PhotonPay Funding Round Raises $40 Million Series C for Stablecoin Financial OS

PhotonPay, the Hong Kong-based fintech founded in 2015, closed a $40 million Series C round on October 29, 2026. The company will use the capital to expand its stablecoin-centric financial OS that combines on-chain liquidity with traditional banking, FX and card networks.

PhotonPay Funding Round Details and Investor Participation

Blockchain Capital led the round. SBI Group joined as a new investor while existing backers IDG Capital, GL Ventures and Lightspeed Faction participated again. Blacksheep Technology acted as exclusive financial advisor. One report placed the post-money valuation at $400 million, though the company has not confirmed the figure.

Proceeds will support multi-asset wallets that hold both stablecoins and fiat, global card issuing, local clearing infrastructure in priority markets, and enhanced compliance tools. The company also plans to add an agent-ready execution layer designed for AI-driven commerce and automated workflows.

PhotonPay operates 16 offices and employs approximately 600 people. It already holds 34 payment and financial licenses across the Americas, Europe and Asia while serving more than 200,000 business customers in over 200 countries and territories.

Company Metrics and Shift Toward Stablecoin Infrastructure

As of August 2026 the platform reported annualized transaction volume of $65 billion. It maintains collection accounts in 17 markets, supports more than 60 currencies and offers over 100 payout routes that include 74 e-wallets. Roughly 97 percent of payouts settle same-day or faster, with 68 percent processed in real time.

Card issuance grew sharply, reaching 4.4 million cards issued in the prior twelve months according to one source, representing a 275 percent year-over-year increase. The API-first platform integrates stablecoin liquidity with existing fiat rails to reduce settlement times and costs for cross-border payments and embedded finance use cases.

In January 2026 PhotonPay raised a Series B round of tens of millions of dollars led by IDG Capital with participation from Hillhouse and Lightspeed Faction. Since then the firm has placed greater emphasis on stablecoin-native infrastructure while retaining full fiat connectivity and regulatory compliance.

Planned Product Development and Geographic Expansion

PhotonPay intends to strengthen infrastructure in markets where it already operates and to enter additional jurisdictions. Development priorities include standardized interfaces and policy controls for AI and agentic payments, allowing automated corporate treasury functions and embedded finance services.

CEO Lewison Chen stated that the company sees the future as a convergence of stablecoins and fiat rather than a choice between the two. He noted that rapid cross-border movement of funds provides limited value unless those funds can be deployed quickly into business operations.

The firm will continue to build out its Financial OS for corporate treasury, embedded finance platforms and emerging agentic commerce workflows. No specific timelines for new market entries or product releases have been disclosed.