Baanx, a fintech company specializing in cryptocurrency payments and authorized by the U.K.’s Financial Conduct Authority (FCA), announced on Tuesday that it has secured a Series A funding round of $20 million.
This investment, which involved participation from Ledger, the Tezos Foundation, Chiron, and the British Business Bank, brings Baanx’s total funding to more than $30 million. Based in London, Baanx, the provider of the Ledger card product, has recently entered into a three-year partnership with Mastercard for operations in the U.K. and Europe.
Established payment giants like Mastercard and Visa have been discreetly delving into realms such as Ethereum-based payments, stablecoins, and the Web3 landscape of non-custodial wallet domains, where Baanx offers effortless integration.
In an interview, Chief Commercial Officer Simon Jones stated that over the preceding year, they had developed a range of non-custodial, on-chain products, introducing a novel form of crypto payment.
By granting users complete control over their funds while facilitating real-world transactions, they aim to drive the evolution of crypto payments for the future.
Jones announced that the funding will support the company in launching its services in the US and Latin America later this year. With a user base exceeding 150,000, the company also possesses its own native BXX token.
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