Davis says that BVNK’s mission is to become a “Stripe for Cryptocurrencies” — a service that will carry out transactions from fiat currencies, such as euros or US dollars, to cryptocurrency, from fiat to fiat and from cryptocurrency to fiat.
The startup’s clients are other businesses. He sells them an API that handles the purchase and sale of cryptocurrencies for fiat money — for the various currencies they want to use.
BVNK is focused on both crypto companies and organizations that would like to be able to process cryptocurrency — for example, to allow their customers to pay with bitcoins — but are not going to create the necessary infrastructure on their own.
BVNK says it has about 150 clients, although it does not disclose them.
Of these, 80% are payment companies — from those engaged in currency exchange to standard payment providers who provide cash settlements in e-commerce.
In the future, the company wants to become a reference point for large financial institutions providing crypto payments — this goal was an important part of its Series A pitch.
BVNK charges a transaction fee every time money is moved through its platform, as well as a currency exchange fee. According to the startup, since October 2021, its revenue has already grown by 250%.
BVNK’s main competitor is the London—based BCB Group, whose clients include some of the world’s largest crypto exchanges, such as Bitstamp, Coinbase and Gemini. It also opposes smaller players, such as Cryptopay and Mercuryo.