Velocity raises Series A to $48M

• Velocity has raised another $10 million, taking its Series A to $48 million.
• The funding values the company at $200 million after the round.
• Velocity is building stablecoin infrastructure for payments, settlement, liquidity and treasury services.

Velocity has raised another $10 million, taking its Series A to $48 million.

The round values the London-based company at $200 million after the funding.

Visa, Circle, Haun Ventures, Translink Capital, Mirana Ventures and Ripple have backed the round.

“All this capital has flowed into payments over the last 15 years, and it's been 100% focused on how do you create a better experience on the front end for consumers,” said Velocity CEO Eric Queathem.

Velocity lets banks and payment firms use stablecoins for settlement, liquidity and treasury services.

The company has said stablecoins could handle more funding and settlement within existing card networks.

Stablecoins now have more than $300 billion in circulation, while Queathem previously worked at Worldpay, which processes over $2 trillion in payments yearly.