- The round, which comprised funds from New Form Capital, Psalion, GSRV, and Luminous Futures, is the company’s first institutional capital raising since its inception in 2017.
- Orbital offers stablecoin, major cryptocurrency, and fiat currency company account for integrating blockchain payments into financial activities.
Orbital, a traditional financial and cryptocurrency payments platform developed for enterprise firms in London, recently said it has funded £5 million (USD 6.4 million) in an oversubscribed expansion round led by Golden Record Ventures to extend its market reach and enhance its product.
The round, which comprised funds from New Form Capital, Psalion, GSRV, and Luminous Futures, is the company’s first institutional capital raising since its inception in 2017.
Orbital provides enterprises with traditional and crypto business accounts for integrating blockchain payments into their normal financial operations, including stablecoins, major cryptocurrencies, and fiat currencies. Stablecoins are cryptocurrencies that maintain parity with another currency, such as the US dollar, such that one token is always worth one dollar. As a result, they are helpful for simple remittances because their prices are not volatile.
Traditional businesses can use Orbital’s services to accept consumer cryptocurrency payments and convert them into currencies like British pounds and amp; US dollars in minutes. Customers can also immediately access other markets without needing a physical presence or domestic bank accounts. This is possible through cross-border payments without needing to manage cryptocurrencies directly.
Orbital provides a neobanking platform that can store over 30 various global currencies for traditional currencies. This also facilitates the exchange of cryptocurrencies for local currency by eliminating the need for an external banking account or partner. Orbital manages regulatory compliance and account security for customers.
Luke Wingfield-Digby, Orbital’s Co-founder and Head of Corporate Development, said, “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. Orbital has been built by veterans who deeply understand the needs of large enterprises, which until now have been massively underserved.”
Orbital is a licensed payment institution in the United Kingdom with a Financial Conduct Authority license and a licensed virtual currency provider in Estonia. Additionally, the company stated that it will announce additional licenses in the future months.
With Orbital’s product, enterprises can bridge the divide between traditional finance and digital asset treasuries with a single solution and access point for their funds. The company also provides merchants with application programming interfaces for integrating crypto payments into their point-of-sale devices, products, and services.
Orbital currently supports over 80 clients and processes USD 250 million monthly transactions. Currently, the company has 95 employees in three facilities located in London, Estonia, and Gibraltar. The company stated that it intends to expand into additional markets with additional licenses as it proceeds to add more functionality to its product and services with this new funding.