PhotonPay, a Hong Kong-based fintech company focused on cross-border payments and stablecoins, said on October 29 that it had raised US$40 million in a series C round led by Blockchain Capital.

Japan’s SBI Group joined as a new investor, while existing backers IDG Capital, GL Ventures, and Lightspeed Faction also took part.

PhotonPay, led by CEO Lewison Chen, said the new capital will fund multi-asset wallets, global card issuing, and local clearing for its stablecoin-centric financial platform, which serves businesses.

The company said it had annualized transaction volume of US$65 billion as of August 2026.

It also said it held 34 payment and financial licenses and regulatory authorisations.

PhotonPay previously raised tens of millions of dollars in a series B round to build stablecoin-centric financial infrastructure.

Hong Kong has set out a regulatory regime for stablecoin issuers.

🔗 Source: PhotonPay