BANK: A mysterious fintech project that competes with Revolution

Until recently, the BVNK startup was practically unknown. But in May 2022, he closed the $40 million Series A round and received a post-investment valuation of $340 million. The article tells about the history of the project and how it is going to compete with the leaders in fintech.

The strangeness begins with the name. As the 24-year-old co-founder and product director of BVNK, George Davis, says, it means banking, “turned upside down.” However, in an informal setting, employees simply call it “the bank”.

But the company is engaged not so much in banking as in cryptocurrency B2B payments.

BVNK officially launched just 11 months ago, in October 2021, and did not receive any external funding until the May round. Even by the standards of Tiger Global, such an entry into the European fintech scene looks rapid.

Moreover, the London-based startup received a post-investment valuation of $340 million. This is reminiscent of other European fintech projects Monese, Yokoy and Uncapped, which have been on the market a little longer and have attracted more than $100 million.

BVNK is also growing at a staggering pace. Since October, the number of its employees has grown by 300%, and revenue by 250%. However, when the online publication Sifted interviewed dozens of well-known European venture capitalists and founders, almost no one had heard of the company.

So, what is BVNK?