London-based traditional finance and crypto solutions platform, Orbital, has successfully raised €5.8 million in a recent growth round. The round was oversubscribed and led by Golden Record Ventures, with participation from investors including New Form Capital, GSRV, Psalion, and Luminous Futures. This marks Orbital’s first institutional capital raise after being bootstrapped and profitable since its establishment in 2017.
Orbital operates as a licensed provider of traditional payment and global foreign exchange (FX) solutions. However, what sets them apart is their license for crypto payments, with a particular emphasis on the business use cases of stablecoins in cross-border payments.
Luke Wingfield-Digby, co-founder and CIO of Orbital, explained the company’s vision: We believe that 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. Orbital has been built by veterans who deeply understand the needs of large enterprises, which until now have been massively underserved. Our combined expertise in traditional finance and crypto positions us uniquely to meet their demands. We have experienced rapid growth and secured financing in a challenging crypto bear market, and now we are ready to scale even further and push our platform to the cutting edge of fintech.
Orbital combines fiat and crypto business accounts, enabling traditional global enterprises, especially those with exposure to emerging markets, to integrate stablecoins, major cryptocurrencies, and traditional currencies into their existing payment flows. Their APIs also serve as an embedded finance solution for stablecoin payments.
Licensed by the Financial Conduct Authority as an authorized payment institution in the UK, and as a virtual currency service provider in Estonia, Orbital is planning to announce additional licenses in the coming months. The company was co-founded by Chris Mason (CEO), Luke Wingfield-Digby (CIO), and Paulius Grigaitis (CTO), all experienced industry veterans in technology, banking, and payments.
Orbital’s successful capital raise serves as a precursor to an upcoming Series A round. Despite the current crypto bear market, the company has seen remarkable growth, with their seven-digit monthly revenue increasing by over 40% in the last six months. They currently serve approximately 80 clients processing $250 million in value every month and employ 95 people across their four offices in London, Estonia, Gibraltar, and Manila.
This funding round will enable Orbital to continue their rapid growth, secure additional licenses in new jurisdictions, and further enhance their product.
With its focus on traditional finance and crypto solutions, Orbital is well-positioned to cater to the evolving needs of global enterprises, providing them with seamless access to blockchain and fiat payment rails. As they continue to expand their services and reach, Orbital aims to establish itself as a leading platform at the forefront of fintech innovation.
