Business
BVNK in R34.5-Billion Talks with Mastercard and Coinbase
South African-Born Fintech Makes Global Waves
A fintech startup with South African roots is making international headlines. BVNK, a London-based digital payments company co-founded by South Africans, is in R34.5-billion acquisition talks with global giants Mastercard and Coinbase.
While the finer details of the deal are still under wraps, reports suggest the sale could fall between $1.5 billion and $2.5 billion, placing BVNK among the most valuable African-founded startups to enter major global negotiations.
Founded in 2021 by Jesse Hemson-Struthers, Donald Jackson, Chris Harmse, and George Davis, BVNK has become one of the fastest-growing firms in the stablecoin space, helping businesses move money seamlessly between traditional currencies and digital assets.
From Startups to Stablecoins: The South African Connection
Though headquartered in London, BVNK’s DNA is proudly South African. The company’s CEO, Jesse Hemson-Struthers, is a serial entrepreneur who once founded SAcamera, an online photography store acquired by Takealot. His co-founders, Donald Jackson and Chris Harmse, share similarly impressive local résumés, with backgrounds in engineering, fintech, and investment.
The three previously worked together on Coindirect, a Cape Town-based cryptocurrency exchange launched in 2017. When Coindirect shut down in 2021, its core team and business-to-business operations evolved into what is now BVNK.
Despite its international base, the company remains deeply tied to South Africa. Out of BVNK’s more than 400 employees, at least 104 are based in South Africa, playing a role in building infrastructure that connects traditional banking with blockchain technology.
Even its quirky name carries a bit of South African humour. Former co-founder George Davis once joked that BVNK stands for “turning banking upside down,” a nod to its mission of disrupting conventional finance.
Building a Bridge Between Banks and Blockchains
At its core, BVNK offers technology that allows companies to send, receive, and store stablecoins and fiat funds through a single platform. The company’s self-custody system, called Layer1, powers payments across both fiat rails and blockchains.
Speaking about the company’s mission, Hemson-Struthers explained that BVNK’s goal has always been to “accelerate global money movement” through stablecoins, which he believes represent “a path to efficiency, innovation, and new revenue.”
In less than five years, BVNK has scaled to handle over $8 billion in annualised transaction volumes, offering businesses the ability to hold and exchange hundreds of currencies and crypto assets worldwide.
A Track Record of Major Backing
BVNK’s rise has attracted some of the biggest names in venture capital.
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In 2022, the company secured $40 million in Series A funding at a $340 million valuation, led by Tiger Global, the same firm that backed Takealot and Bidorbuy.
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A $50 million Series B round in 2024 doubled its valuation, with investors including Coinbase Ventures, Haun Ventures, and Avenir.
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In 2025, Visa Ventures and Citi both joined as strategic investors, signalling major institutional confidence in the platform’s potential.
With Mastercard and Coinbase now in active acquisition talks, BVNK’s trajectory appears to be entering a new chapter, one that could cement its place as one of the most successful African-founded fintech exports in history.
The Future of South African Innovation Abroad
The BVNK story has struck a chord across South Africa’s tech and crypto communities. Many see it as proof that local founders can build companies capable of competing at the highest levels of global finance.
For South Africans in fintech, this moment feels symbolic: a new generation of innovators who started in Cape Town boardrooms and coffee shops are now reshaping how money moves across the world.
As negotiations with Mastercard and Coinbase continue, one thing is certain: BVNK’s journey from a small South African-led startup to a multibillion-rand global contender is redefining what’s possible for homegrown tech.
Also read: Cheaper Petrol Ahead: South Africa’s Fuel Prices Set for a Welcome Drop
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Source: MyBroadband
Featured Image: X (formerly known Twitter)/@BVNKFinance
