BVNK, South African-Founded Fintech, In $2 Billion Talks With Mastercard And Coinbase

London-based fintech startup BVNK, co-founded by four South Africans, is reportedly in advanced discussions with Mastercard and Coinbase over a potential $2 billion (R34.5 billion) acquisition, according to Fortune.

While negotiations are still ongoing, the final price tag is expected to fall between $1.5 billion (R17.3 billion) and $2.5 billion (R43.1 billion). The winning bidder and exact terms of the sale have yet to be confirmed.

BVNK was launched in 2021 by Jesse Hemson-Struthers, Donald Jackson, Chris Harmse, and George Davis (who exited in 2024). The company specialises in business-to-business (B2B) stablecoin payments, enabling global money movement across fiat and blockchain systems.

From Startup to Global Contender: BVNK’s Rapid Rise

The fintech’s journey began with a $40 million Series A funding round in 2022, valuing the company at $340 million post-money. The round was led by Tiger Global, known for investing in South African e-commerce giants Takealot, Bidorbuy, and Private Property.

Other investors included The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, and Base Capital.

A year later, BVNK’s $50 million Series B round in December 2024 doubled its valuation, attracting a new wave of investors such as Haun Ventures, Coinbase Ventures, Scribble Ventures, and DRW VC, alongside returning backers Avenir and Tiger Global.

The company’s credibility grew further in 2025, when Visa Ventures and Citi made undisclosed strategic investments.

South African Founders Redefining Global Payments

BVNK CEO Jesse Hemson-Struthers said the company’s mission has always been to accelerate global money movement through stablecoins.

“We’ve been building infrastructure that makes it easy for businesses to send, receive, exchange, and store stablecoins and fiat funds,” said Hemson-Struthers.

BVNK’s platform supports hundreds of fiat and crypto assets, allowing businesses to move funds seamlessly across multiple payment rails.

“Over the last five years, we’ve built our own stablecoin infrastructure at BVNK to solve the problems we faced as we scaled to over $8 billion in annualised volumes,” he added. “These kinds of payment optimisations save a lot of time and hassle. They’re now part of Layer1, our self-custody stablecoin infrastructure.”

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The founders — Hemson-Struthers, Jackson, and Harmse — all hail from South Africa and boast extensive experience in technology, finance, and crypto innovation. Despite its London headquarters, BVNK employs over 400 people globally, with more than 100 based in South Africa, reflecting the company’s strong local roots.

In a 2022 interview with Sifted, co-founder George Davis joked about the company’s name, saying the “horrifically cheesy history” behind BVNK is that it stands for “turning banking upside down.”

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