Orbital, a London, UK, Tallinn, Estonia, and Gibraltar-based traditional finance and crypto payments platform for global enterprises, raised £5M ($6.4M) in growth funding.
The round was led by Golden Record Ventures, with participation from New Form Capital, GSRV, Psalion and Luminous Futures.
The company intends to use the funds to to continue its growth, secure additional licences in new jurisdictions, and further develop its product.
Led by Chris Mason, CEO, Orbital provides a range of traditional payment and global FX solutions, as well as licensed crypto payment services, especially focusing on the business use cases for stablecoins in cross border payments. The platform combines fiat and crypto business accounts to enable traditional, global enterprises, particularly those with exposure to emerging markets, to integrate stablecoins, as well as other major cryptocurrencies and traditional currencies, into existing payment flows. Its APIs further act as an embedded finance solution for stablecoin payments.
Companies can accept cryptocurrency payments from customers, off-ramp into traditional currencies like USD, GBP and EUR, and settle into IBAN accounts in minutes. Customers can instantly access new markets, without the need for a physical presence or domestic bank accounts, and if they so choose there’s no need to handle cryptocurrencies themselves. Orbital has over 80 clients processing $250M of value every month. The company has a headcount of 95 globally.
Orbital is licensed by the Financial Conduct Authority as an authorised payment institution in the UK, and as a virtual currency service provider in Estonia, with other licences to be announced in the coming months.
FinSMEs
0308/2023