Velocity Lands $10M from Visa, Circle, and Ripple for Stablecoin Infrastructure

Velocity, a London-based stablecoin payments startup, has secured an additional $10 million in funding from investors including Visa Ventures, Circle Ventures, Ripple, Haun Ventures, Translink Capital, and Mirana Ventures. This brings its total Series A funding to $48 million, valuing the company at $200 million post-money.

The fresh investment values Velocity's infrastructure that enables banks and payment firms to use stablecoins for settlement, liquidity, and treasury operations without replacing existing payment systems.

According to CEO Eric Queathem, consumer payment experiences have improved, but the underlying infrastructure remains cumbersome. Velocity aims to modernize this back-end infrastructure using stablecoins, handling more of the funding and settlement that occurs behind the scenes.

The company expects global businesses to keep at least some capital on-chain, increasing demand for reconciliation, treasury management, and infrastructure connecting blockchain assets with existing financial systems.