Enterprise blockchain payments firm Orbital raises $6.4M
London-based Orbital, a traditional financial and crypto payments platform designed for enterprise businesses, today announced that it raised £5 million ($6.5 million) in an oversubscribed growth round led by Golden Record Ventures to expand its market reach and develop its product.
The round included participation from New Form Capital, GSRV, Psalion and Luminous Futures and is the company’s first institutional capital raise since its founding in 2017.
Orbital provides traditional and crypto business accounts for enterprise to integrate blockchain payments into their normal financial workflows including stablecoins, major cryptocurrencies and traditional currencies. Stablecoins are a type of cryptocurrency that maintains parity with another currency, such as the U.S. dollar, so one token will always be worth $1. As a result, they’re useful for easy payments because they do not have price volatility.
Using Orbital’s services, traditional businesses can accept cryptocurrency payments from customers and move them into currencies such as U.S. dollars, British pounds, Euros and other currencies in minutes. Customers can also instantly access other markets, all without the need for a physical presence or domestic bank accounts and this can be done with cross-border payments or need to handle the cryptocurrencies themselves.
For traditional currencies, Orbital provides a neobanking platform that can store over 30 different worldwide currencies. This also smooths the ability to easily exchange between cryptocurrencies and local currency as it removes the need for an outside banking account or partner. Orbital handles the regulatory compliance and security of the accounts for clients.
“We believe all modern, global companies will require access to both blockchain and fiat payment rails, from one single platform, to effectively manage their business in the future,” Luke Wingfield-Digby, Orbital’s co-founder and head of corporate development. “Orbital has been built by veterans who deeply understand the needs of large enterprises, which until now have been massively underserved.”
Orbital is an authorized payment intuition in the United Kingdom with a license from the Financial Conduct Authority and also licensed in Estonia as a virtual currency provider. The company also said it plans to announce other licenses in the coming months.
With Orbital’s product, enterprise businesses can bridge the gap between traditional finance and digital asset treasuries in a single solution with a single point of access for their funds. The company also provides crypto payment application programming interfaces that allow merchants the ability to embed crypto payments into their point-of-sale devices, products and services.
Orbital said it currently supports more than 80 clients and processes $250 million in transactions every month. The company’s global headcount is currently 95 across three offices in London, Estonia and Gibraltar. With this new funding, the company said, it intends to expand into further markets with more licenses as it continues to add more functionality to its product and services.
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