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PhotonPay lands $40m to fuse stablecoins and fiat rails

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PhotonPay lands $40m to fuse stablecoins and fiat rails

PhotonPay, a payments infrastructure firm building a stablecoin-centric Financial Operating System for businesses, has closed a $40m Series C round as it pushes to merge on-chain liquidity with traditional banking rails and prepare its platform for AI-driven payments.

Blockchain Capital led the round, which drew SBI Group as a new backer. Existing investors IDG Capital, GL Ventures and Lightspeed Faction also returned. Blacksheep Technology served as the company’s exclusive financial adviser on the deal.

PhotonPay will direct the capital towards upgrading its multi-asset wallets, widening its global card issuing operation, reinforcing local clearing in priority markets and building an execution layer that AI agents can use. The firm also plans to bolster compliance infrastructure in current markets and enter new jurisdictions.

By August 2026, the company was processing $65bn in annualised transaction volume. It holds 34 payment and financial licences and regulatory authorisations across the Americas, Europe and Asia, and counts more than 200,000 business clients in over 200 countries and territories.

The platform combines multi-asset wallets, cross-border transfers, foreign exchange, local clearing and card issuing within a single API-first system. Stablecoins form its foundation, with wallets linking digital asset liquidity to fiat balances so firms can convert holdings into spending power for local payments.

Customers can open collection accounts in 17 markets, accept funds in more than 60 currencies and pay out through over 100 routes, including 74 major local e-wallets. Around 97% of payouts land the same day or within hours, and 68% settle in real time.



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