Quick take:
- The company plans to use the funds to expand its services to the US and Latin America later this year.
- The fundraising brings the total raised to $35.3 million following a $12.6 million convertible note issued in 2020 and 2018 venture and angel rounds totalling $2.7 million.
- The fundraising comes following Baanx’s recent partnership with Mastercard for the UK and Europe.
Crypto payments company Baanx Group has completed a $20 million Series A round from Ledger, Tezos Foundation, Chiron and British Business Bank.
According to CrunchBase, the latest fundraising brings the total raised to $35.3 million following a $12.6 million convertible note issued in 2020 and 2018 venture and angel rounds totalling $2.7 million.
The Financial Conduct Authority (FCA)-regulated Baanx provides crypto payment integration for mainstream financial service providers. The announcement comes hot on the heels of Baanx’s partnership with the multinational card company Mastercard for the UK and Europe amid a growing influx of fintech companies in the crypto space.
According to the report by CoinDesk, Baanx plans to use the fresh capital to accelerate its expansion into the US and Latin America.
“Over the past 12 months, we have been building out a series of non-custodial, on-chain products, creating a whole new type of crypto payment,” Chief Commercial Officer Simon Jones said in an interview. “Allowing the user full control of their funds whilst enabling real-world spend, we hope to power the next generation of crypto payments.”
Last month, Mastercard’s global rival Visa teamed up with crypto integration platform Transak to enable global crypto-fiat conversions for crypto wallet users on its platform. Earlier this year, Visa also launched a pilot for the Visa Web3 Loyalty Engagement Solution, featuring gamified giveaways and immersive treasure hunts.
Baanx native token $BXX spiked by nearly 30% to $0.070 on Tuesday morning following the announcement.
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