Stablecoin payments startup Velocity has raised an additional $10 million from investors including Visa Ventures, Circle Ventures, and Ripple, taking its Series A funding to $48 million and valuing the London-based company at $200 million.

The extension follows the $38 million Series A announced in July 2026 and also drew participation from Haun Ventures, Translink Capital, and Mirana Ventures. Chief Executive Eric Queathem said the original round was oversubscribed — a situation that often leads companies to expand a round beyond its original target.

Stablecoins are blockchain-based tokens designed to maintain a stable value against fiat currencies and are increasingly used to move and settle value between institutions. The funding highlights growing interest from established payments and crypto companies in infrastructure that uses stablecoins for settlement, liquidity, and corporate treasury operations rather than replacing existing payment systems. The investor list pairs Visa, which operates one of the world’s largest card networks, with Circle, the issuer of the USDC stablecoin, and Ripple, a provider of blockchain-based payment services. Velocity is building technology that allows banks and payment companies to use stablecoins without replacing their existing financial systems.

Queathem, a former WorldPay executive, said the industry has focused heavily on improving the consumer-facing payments experience while leaving the underlying infrastructure largely unchanged.

“All this capital has flowed into payments over the last 15 years, and it’s been 100% focused on how do you create a better experience on the front end for consumers,” he said. “But no one has fixed the back-end layer.”

Visa Bets on the Back End

The company’s pitch is particularly relevant to Visa, which has invested as stablecoins increasingly become part of the plumbing behind global payments. Rubail Birwadker, Visa’s Global Head of Growth Products and Strategic Partnerships, said stablecoins are “playing an increasingly important role in reshaping how value moves across the Visa ecosystem.”

Settlement Behind the Scenes

Velocity expects stablecoins to operate largely behind the scenes rather than requiring consumers to hold stablecoin wallets. Chief Growth Officer Matt Larson said the shift “probably doesn’t lead to all of us switching to have stablecoin wallets as users,” with much of the change instead occurring in funding and settlement between financial institutions and payment networks.

Queathem said the longer-term opportunity extends to corporate treasury management as companies begin holding more value on blockchain networks. “I think in five years every global business is going to hold value on-chain,” he said.

Competition Shifts From Issuance to Infrastructure

The investment points to a broader shift in the stablecoin market, where competition is increasingly moving beyond issuing tokens toward the infrastructure needed to move, settle, reconcile, and manage money on-chain. For Visa, Circle, and Ripple, backing companies such as Velocity provides exposure to that infrastructure layer without requiring traditional payment systems to rebuilt from scratch.

This report was first published by BitcoinKE.