SA trio strike gold: Tech entrepreneurs become billionaires overnight

BVNK

Cape Town – Global payments giant Mastercard has announced a definitive agreement to acquire BVNK, a leading stablecoin infrastructure firm, in a deal valued at up to $1.8 billion (about R30 billion), including $300 million in contingent payments.

The acquisition aims to connect on-chain payments with Mastercard’s established global fiat network, expanding capabilities for businesses and consumers to exchange value using both traditional and digital currencies.

“This acquisition reinforces what we have always done, using innovation and technology to power economies and empower people,” said Jorn Lambert, Chief Product Officer at Mastercard, in a statement.

“Adding on-chain rails to our network will support speed and programmability for virtually every type of transaction.”

Founded in 2021, BVNK has built enterprise-grade infrastructure that enables financial institutions and businesses to send, receive, and hold stablecoins, while linking blockchain technology with traditional banking systems.

Its platform supports transactions across major blockchain networks in more than 130 countries.

“For all of the advancements made in simplifying the digital currency opportunity, we have only scratched the surface of what’s possible,” said Jesse Hemson-Struthers, Co-Founder and CEO of BVNK.

“This deal brings together complementary capabilities to define and deliver the future of money. Together, we’re able to deliver an unprecedented infrastructure for digital currency-based financial services.”

Mastercard highlighted that the acquisition will foster interoperability between fiat and stablecoins, enabling new use cases for tokenized deposits, stablecoins, and digital assets.

The combined activities of Mastercard and BVNK are expected to deliver a digital asset- and chain-agnostic approach, allowing customers access to solutions best suited to their needs without being locked into closed ecosystems.

“Today, card payments offer unparalleled user experience, reach, acceptance and consumer protections for billions of consumers,” the company said.

“Incremental opportunities for stablecoins and tokenized deposits lie in use cases like cross-border remittances, payouts, P2P and B2B payments. Over time, speed and programmability may also solve critical pain points in capital markets, treasury management and other commercial areas.”

The transaction is expected to close before the end of 2026 and remains subject to regulatory review and customary closing conditions.

Mastercard also confirmed that the acquisition complements initiatives like the Mastercard Crypto Partner Program, which aims to encourage collaboration and innovation in on-chain payments.

“This deal brings together complementary capabilities to define and deliver the future of money,” Hemson-Struthers added, emphasizing the potential of stablecoins and tokenised assets to transform financial services globally.

Follow African Insider on Facebook, X and Instagram

Picture: Facebook/BVNK

For more African news, visit Africaninsider.com

Compiled by Betha Madhomu

Article written by