Velocity raises $38M to move business money with stablecoins

Velocity, a London-based fintech, raised $38 million in a Series A round led by Dragonfly and FirstMark to expand its stablecoin-based treasury and settlement infrastructure for businesses. The company enables faster, compliant movement and settlement of funds using dollar-pegged stablecoins integrated with traditional banking systems. Velocity competes mainly with traditional banks and foreign-exchange houses and operates in the US, Europe, and Australia.