PANews reported on May 28 that according to TFN, Velocity, a European financial technology infrastructure platform, has completed a pre-seed round of financing of US$10 million, setting a record for the same stage of financing in Europe this year. This round was led by Activant Capital, with participation from institutions such as Fuel Ventures, and received strategic investment from executives of companies such as Stripe and Visa.

The company was co-founded by former Worldpay executive Eric Queathem and real-time payment company Volt founder Tom Greenwood, focusing on three major development areas: 1) a unified account architecture integrating virtual IBAN and digital wallets; 2) real-time foreign exchange intelligent routing supporting fiat currencies and stablecoins; 3) automated cross-border settlement systems. The team currently has 11 people and plans to expand to 30 people by the end of the year, focusing on strengthening engineering and compliance operations. Velocity relies on its experience in the traditional payment industry to build an enterprise-level fund management platform that is compatible with both traditional banks and blockchain systems. Its technology has realized functions such as programmable payment and liquidity collaboration, and can cope with actual scenarios such as supplier payments and multi-currency fund pools.