PhotonPay Closes $40 Million Series C as Blockchain Capital Backs Stablecoin-to-Fiat Infrastructure Push
PhotonPay Closes $40 Million Series C as Blockchain Capital Backs Stablecoin-to-Fiat Infrastructure Push #
PhotonPay, a Hong Kong-based fintech building what it calls a stablecoin-centric Financial Operating System, has closed a $40 million Series C financing round, the company announced on October 29, 2026. The round was led by Blockchain Capital, with Japan’s SBI Group joining as a new strategic backer. Existing investors IDG Capital, GL Ventures, and Lightspeed Faction all provided follow-on capital. Blacksheep Technology served as the exclusive financial adviser on the transaction.
PhototonPay’s platform is designed not as an alternative to the traditional banking system but as a layer connecting stablecoin liquidity with conventional financial rails. Businesses use it to move funds across on-chain networks and fiat channels from a single interface covering asset conversion, foreign exchange, and local clearing.
According to the company’s announcement, the capital will go toward four areas: expanding multi-asset wallet capabilities for both stablecoins and fiat currencies, scaling global card issuance, deepening local clearing infrastructure in target markets, and building an “agent-ready” financial execution layer to support agentic commerce workflows.
PhototonPay says it already counts more than 100 enterprise and platform partners and has established institutional relationships with banks including J.P. Morgan, Standard Chartered, and DBS. Its infrastructure also connects to real-time payment systems in several emerging markets, among them Brazil’s Pix network and Mexico’s SPEI interbank transfer system. The company operates 16 offices globally and employs close to 600 people.
Blockchain Capital partner Yuanhan Li pointed to the strategic value of a single provider capable of handling bank transfers, stablecoins, and card payments without requiring businesses to navigate fragmented global networks themselves. SBI Ven Capital’s Eiichiro So cited alignment with broader efforts to make digital assets practically useful within traditional financial infrastructure.
PhototonPay founder and CEO Lewison Chen has argued that the speed of cross-border transfers matters little if businesses cannot deploy that liquidity for local settlement and corporate spending. The new funding is expected to support expansion into additional jurisdictions and deeper compliance and clearing capabilities in markets where the company already operates.
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