Hong Kong-based financial technology company PhotonPay has raised $40 million in a Series C funding round led by Blockchain Capital as it expands payment infrastructure that connects stablecoins with conventional banking and card networks.
The round also brought in SBI Group as a new investor, while existing backers IDG Capital, GL Ventures and Lightspeed Faction participated again, according to PhotonPay’s announcement. Blacksheep Technology served as exclusive financial adviser. The company did not disclose a post-money valuation, revenue or a detailed deployment timetable.
Funding targets stablecoin and fiat payment infrastructure
PhotonPay said it will use the capital to build out a multi-asset wallet, expand global card issuance, strengthen local clearing capabilities in key markets and develop what it calls an agent-ready financial execution layer. The company positions its platform as a single operating layer through which businesses can receive, convert, hold and spend funds across fiat and stablecoin rails.
The approach reflects a broader effort by payment companies to use stablecoins for settlement while preserving the local accounts, compliance controls and card products that businesses already use. PhotonPay said its network offers local collection accounts in 17 markets, can receive more than 60 currencies and supports over 100 payout routes as well as 74 local e-wallets.
Availability is not necessarily uniform across all of those markets. Payment products can depend on local authorization, banking partners, supported currencies and customer eligibility, while stablecoin-related rules differ by jurisdiction. PhotonPay’s count of licenses and authorizations therefore should not be read as confirmation that every product is available to every customer in every country. The company did not publish a country-by-country service matrix with the funding announcement.
Those operating figures are company-supplied and have not been independently audited. PhotonPay also said 97 percent of payouts on its network arrive within hours or on the same day, with 68 percent processed in real time.
PhotonPay links settlement rails with business spending
The company said it issued 4.4 million cards during the 12 months through August 2026, an increase of 275 percent from a year earlier. Its card infrastructure is intended to let businesses and platforms issue physical or virtual cards after receiving and converting funds on the same system.
PhotonPay also reported more than 100 enterprise and platform partners and over 200,000 business customers across more than 200 countries and territories. It put annualized transaction volume at $65 billion as of August 2026. These adoption and volume metrics come from PhotonPay and should be read as management disclosures rather than independently verified market data.
The company said the planned execution layer is meant to support software agents that can initiate or manage payments within defined controls. That product direction remains a development plan; PhotonPay did not provide a launch date or name customers already using an autonomous-agent payment service.
Round follows licensing and product expansion
Founded in Hong Kong in 2015, PhotonPay says it now has 16 offices and about 600 employees. The company reported holding 34 payment and financial licenses or authorizations, although the announcement did not provide a jurisdiction-by-jurisdiction list in the release.
Independent funding coverage by Dealroom corroborated the size and lead investor of the round, while noting that the company plans to extend its stablecoin-based payment infrastructure. The financing comes as card-linked stablecoin services mature: TNGlobal previously reported that cumulative stablecoin card spending had passed $10.9 billion by mid-2026, citing data compiled by RedotPay.
PhotonPay’s new capital gives it additional resources to compete across cross-border collections, payouts, treasury and card issuance. The key measures for the next stage will be how quickly it converts the announced infrastructure plans into regulated, commercially deployed services and whether its transaction growth is matched by sustainable economics. PhotonPay did not disclose profitability, revenue or a valuation in the Series C announcement.
Stablecoin card spending passes $10.9B as sector matures: RedotPay