Mastercard acquisition marks Concentric’s BVNK exit

Venture capital firm Concentric has highlighted the success of its long-term investment strategy after Mastercard acquired stablecoin payments infrastructure provider BVNK, concluding an almost eight-year partnership between the two firms.

Concentric first backed BVNK’s founders – Jesse Hemson-Struthers, Donald Jackson and Chris Harmse – in 2019, leading the company’s first two funding rounds after investing at a $4.7 million valuation. The firm has supported every subsequent financing round and has retained its entire shareholding until the acquisition, reflecting its long-term conviction in the business.

The investment has formed part of Concentric’s broader thesis that stablecoins could reshape the infrastructure underpinning global payments, years before the technology became a strategic priority for banks and payment providers. Alongside BVNK, the venture capital firm has invested in companies including Koywe, Fipto and Noah, backing businesses developing stablecoin-powered payments infrastructure.

Kjartan Rist, Co-founder and Managing Partner at Concentric, said: “When we first invested, stablecoins were far from the financial mainstream. What we saw was a much bigger opportunity to rebuild the infrastructure behind global payments and a founding team capable of doing it.”

He added: “Mastercard’s acquisition is an exceptional outcome for BVNK, and we believe it demonstrates what can be achieved when exceptional founders are backed with long-term conviction and active company building.”

Concentric has stated that it initially invested in BVNK at a $4.7 million valuation before increasing its investment three years later when the company reached an $94 million valuation. The firm has participated in every financing round and has not sold any shares before the acquisition.

The transaction has marked a significant exit for Concentric and has underscored growing institutional confidence in stablecoin-powered payments infrastructure as digital asset technologies continue to gain traction across the financial services industry.