Orbital, the London, Tallinn and Gibraltar-based traditional finance and crypto payments platform for global enterprises, has raised £5M ($6.4M) in “an oversubscribed growth round led by Golden Record Ventures, at an attractive valuation in which the founders are maintaining a large majority.”
Participants in the investment round reportedly “include New Form Capital, GSRV, Psalion and Luminous Futures.” The funding marks Orbital’s first institutional capital raise, “having been bootstrapped and profitable since being founded in London in 2017.”
Orbital provides a range of traditional payment and global FX solutions, “but where it deviates from the norm is that it also offers licensed crypto payment services, especially focusing on the business use cases for stablecoins in cross border payments.”
Facilitating Fiat and Blockchain Payments
Orbital combines fiat and crypto business accounts “to enable traditional, global enterprises, particularly those with exposure to emerging markets, to integrate stablecoins, as well as other major cryptocurrencies and traditional currencies, into existing payment flows.”
Its APIs further act “as an embedded finance solution for stablecoin payments.”
For example, companies can “accept cryptocurrency payments from customers, off-ramp into traditional currencies like USD, GBP and EUR, and settle into IBAN accounts in minutes.”
Customers can instantly “access new markets, without the need for a physical presence or domestic bank accounts, and if they so choose there’s no need to handle cryptocurrencies themselves.”
Orbital is licensed by the Financial Conduct Authority “as an authorized payment institution in the UK, and as a virtual currency service provider in Estonia, with other licences to be announced in the coming months.”
Orbital’s first institutional capital raise “comes ahead of it raising a Series A round, and, despite the current crypto bear market, off the back of its seven-digit monthly revenue having grown over 40% in the last 6 months.”
It has over 80 clients processing $250M of value every month. Orbital’s headcount is 95 globally, “with three offices across London, Estonia, Gibraltar.”
The funding round will enable Orbital to “continue its rapid growth, secure additional licenses in new jurisdictions, and further develop its product.”