PhotonPay raises $40m Series C to connect stablecoins with fiat payments rails

PhotonPay has closed a $40m Series C as it keeps building what it calls a stablecoin-centric Financial Operating System for businesses. For high-risk PSPs, the point is straightforward: the company is betting that on-chain liquidity, local clearing and card issuing can sit in the same stack without forcing merchants to juggle separate providers.

1. Blockchain Capital led the round, with SBI Group joining as a new investor. Existing backers IDG Capital, GL Ventures and Lightspeed Faction also participated, while Blacksheep Technology acted as PhotonPay’s exclusive financial adviser on the deal.
2. The new capital will go into upgrading multi-asset wallets, expanding global card issuing, strengthening local clearing in priority markets, and building an execution layer for AI agents. PhotonPay also said it will reinforce compliance infrastructure in current markets and enter new jurisdictions.
3. By August 2026, PhotonPay said it was processing $65bn in annualised transaction volume. The company holds 34 payment and financial licences and regulatory authorisations across the Americas, Europe and Asia, and says it serves more than 200,000 business clients in over 200 countries and territories.
4. The platform combines multi-asset wallets, cross-border transfers, foreign exchange, local clearing and card issuing through a single API-first system. Stablecoins sit at the centre of that model, with wallets linking digital asset liquidity to fiat balances so businesses can convert holdings into spendable funds for local payments.
5. PhotonPay says 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. It says around 97% of payouts land the same day or within hours, 68% settle in real time, and it issued 4.4 million cards in the past year, up 275% year on year. The company also supports more than 100 enterprise and platform partners via embedded finance.

In May 2026, PhotonPay ran a live agentic payment test with Mastercard using a tokenised PhotonPay card. The company now plans Model Context Protocol support, a policy-driven framework for governing agent spending, and AI-assisted risk reviews for complex cases that still need human checks. Its network includes ties with J.P. Morgan, Standard Chartered and DBS, alongside domestic systems such as Brazil’s Pix and Mexico’s SPEI.