London fintech Velocity has raised a $38 million Series A to help businesses move money with stablecoins. The Velocity Series A, led by Dragonfly and FirstMark, brings the two-year-old company’s total funding to nearly $50 million.
Velocity builds treasury and settlement infrastructure for companies that want to use stablecoins, the dollar-pegged tokens now spreading across payments. It announced the raise on Tuesday, as Fortune first reported.
The round drew a wide investor list. Alongside lead backers Dragonfly and FirstMark, it included Activant Capital, Capital One Ventures, QED Investors, Coinbase Ventures, Wintermute Ventures, and Ripple, per the company’s announcement. Founder and chief executive Eric Queathem declined to give a valuation.
What Velocity does
The platform lets finance teams hold, move, and settle funds using stablecoins. It ties that infrastructure to local banking rails, compliance, custody, and liquidity management. The pitch is that companies get faster settlement without overhauling how their treasury already works.
