BVNK and LawAdvisor Nab Tech Funding in London

Fintech and legaltech looking good in the capital.

Digital asset financial services firm BVNK and legal technology specialist LawAdvisor Ventures have got funding in London. 

BVNK says “champagne corks were popping” with the announcement that it secured $40 million (£32.7 million) in Series A funding.

LawAdvisor has secured $5 million (£4 million) of investment across its portfolio of ventures in a seed round.

BVNK’s Mainstream Dream

BVNK provides a banking and payments platform for crypto and fiat currencies. Its partners include Genesis, Modulr and Copper.

The fintech company has been making progress and says its monthly payments volumes have doubled since January of this year, and it now processes $2 billion (£1.6 billion).

BVNK states: “I believe we’re witnessing in real time crypto’s move into the corporate mainstream, and that sooner rather than later crypto will sit alongside fiat as a core currency for payments and treasury.”

Although, the firm didn’t mention that the value of Bitcoin has fallen to £22,964 – well below its zenith in November 2021.

In terms of the funding, the backers include Tiger Global, The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric and Base Capital. This will provide the “financial muscle” to help BVNK move into new (unspecified) markets, acquire regulatory licences, and for product capabilities.

BVNK has over 100 staff based across the UK, Europe, and South Africa. It has hubs in London, Cape Town and Dubai.

I Am the LawAdvisor!

According to LawAdvisor, the capital injection includes investment from Ralph Baxter (former Chairman and CEO of Orrick), Ben Davey (former CEO, Barclays Ventures), as well as leaders from Microsoft and Gilead.

Brennan Ong, Founder and CEO of LawAdvisor Ventures, comments: “With the support of our investors and advisors, we can focus on growing our team, improving our products, and developing the business to fundamentally transform the way legal services are delivered.”

Early last year, LawAdvisor launched two new Software as Service (SaaS) solutions for the legal profession, LegalEye and Fibonacci. These solutions are designed to help corporate in-house legal departments and the way legal matters are managed.

LegalEye and Fibonacci have got some market traction – with the company explaining that it has achieved annual recurring licence revenues in excess of $2 million (£1.6 million) on their release. Clients include Bird & Bird, Simmons & Simmons, Paul Hastings, Clifford Chance, Shearman & Sterling, and Barclays.

The UK’s legaltech sector is getting reasonably lively in terms of developments and firms looking for action.

This week, PocketLaw got an $11 million (£9 million) Series A investment from venture capital firm Atomico. PocketLaw offers a SaaS platform which handles processes and tools for SMEs, such as legal guidance, custom contract creation based on templates, execution and storage.

Today (12 May), eWeek UK’s latest ‘Inspiring Women in Tech’ interview is with Aida Lutaj, Co-Founder and CEO at Legitify. The startup is digitalising the in-person notarisation process in the EU, UK and other markets.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 17 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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