Zerohash pursues new funding at $1.5B+ after Mastercard chose BVNK acquisition. The stablecoin infrastructure firm must replace strategic backing as BVNK gains Mastercard's resources.
Zerohash is pursuing a new funding round at a valuation above $1.5 billion after Mastercard abandoned plans for a strategic investment. The Chicago-based stablecoin infrastructure firm is running the round following Mastercard’s decision to instead acquire BVNK, CoinDesk reported.
Mastercard agreed in March to buy BVNK for up to $1.8 billion, including $300 million in contingent payments. Mastercard Chief Product Officer Jorn Lambert said the deal would help the company “get to market much faster” by connecting on-chain payments with fiat rails across major blockchain networks and more than 130 countries.
A Zerohash spokesperson told CoinDesk the company “doesn’t comment on fundraising conversations.” Mastercard did not respond before publication.
Mastercard had earlier weighed a strategic investment in Zerohash that sources described as being in the $1.5 billion to $2 billion range. That possible deal was seen as one of Mastercard’s largest stablecoin moves. When Mastercard chose to acquire BVNK instead, the Zerohash path closed.
The decision underscores the competitive dynamics in stablecoin infrastructure. Both companies offer APIs for banks, brokerages, and fintechs to integrate crypto trading, stablecoin payments, and tokenized assets. BVNK’s cross-border reach and existing fiat-to-stablecoin bridges may have offered Mastercard a more turnkey integration.
BVNK helps bridge fiat and stablecoins across major blockchain networks and more than 130 countries, according to Reuters. Mastercard’s acquisition gives it immediate coverage without building from scratch. For Zerohash, losing a potential strategic backer of that size shifts the fundraising calculus.
Zerohash is now seeking a valuation above the $1.5 billion level discussed earlier this year. The company was valued at $1 billion in September 2025 after raising $104 million in a Series D-2 round led by Interactive Brokers. Other participants included Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, and several more. Total funding stands at $275 million.
Zerohash says its platform has supported more than 5 million users across 190 countries. Its client list includes:
The company powers tokenized fund projects linked to BlackRock, Franklin Templeton, and Hamilton Lane. Its services span custody, compliance, liquidity, settlement, and blockchain connectivity.
Practical rule: A lost strategic investor forces a company to replace that capital at market terms. The valuation gap between the earlier deal talks ($1.5–$2B) and the current target ($1.5B+) suggests Zerohash believes its standalone value has not deteriorated. The absence of a credit-rated backer raises execution risk for the new round.
Zerohash’s client list includes several large fintechs and brokerages. Losing Mastercard as a strategic partner means the company must retain and expand those relationships without the credibility boost of a payments giant’s backing. BVNK, now owned by Mastercard, can offer similar services with deeper integration into the Mastercard network.
Confirmation of a successful round at $1.5B+ would signal that institutional confidence in Zerohash’s standalone model remains intact. A move above $2 billion would suggest buyer competition.
Weakening signals include a down round, funding delays beyond Q3 2026, or major client departures. Any regulatory enforcement action against stablecoin infrastructure firms would also pressure the valuation.
The MA stock page shows Mastercard with an Alpha Score of 63/100 (Moderate). The MS stock page shows Morgan Stanley at 53/100 (Mixed). Neither has confirmed participation in Zerohash’s new raise.
Zerohash’s Series D-2 closed in September 2025. The new round has no announced close date. Mastercard’s BVNK acquisition is expected to close in the second half of 2026, pending regulatory approvals. If Zerohash fails to secure a lead investor by year-end, the risk of a valuation reset increases.
For the stablecoin infrastructure sector, the Mastercard pivot validates BVNK’s model while leaving Zerohash to prove its independent traction. The outcome will affect how other strategic buyers evaluate similar API-layer companies.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.