PhotonPay, a Hong Kong payments platform that connects stablecoins to fiat banking and card networks for businesses, has raised a $40 million Series C led by Blockchain Capital, the company said October 30.
SBI Group joined as a new investor, while IDG Capital, GL Ventures and Lightspeed Faction made follow-on investments. Blacksheep Technology was exclusive financial adviser. The valuation was not disclosed.
The company plans to use the funding to extend its multi-asset wallet capabilities, expand global card issuing, strengthen local clearing in key markets and develop what it calls an agent-ready financial execution layer.
PhotonPay, founded in Hong Kong in 2015, reports more than 200,000 business customers, about $65 billion in annualized transaction volume as of August 2026, and 4.4 million cards issued over the past 12 months, up 275% year on year. It also cites more than 100 enterprise and platform partners and 34 payment and financial licenses and authorizations. These are company-reported figures and have not been independently verified.