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Velocity extends Series A to $48M at $200M valuation with backing from Visa, Circle, and Ripple. The stablecoin payments startup raised $10M in this extension round.
Velocity, a stablecoin payments startup, raised $10 million in a Series A extension, bringing the total Series A funding to $48 million. The round was backed by Visa, Circle, Ripple, Haun Ventures, Translink Capital, and Mirana Ventures. The company achieved a $200 million post-money valuation. Velocity's platform enables payment companies and banks to use stablecoins for settlement, liquidity, and treasury operations.
Company Information
Company
Velocity
Location
London, England, United Kingdom
About
The startup uses over 50 parameters to assess whether it can provide a loan to a business, and credits the amount within 5 days.Direct-to-consumer and e-commerce businesses, both of which are capital intensive initiatives, Until recently, the firms either relied on regular lenders or venture firms for financing, but the nature of their business has made both such options not as viable. The product has made inroads with many businesses in recent months and many non-customers are also signing up to the platform to receive insights, the startup said. The startup, which partners with NBFCs to finance loans, said it aims to deploy over $134 million to over 1,000 e-commerce and direct-to-consumer businesses in the next one year. The one-and-half-year-old Velocity said on Wednesday it has raised $20 million in its Series A financing round. Citing its own figures, Velocity said that the brands that have historically raised capital through Velocity grew their revenues by 1.5 times within six months of funding. Velocity may introduce a paid service for its non-customers and it is looking to broaden its insight offerings by adding more metrics and benchmarks
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