Stablecoin infrastructure platform BVNK has raised $50 million in Series B funding as it seeks to expand its U.S. operations.

Formed in late 2021, BVNK raised $40 million in Series A funding the following May and won registration in Spain a few months later.

For the past year, the London-based company has been expanding in the U.S., opening an office in San Francisco, building a team and applying for operational licenses.

BVNK has applied for licenses in all U.S. states, securing approval in several, including Alabama, Arizona, Delaware, Florida, Michigan and New Hampshire, the company told CoinDesk in an e-mail.

The latest investment round was led by Haun Ventures and included contributions from Coinbase Ventures and Tiger Global, BVNK said on Tuesday.

The company aims to help businesses incorporate stablecoin payments into their processes, such as paying contractors worldwide, instant settlement with merchants and sending payouts without delays and exchange-rate risks.

Read More: Stablecoin Market Cap Hits $200B Milestone, Could Double in 2025 as Adoption Accelerates

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