PhotonPay Funding Hits $40 Million in Series C Led by Blockchain Capital

Hong Kong-based PhotonPay closed a $40 million Series C round led by Blockchain Capital on October 29, 2026. The round included participation from new investor SBI Group and follow-on commitments from IDG Capital, GL Ventures, and Lightspeed Faction. Blacksheep Technology acted as exclusive financial advisor.

PhotonPay Funding Details and Use of Proceeds

The capital will expand PhotonPay’s stablecoin-centric Financial Operating System. Key priorities include multi-asset wallet features that combine stablecoins with fiat, global card issuing, and local clearing plus compliance infrastructure in target markets. The company also plans to build an agent-ready execution layer for AI-driven commerce and automated workflows.

PhotonPay reported $65 billion in annualized transaction volume as of August 2026, more than double the roughly $30 billion figure at its January 2026 Series B. The platform now serves over 200,000 business customers in more than 200 countries and territories and holds 34 payment and financial licenses across the Americas, Europe, and Asia. It maintains partnerships with more than 100 enterprise and platform providers.

Additional operational metrics include 4.4 million cards issued in the prior twelve months, a 275 percent year-over-year increase. The company operates local collection accounts in 17 markets, supports incoming transfers in over 60 currencies, and offers more than 100 payout routes that include 74 local e-wallets. Settlement occurs same-day or faster for 97 percent of payouts, with 68 percent processed in real time. PhotonPay runs 16 offices and employs about 600 people since its founding in 2015.

Background on PhotonPay Stablecoin Payments Platform

PhotonPay’s API-first architecture links stablecoin liquidity to traditional banking rails, foreign exchange, local clearing networks, and card schemes. Businesses can convert digital-asset holdings into usable fiat for cross-border settlement, corporate spending, and embedded finance use cases. The Series C follows a tens-of-millions Series B led by IDG Capital that closed in January 2026.

CEO Lewison Chen stated that rapid movement of funds across borders must be paired with fast deployment of capital into operational use. He described the company’s outlook as convergence between stablecoins and fiat rather than outright replacement. Blockchain Capital’s Yuanhan Li pointed to growing demand for unified multi-asset and multi-market financial services that reduce fragmentation for corporate users.

Company plans after the round focus on strengthening clearing and compliance capabilities in current markets, entering additional jurisdictions, and scaling the Financial OS for corporate treasury, embedded finance, and agentic commerce applications. No post-money valuation or specific expansion timeline was disclosed in the announcement.

Market Context and Next Steps for Cross-Border Finance

PhotonPay’s growth metrics reflect rising enterprise adoption of stablecoins for treasury and payments functions. The $65 billion annualized volume and card issuance surge indicate concrete demand for hybrid stablecoin-fiat infrastructure that existing banks and payment processors have not fully addressed.

With 34 licenses already in place and 600 employees across 16 offices, the company is positioned to expand clearing accounts and payout corridors without starting from scratch in new regions. The agent-ready layer outlined in the funding materials aligns with emerging interest in automated, AI-driven financial workflows that require instant settlement and programmable compliance.

Investors and customers will watch execution on new market entries and the rollout of the multi-asset wallet features. The absence of disclosed valuation leaves open questions about pricing, yet the participation of Blockchain Capital and SBI Group signals continued institutional interest in stablecoin infrastructure providers that combine digital assets with regulated financial services.