Mastercard to buy stablecoin startup BVNK for up to $1.8B in record crypto deal
What's the deal? MastercardDealroom has a profile for this one. Try Dealroom → has agreed to acquire BVNK, a London-based stablecoin infrastructure startup, for up to $1.8 billion — including $300 million in contingent payments. Founded in 2021, BVNK processes more than $30 billion in stablecoin payments annually for clients including Deel and Worldpay.
The deal eclipses Stripe's $1.1 billion purchase of Bridge in early 2025 and represents a significant premium over BVNK's $750 million valuation from its December 2024 Series B. Backers include Visa VenturesDealroom has a profile for this one. Try Dealroom →, Coinbase Ventures, Haun VenturesDealroom has a profile for this one. Try Dealroom →, and Citi VenturesDealroom has a profile for this one. Try Dealroom →.
Why now? The path to this deal was anything but direct. Coinbase had been in advanced talks to acquire BVNK for around $2 billionDealroom has a profile for this one. Try Dealroom → before those negotiations collapsed in November 2025. Mastercard, which had pursued stablecoin startup Zerohash at a $1.5–2 billion price range — a deal that fell through — ultimately landed BVNK instead.
The regulatory backdrop has shifted too. The US GENIUS Act, which established a framework for stablecoins, was signed into law in 2025, giving the market clearer legal footing and emboldening incumbents to act.
What could go wrong? The deal still requires regulatory approval and is not expected to close until late 2026 — leaving room for complications. There's also a strategic tension to manage: Mastercard has publicly argued that most payment flows will remain in fiat, even as it bets $1.8 billion on stablecoin rails.
Integrating a fast-moving startup into one of the world's largest payments networks is never seamless. BVNK has pledged to maintain operational independence, but execution risk is real.
The signal: Mastercard's move is the clearest sign yet that traditional payments incumbents are no longer waiting to see how stablecoins play out — they're buying their way in. With Stripe, Mastercard, and VisaDealroom has a profile for this one. Try Dealroom → all staking positions in stablecoin infrastructure, the race to own the bridge between on-chain and fiat payments is fully underway.
Stablecoins are becoming base-layer infrastructure for global money movement. Acquiring the picks-and-shovels players — before they grow too big or get snapped up by rivals — is the new playbook.
Sources:
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Mastercard
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CNBC
The Wall Street Journal
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