Hong Kong-based payments company PhotonPay announced on October 29 that it had closed a $40 million Series C round led by Blockchain Capital, with SBI Group joining as a new investor. The company said it will use the capital to expand a financial platform that links stablecoin liquidity to fiat payment networks, local clearing systems and business card programs.
According to PhotonPay’s original October 29 funding announcement, existing backers IDG Capital, GL Ventures and Lightspeed Faction also participated. PhotonPay named Blacksheep Technology as the exclusive financial adviser. The company describes the product roadmap as a stablecoin-centric financial operating system; the release does not disclose an independent valuation for the financing.
What the new capital is intended to support
PhotonPay said it plans to improve its multi-asset wallets, expand card issuing, increase local clearing coverage and develop interfaces for programmable payment execution. The proposed system is intended to connect on-chain stablecoin movements with ordinary business needs such as supplier settlement, corporate spending and receiving payments in local currency.
Stablecoin transfers and actual business payouts are different stages. A transfer may settle on a blockchain while the recipient still needs a licensed provider, bank relationship or card network to spend the proceeds in a local market. BlockBriefing’s stablecoin explainer covers the token side of that process.
PhotonPay’s scale is company-reported
PhotonPay said its annualized transaction volume reached $65 billion as of August 2026 and that it serves more than 200,000 businesses across over 200 countries and territories. It also cited 34 payment and financial licenses or authorizations, local collection accounts in 17 markets and payouts across more than 100 routes.
These are figures supplied by PhotonPay, rather than independently audited operating metrics in the announcement. Annualized volume is a run-rate indicator and should not be confused with revenue or cash held on behalf of customers.
The broader stablecoin payments market
The fundraising comes as payment infrastructure firms seek to connect blockchain-based settlement with familiar financial rails. BlockBriefing recently covered Airtm and BVNK’s Stellar payments initiative and Circle and ACI Worldwide’s USDC settlement test in Colombia. These are separate projects, but illustrate the same distinction between token transfer and usable local payment access.
PhotonPay also described plans for agent-assisted payments with programmable limits and authorization rules. Its release points to a previously completed agentic payment demonstration, but planned functionality should not be treated as a generally available product without separate confirmation.
The funding announcement was dated October 29, not October 30. This report covers that previous-day event and does not characterize it as a fresh October 30 announcement.
Primary source and verification
See PhotonPay’s October 29 company statement for the financing participants, intended use of funds and company-reported operational data.
