Orbital raises $6.4m to expand cyrpto payment capabilities

By Gloria Methri

Orbital, the London-based traditional finance and crypto payments platform, has raised £5 million ($6.4 million) in an oversubscribed growth round led by Golden Record Ventures. Other participants in the round include New Form Capital, GSRV, Psalion, and Luminous Futures.

The funding marks Orbital’s first institutional capital raise since being founded in London in 2017.

Orbital provides a range of traditional payment and global FX solutions. It also offers licensed crypto payment services, especially focusing on the business use cases for stablecoins in cross-border payments.

Orbital combines fiat and crypto business accounts to enable traditional, global enterprises, particularly those with exposure to emerging markets, to integrate stablecoins, as well as other major cryptocurrencies and traditional currencies, into existing payment flows. Its APIs further act as an embedded finance solution for stablecoin payments.

Orbital is licensed by the Financial Conduct Authority as an authorised payment institution in the UK and as a virtual currency service provider in Estonia. The funding round will enable Orbital to continue its rapid growth, secure additional licenses in new jurisdictions, and further develop its product.

Luke Wingfield-Digby, co-founder and Head of Corporate Development of Orbital, 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. 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.”

Jad Benabdelkhalek, General Partner at Golden Record Ventures, added, “The Orbital team has developed a best-in-class, licensed technology platform that caters specifically to large corporates and enterprises. The global business community is starting to understand the value and importance of stablecoins and digital assets, and we are delighted to back Orbital which is at the forefront of enabling this change.”