Key Takeaways
- Orbital has raised $6.4 million in a growth round led by Golden Record Ventures. The oversubscribed round indicates strong investor interest in the platform’s unique offering, which combines traditional payment solutions with licensed crypto payment services.
- Orbital focuses on enabling global enterprises, particularly those with exposure to emerging markets, to integrate stablecoins and major cryptocurrencies into their payment flows. This approach allows companies to accept cryptocurrency payments from customers and seamlessly convert them into traditional fiat currencies, facilitating cross-border transactions and opening up new markets.
- Orbital’s product acts as a bridge between traditional finance and digital asset treasury solutions, offering multinational corporates a regulated, secure, and frictionless experience. By providing access to a range of tools, including multi-currency accounts, foreign exchange, global payments, and digital asset custody, Orbital aims to cater to the needs of large enterprises that have been underserved in this area.
- With its successful funding round, Orbital plans to continue its rapid growth, secure additional licenses in new jurisdictions, and further develop its product.
Orbital, the London-based finance and crypto payments platform, has raised $6.4 million funding in an oversubscribed growth round. The funding was led by Golden Record Ventures, with participation from New Form Capital, GSRV, Psalion and Luminous Futures. Notably, the founders will maintain a large majority stake in the company even after the investment.
Orbital offers a unique combination of traditional payment solutions and licensed crypto payment services, with a specific focus on business use cases for stablecoins in cross-border payments. The platform allows global enterprises, especially those dealing with emerging markets, to integrate stablecoins and major cryptocurrencies into their existing payment processes. This enables companies to accept cryptocurrency payments from customers and convert them into traditional currencies like USD, GBP, and EUR, settling them into IBAN accounts in a matter of minutes. The platform’s APIs act as an embedded finance solution for stablecoin payments.
The company 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 plans to obtain additional licenses in the future. Despite the current crypto bear market, Orbital has experienced significant growth, with over 80 clients processing $250 million of value each month. They have a global headcount of 95 employees and three offices across London, Estonia, and Gibraltar.
Orbital’s product bridges the gap between traditional finance and digital asset treasury solutions, providing multinational corporates with a regulated, secure, and frictionless experience. It acts as a single access point for various treasury tools, including multi-currency accounts, foreign exchange, global payments, and digital asset custody. Additionally, the platform offers crypto payment rails via API, allowing online merchants to embed crypto payments into their own products or services.
The funding round will enable Orbital to continue its rapid growth, expand into new jurisdictions, and further develop its product. While the adoption of digital assets and stablecoins has been slow among corporates due to a lack of internal knowledge and mistrust of the industry, Orbital’s solution seeks to address these concerns and provide a comprehensive platform for multi-asset payments.