PhotonPay

Fintech · Stablecoins · Payments

Funding

PhotonPay raises $40M Series C led by Blockchain Capital for stablecoin OS

The bet is that corporate treasuries want bank rails and crypto rails working together, not one replacing the other.

• PhotonPay closed a $40 million Series C led by Blockchain Capital, with SBI Group joining as a new investor alongside returning backers IDG Capital, GL Ventures, and Lightspeed Faction.
• Founded in 2015 and based in Hong Kong, PhotonPay runs an API-first payment operating system combining multi-asset wallets, FX, card issuing, embedded finance and local clearing for over 200,000 business customers in 200+ countries.
• PhotonPay's annualized transaction volume hit $65 billion as of August 2026, and it holds 34 payment and financial licenses across the Americas, Europe and Asia.
• New capital targets multi-asset wallet upgrades, global card issuing expansion, stronger local clearing infrastructure, and an 'agent-ready' financial execution layer for AI-driven transactions.
• The raise follows a string of regulatory expansions, including a UK Electronic Money Institution licence from the FCA and new U.S. state money transmitter licenses secured in 2026.
• PhotonPay has already tested agentic commerce, working with Mastercard in May on a live demo using a tokenized PhotonPay card to validate AI-initiated payments on existing card networks.
• As stablecoins push beyond crypto trading into corporate treasury and settlement, the fintechs that connect on-chain liquidity to existing bank and card rails—rather than compete with them—stand to capture the next wave of cross-border payments infrastructure.