Analysis
PhotonPay, a Hong Kong-headquartered fintech, has closed a $40 million Series C funding round led by Blockchain Capital, with SBI Group, IDG Capital, GL Ventures and Lightspeed Faction also participating, The SaaS News reported on October 29, 2026. The company plans to use the funding to expand its multi-asset wallet capabilities, grow global card issuing and strengthen local clearing infrastructure in target markets.
What PhotonPay does
Founded in 2015 by CEO Lewison Chen, PhotonPay operates an API-first financial operating system that connects stablecoin liquidity to global banking, clearing and card networks, according to StablecoinInsider's earlier reporting on the company. It supports cross-border settlement, local collections in more than 60 currencies and programmable card issuing, and says it now serves more than 200,000 enterprises in over 200 countries, operating from 11 hubs with more than 300 staff.
PhotonPay's funding history
PhotonPay raised its Series B in January 2026, described by the company as "tens of millions of USD," led by IDG Capital with participation from Hillhouse Investment via GL Ventures, Enlight Capital, Lightspeed Faction and Shoplazza. The new $40 million Series C, closed October 29, 2026, is led by Blockchain Capital, with IDG Capital, GL Ventures and Lightspeed Faction returning as repeat investors from the Series B and SBI Group joining as a new participant.
“Labeled stablecoin payment volume reached $374.5 billion in 2025, up 76% from $213.3 billion in 2024, according to Allium data.”
Who invested in PhotonPay
Blockchain Capital leads this round. Returning Series B backers IDG Capital, GL Ventures and Lightspeed Faction all came back for the Series C alongside new participant SBI Group, suggesting continuity in PhotonPay's existing investor base rather than a change in strategic direction.
Stablecoin payments market and what PhotonPay is building toward
Labeled stablecoin payment volume reached $374.5 billion in 2025, up 76% from $213.3 billion in 2024, according to Allium data. PhotonPay is positioning itself inside that growth as what it calls an "agent-ready financial execution layer" -- infrastructure meant to let AI-driven payment workflows settle through stablecoins as easily as through traditional card rails, a bet tied to the same wave of enterprise AI adoption fueling Pulse's funding tracker this year.
The use-of-funds breakdown points to where PhotonPay thinks near-term demand sits: expanding multi-asset wallet capabilities so enterprise customers can hold and move both fiat and stablecoin balances, growing card issuing so those balances can be spent directly, and strengthening local clearing infrastructure market by market rather than building one global rail. That sequencing -- wallets and cards first, agent-native settlement second -- suggests PhotonPay is still largely monetizing its existing 200,000-plus enterprise base rather than a wave of new AI-agent customers today.
What to watch next
PhotonPay has not disclosed a valuation for either its Series B or this Series C, and the company has not named a founding team beyond CEO Lewison Chen in public materials -- a gap worth watching as it raises larger rounds. The next signal will be whether PhotonPay discloses actual settlement volume on its stablecoin rails specifically, separate from its existing card-issuing and payout business, which would show whether the agent-ready pitch is translating into real usage rather than remaining a roadmap item.