Payments Platform Orbital Banks £5M in First Outside Capital Raise

<p>Orbital, a London-based <a href="https://www.financemagnates.com/cryptocurrency/are-cryptocurrencies-a-viable-payment-option-in-2023/">payments solution provider</a> offering services to several brokers, announced today (Thursday) the closure of its first institutional capital raise, with funding of £5 million ($6.4 million). Founded in 2017, the company bootstrapped funds until now.
</p><p>Orbital Raises £5 Million
</p><p>According to the official press release, Golden Record Ventures led the funding round with participation from New Form Capital, GSRV, Psalion, and Luminous Futures. Though the company did not reveal its valuation, it highlighted that the founders continued to hold a majority of the stakes.
</p><p>The institutional capital raise also came ahead of the company’s plan to raise more funds in a Series A round.
</p><p>“Bootstrapped and profitable since 2017, we’ve both grown rapidly and raised financing in a very difficult crypto bear market. Now we’re ready to scale even further and push our platform towards the bleeding edge of fintech,” said Luke Wingfield-Digby, co-founder and CIO of Orbital.
</p><p>Bridging the Gap Between Traditional Finance and Crypto
</p><p>Orbital provides traditional payment and global FX solutions. The company told <a href="https://www.financemagnates.com/">Finance Magnates</a> that it processes $250 million of value every month and has around 80 clients, two-thirds of which are contracts for differences (CFDs) brokers.
</p><p>The company is licensed by the <a href="https://www.financemagnates.com/cryptocurrency/fca-provides-4-legal-routes-for-compliance-with-upcoming-crypto-promotion-rules/">Financial Conduct Authority</a> (FCA) as an authorized payment institution in the United Kingdom and also holds a <a href="https://www.financemagnates.com/cryptocurrency/estonias-licensed-crypto-firms-drop-80-as-under-new-amtcft-regime/">virtual currency service provider (VASP) license in Estonia</a>. It has offices in London, Estonia, Gibraltar, and Manila, employing 95 staff globally.
</p><p>The company will utilize the proceeds for further growth, securing licenses in more jurisdictions, and developing products.
</p><p>“We believe all modern, global companies will require access to both blockchain and fiat payment rails, from one single platform, to effectively manage their business in the future,” Wingfield-Digby added. “Our combined expertise in both traditional finance and crypto means that we are uniquely positioned to serve their demands.”
</p><p>Jad Benabdelkhalek, General Partner at Golden Record Ventures, said: “The annual volume of B2B payments is larger than worldwide GDP and yet the architecture of cross-border flow is a patchwork of legacy methods mired with friction and inefficiencies. The Orbital team has developed a best-in-class, compliant technology platform that caters specifically to large corporates and enterprises.”
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This article was written by Arnab Shome at www.financemagnates.com.