replace card payments. Instead, the company sees blockchain-based digital currency as a complementary layer that will facilitate funding and settlement processes behind the scenes.
“Stablecoins are becoming increasingly vital in transforming how value is transferred within the Visa network,” said Rubail Birwadker, Visa's global head of growth products and strategic partnerships. He added that Velocity is developing the infrastructure necessary to integrate “stablecoin-powered money movement into all businesses.”
According to Velocity’s Chief Growth Officer Matt Larson, much of this transition will likely go unnoticed by consumers.
“This won't necessarily mean that everyone will adopt stablecoin wallets,” Larson explained. Instead, he noted that “the funding and settlement processes” within card networks could increasingly shift towards stablecoins.
Queathem anticipates that global enterprises will eventually maintain some of their funds on-chain, thereby generating a need for reconciliation, treasury management, and other structures that connect blockchain assets with traditional financial systems.
“I believe that in five years, every global business will hold value on-chain,” he asserted.
Even a modest transition of corporate funds to on-chain could present a significant infrastructure challenge beyond merely converting dollars to stablecoins, Queathem remarked.
Read more: Ripple stablecoin chief sees $13 trillion corporate treasury opportunity for RLUSD
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