Starting Cryptocurrency BVNK (pronounced ‘bee-vee-en-kay’) closed a $40 million Series A funding round at a post-money valuation of $340 million. Interestingly, Tiger Global is leading the round despite grabbing headlines, as it suffered a $17 billion loss in this year’s tech stock sell-off.

Other investors in today’s funding round include The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, Base Capital and various business angels. BVNK signed its term sheet last month.

BVNK offers banking and payments services for crypto-native businesses. Businesses using BVNK can accept fiat and cryptocurrency payments, hold hundreds of different currencies and crypto assets, and send funds around the world.

Before landing with this product offering, the BVNK team worked on a consumer platform. It was a more traditional crypto exchange focused on emerging markets and remittances.

“We originally started a retail business and now it’s a purely B2B business. We’ve spent the last year chasing top talent in the crypto space. We now have 120 people in the business. company,” BVNK co-founder and CEO Jesse Hemson-Struthers told me.

With cryptocurrencies currently having a very bad week, many companies have been looking for ways to start supporting cryptocurrencies in some way. But it has been a difficult process because many banks around the world just don’t want to work with cryptocurrencies.

“Financial services really aren’t built for crypto at all,” co-founder and chief product officer George Davis told me.

BVNK targets both crypto-native and crypto-curious businesses, such as “payment companies that are pushed to accept crypto,” Davis said.

The main hook for attracting new customers is the bank. You can use BVNK to replace some of your traditional bank accounts. From your BVNK account, you can buy, sell, send, and receive fiat currencies, such as EUR, GBP, and USD, as well as cryptocurrencies, such as BTC, ETH, and USDC.

In addition to this, BVNK has built a payment service. It is both a way to collect crypto payments and a fiat-crypto on-ramp for people who want to buy crypto assets. Companies using BVNK can leverage this API with their own customers.

The fiat on-ramp in particular is quite interesting as BVNK wants to compete directly Moon Pay. If you are unfamiliar with MoonPay, it is a popular API for other products. For example, many crypto wallets integrate MoonPay into their apps so users can purchase crypto assets with a debit card.

BVNK believes it can build a cheap alternative through open banking. Instead of relying on debit cards, BVNK asks people to log in with their bank account information and initiate an instant payment from there. This way, BVNK saves on card processing fees.

So far, BVNK has attracted about 120 customers. “We’ve been profitable as a business,” Hemson-Struthers told me. The company says it currently processes more than $2 billion in annualized payment volume.