Velocity raises USD $10 million extension to Series A
Article excerpt
Highlighted: the sentence this signal was extracted from
Velocity has raised a USD $10 million extension to its Series A round, bringing total Series A funding to USD $48 million. The latest investment includes Visa Ventures, Circle Ventures, Ripple, Haun Ventures, Translink Capital and Mirana Ventures. It follows a previously announced USD $38 million Series A and adds investors with interests across payments, stablecoins and financial infrastructure. Velocity operates a stablecoin payments and treasury platform for institutions and businesses. Its systems are designed to let users manage settlement, liquidity and treasury operations with stablecoins without replacing existing payments and banking infrastructure. The funding comes as stablecoins draw growing interest from financial institutions seeking ways to move money outside traditional banking hours and with less reliance on prefunding. Velocity is targeting issuers, acquirers, payment providers, financial institutions and merchants that want to connect stablecoin use to established treasury and settlement processes. Founder and Chief Executive Officer Eric Queathem said the extension broadens Velocity's investor base as it seeks to deepen its role in the payments market. "We are excited to welcome several new investors to Velocity, including Visa through Visa Ventures," said Founder and Chief Executive Officer Eric Queathem. "From day one, we have focused on improving how...
Keep reading with a free account
The rest of this article, and every signal for Ripple, is in your free account.
