Hong Kong fintech PhotonPay has raised a $40 million Series C led by Blockchain Capital to scale its stablecoin-centric financial operating system, a bet that business money is moving onto rails where fiat and stablecoins converge. The round matters because it funds infrastructure, not speculation: pipes that let companies receive, convert, hold and spend across both systems in one operating layer.
SBI Group joined as a new investor, with existing backers IDG Capital, GL Ventures and Lightspeed Faction following on. Blacksheep Technology served as exclusive financial adviser. The company did not disclose a post-money valuation, revenue or profitability. The raise follows a Series B in January 2026.
PhotonPay's platform connects stablecoin liquidity with traditional banking, clearing and card networks. It offers local collection accounts in 17 markets, can receive more than 60 currencies and supports over 100 payout routes and 74 local e-wallets. The company says 97 percent of payouts arrive within hours or the same day, with 68 percent processed in real time; those operating figures are company-reported.
Founded in 2015, PhotonPay reports annualised transaction volume of $65 billion as of August 2026, 34 payment and financial licenses across the Americas, Europe and Asia, and more than 200,000 business customers across over 200 countries and territories. It issued 4.4 million cards in the 12 months to August 2026, up 275 percent year on year, and now runs 16 offices with about 600 employees.
The new capital will fund multi-asset wallets, expanded global card issuing, stronger local clearing in key markets and an agent-ready financial execution layer designed to let software initiate or manage payments within defined controls. "Moving money across borders in seconds means little if it still takes days to put that capital to work," said chief executive Lewison Chen, framing the next phase of finance not as a choice between stablecoins and fiat but as "the convergence of both."
FundForge Insight: the stablecoin infrastructure race is crowding fast - Stripe is applying stablecoin rails to corporate settlement while specialists like Rain and MassPay expand similar services, so PhotonPay's edge will come from turning announced plans into regulated, commercially deployed products rather than from the round itself. The agent-ready layer is the tell: payment stacks are being designed for software customers, not just human ones. Sources: Dealroom, TNGlobal (October 29-30, 2026). This is not investment advice.
