PhotonPay raises 40 million dollars to scale stablecoin network
Financial technology platform PhotonPay raised 40 million US dollars in Series C funding led by Blockchain Capital to integrate stablecoin liquidity with global fiat settlement networks
HONG KONG – PhotonPay announced on 29 October 2026 a $40 million Series C funding round led by Blockchain Capital. New investors SBI Group and IDG Capital, along with existing backers GL Ventures and Lightspeed Faction, participated in the financing. Blacksheep Technology served as exclusive financial advisor. The additional capital will bolster PhotonPay's stablecoin-focused Financial Operating System (Financial OS), targeting improvements in multi-asset wallets, global card issuing, local clearing infrastructure, and an agent-ready financial execution layer.
By August 2026, PhotonPay's annualized transaction volume had reached US$65 billion. The company holds 34 payment and financial licenses across the Americas, Europe, and Asia, serving over 200,000 business customers in more than 200 countries and territories. With stablecoins expanding beyond crypto-native applications to corporate treasuries, settlement, and commercial spending, PhotonPay envisions stablecoins and fiat currencies converging.
Founder and CEO Lewison Chen stated that while moving money across borders quickly is beneficial, it's equally important that the capital can be quickly utilized. Chen suggested that stablecoins accelerate global money movement, while local clearing and global card issuing connect this liquidity to local settlement and business spending.
The Financial OS integrates on-chain liquidity with existing banking, clearing, and card networks, making the infrastructure less visible to businesses while becoming more crucial. PhotonPay's Financial OS consolidates multi-asset wallets, global money movement, foreign exchange, local clearing, and global card issuing via an API-first architecture, giving businesses access to the tools they need to manage and deploy funds across markets.
Stablecoins form the core of this system, connecting stablecoin liquidity with fiat balances and integrating asset conversion, foreign exchange, and local clearing into a single workflow. This enables businesses to move funds across on-chain and traditional financial networks, turning digital asset liquidity into purchasing power for local payments and daily corporate expenses.
The company's global network supports local collection accounts in 17 key markets and more than 60 currencies for incoming funds, with payouts to over 100 payment routes, including local clearing systems, bank transfers, digital wallets, and 74 major e-wallets. Approximately 97% of payouts reach recipients within hours, with 68% arriving instantly.
PhotonPay offers global card issuing through its APIs, allowing businesses to create virtual and physical cards with granular spending controls and embed card payments into their software. Over the past year, PhotonPay issued 4.4 million cards, a 275% year-over-year increase. Beyond its own payment solutions, PhotonPay makes its infrastructure available via embedded finance, enabling other platforms to integrate global accounts, payments, and card issuing directly into their products.
PhotonPay now works with more than 100 enterprise and platform partners, extending its Financial OS to industry-specific workflows. As AI agents take on operational roles, financial infrastructure must evolve to support programmable, policy-governed execution. PhotonPay aims to provide developers and AI agents with standardized financial interfaces, enabling secure retrieval of account information, balances, card functions, and payments while adhering to explicit authorization rules and spending limits.
The company is also advancing AI-assisted risk review to identify complex cases for human evaluation.
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