Orbital Raises £5M in Funding for Global Payment Platform
Orbital, a London, UK, Tallinn, Estonia, and Gibraltar-based traditional finance and crypto payments platform for global enterprises, recently announced that it has raised £5M ($6.4M) in growth funding. The funding round was led by Golden Record Ventures and saw participation from New Form Capital, GSRV, Psalion, and Luminous Futures. The company plans to utilize the raised funds for its continued growth, securing additional licenses in new jurisdictions, and further development of its product.
Under the leadership of CEO Chris Mason, Orbital offers a wide range of traditional payment and global foreign exchange (FX) solutions, along with licensed crypto payment services.
The company primarily focuses on the business use cases for stablecoins in cross-border payments. Orbital's platform allows traditional, global enterprises, particularly those exposed to emerging markets, to integrate stablecoins, as well as other major cryptocurrencies and traditional currencies, into their existing payment flows. Through its APIs, Orbital also acts as an embedded finance solution for stablecoin payments, enabling companies to accept cryptocurrency payments from customers, convert them into traditional currencies like USD, GBP, and EUR, and settle them into IBAN accounts within minutes.
With Orbital's services, customers can instantly access new markets without the need for a physical presence or domestic bank accounts. Moreover, they have the option to avoid handling cryptocurrencies themselves if they so choose. Currently, Orbital boasts over 80 clients who process a total value of $250M every month. The company has a global headcount of 95 and holds licenses from the Financial Conduct Authority as an authorized payment institution in the UK, as well as a virtual currency service provider in Estonia. The company also plans to announce additional licenses in the coming months.
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