Velocity Nets $10M More for Stablecoin Payments Infrastructure

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

The new investment follows a $38 million Series A announced in July, which was oversubscribed according to CEO Eric Queathem. The funding comes as stablecoins have grown beyond $300 billion in circulation and are increasingly being used in payments, cross-border transfers, and corporate treasury operations.

Visionary payment company CEO Eric Queathem stated that much of the current payment infrastructure remains cumbersome, with consumer-facing payments improving dramatically over the last 15 years, while the back-end layer has been neglected. The new capital will be used to develop infrastructure connecting blockchain-based assets with existing financial systems.