Orbital raises £5m for crypto payment services

Orbital Image credit: Orbital

Blockchain startup Orbital has raised £5m in the firm’s first major external funding round to support its crypto and fiat payment services.

Founded in 2017, Orbital offers cryptoasset payment services, licensed by the FCA, as well as fiat payments and foreign exchange services.

Orbital gives businesses the option to accept crypto payments from customers, which can then be converted into fiat currencies or held as is.

“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,” said Orbital co-founder Luke Wingfield-Digby.

“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.”

The investment round was led by Golden Record Ventures and also featured participation from New Form Capital, GSRV, Psalion and Luminous Futures.

“The Orbital team has developed a best-in-class, compliant technology platform that caters specifically to large corporates and enterprises,” said Jad Benabdelkhalek, general partner at Golden Record Ventures.

“The global business community is starting to internalise the value and importance of stablecoins settlement, and we are delighted to back Orbital in its mission to overhaul traditional banking coverage.”

It comes as a Seedrs survey of more than 1,200 investors across Europe found that crypto investor sentiment “remains stalled”.