What happened

Velocity, a London-based stablecoin treasury and settlement platform founded in 2025 by former WorldPay executive Eric Queathem, raised a $38 million Series A co-led by Dragonfly and FirstMark. Activant Capital, Capital One Ventures, QED Investors, Coinbase Ventures, Wintermute Ventures and Ripple also participated. The company has raised roughly $50 million total since its $10 million pre-seed round in May 2025. Proceeds will fund geographic expansion into Africa and Latin America, product development around institutional custody and yield, and regulatory buildout.

Why it matters

Velocity's approach , a middleware layer that connects stablecoin networks to existing bank and compliance infrastructure , represents a pragmatic middle path between full replacement of treasury systems and continued reliance on slow correspondent banking. If it works at scale, it could unlock significant trapped liquidity for multinationals that currently pre-fund accounts across dozens of jurisdictions. The breadth of its investor base, spanning crypto-native funds, enterprise software VCs and strategic banks, suggests broad institutional conviction that stablecoins will become a core enterprise payments rail rather than a niche crypto tool.

What to watch

Velocity's licensing push into Africa and Latin America will be the first real test of its model outside developed markets. The company also faces competition from Modern Treasury (which acquired Beam last year for $40 million) and from traditional banks that are beginning to build their own stablecoin settlement layers. Regulatory developments in the US and UK will determine how quickly enterprise adoption scales. Queathem declined to disclose valuation or specific client names, but said customers span global merchants, payment providers, fintechs and financial institutions.

Layering stablecoin rails on top of existing bank accounts , rather than asking CFOs to rip out their treasury systems , is the only path that scales beyond crypto-native companies. Velocity's backers are betting that bridge is worth $38 million.

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Key takeaways

• Velocity raised $38M in Series A funding co-led by Dragonfly and FirstMark, with participation from Ripple, Capital One Ventures, Coinbase…
• The platform lets enterprises use stablecoins for settlement and treasury operations without replacing existing banking systems, targeting…
• Proceeds will fund expansion into Africa and Latin America, institutional custody infrastructure and yield-generating stablecoin products,…

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