The numbers came in bigger than expected. INXY Payments, a three-year-old stablecoin infrastructure firm operating out of Warsaw, processed more than $2 billion in transactions last year—quadruple what it handled just fourteen months earlier. For a company working in what remains, to many, an esoteric corner of finance, that kind of velocity gets attention.
It certainly got Flashpoint VC's attention. The investment firm led INXY's $4 million seed extension in April 2026, having already backed the startup's initial $3 million round in February 2025. The follow-on brings total seed funding to $7 million—a meaningful sum for a payments platform still finding its footing in the fractured world of cross-border crypto rails.
But INXY's bet isn't really on crypto as speculative asset. It's infrastructure for something more mundane: helping businesses move money across borders without the friction, cost, or multi-day settlement windows that traditional banking imposes. Stablecoins—digital tokens pegged to the dollar or euro—are the mechanism. And the market, it seems, is no longer treating them as experimental.
Volume That Speaks Louder Than Pitches
Transaction volume for stablecoins globally hit approximately $33 trillion in 2025, up 72% year-over-year, according to data from Artemis Analytics as reported in Bloomberg and Yahoo Finance. To put that in perspective: that's larger than Visa's annual payment volume. What began as a niche tool for crypto traders has morphed into operational plumbing for ad networks, freelance platforms, gaming studios, and SaaS companies trying to pay contractors in Manila or collect revenue from clients in Lagos.
INXY's client roster reflects that breadth, if the company's disclosures hold up. Co-founder Sergey Kuznetsov has cited customers including Garna, SolarStaff, Mellow, PropellerAds, MediaCube, and SkyCoach—names that won't ring bells outside their respective niches, but represent the kind of digitally native businesses where cross-border payments are a daily headache, not an edge case.
The firm claims 500% year-over-year growth, as reported in April 2026 coverage. At the time of its initial raise, INXY reported processing over $500 million annually. If the $2 billion figure is accurate, that's a sharp acceleration. Whether that pace is sustainable—or whether unit economics will eventually constrain the business—remains an open question. For now, though, the company is moving capital and adding customers.
Flashpoint's Repeat Performance
Flashpoint VC's decision to lead both rounds is notable, if not entirely uncommon in seed-stage investing. The firm clearly sees something it likes—or perhaps more than the founders expected when they first pitched the concept of EU-compliant stablecoin infrastructure.
"Stablecoins are rapidly becoming the backbone of cross-border digital commerce," said Alexey Sidorov, an associate partner at Flashpoint, in a recent statement. It's the kind of confident framing that venture investors favor, though it also reflects a genuine shift happening beneath the surface of payments infrastructure.
No other investors in the extension round have been publicly disclosed. The initial $3 million included participation from unnamed angels, according to prior coverage. That opacity isn't unusual for early-stage European startups, where investor visibility often lags U.S. norms.
The Regulatory Tightrope
Founded in 2022 by CEO Ruslan Zholik, Kuznetsov, and a third co-founder, Vad Colcev, INXY operates as INXY PL Sp. z o.o. from an office on Czackiego Street in Warsaw. The company holds a Polish VASP (Virtual Asset Service Provider) license and is registered in Canada—a dual-jurisdiction setup that reflects the still-fragmented regulatory landscape for crypto and stablecoin payments.
Its product suite handles the basics that global businesses need but struggle to execute cleanly: crypto acceptance, fiat or stablecoin conversion, mass payouts, recurring billing. The compliance tooling—KYC, KYB, KYT—might sound like alphabet soup, but it's table stakes in a sector where regulators are still writing the rules while keeping one eye on enforcement.
Zholik has framed the company's evolution plainly: "Global businesses no longer consider stablecoins as an experiment—they perceive them as a tool for growth." Whether that perception translates to mainstream adoption or remains confined to crypto-adjacent verticals is the question INXY and its competitors are racing to answer.
The new capital will fund product expansion, additional regulatory licenses, and international market entry, according to company disclosures. The licensing push is perhaps unsurprising. Payment regulations vary wildly across jurisdictions, and stablecoin rules even more so. Any company serious about scaling cross-border infrastructure has to plan for a multi-year slog through compliance regimes in Europe, Asia, and North America.
Context and Competition
INXY isn't alone in chasing this opportunity. Just months earlier, Rain—another stablecoin payments infrastructure player focused on enterprise clients—raised a $250 million Series C at a $1.95 billion valuation, led by ICONIQ. That deal, significantly larger in scope and scale, signals investor appetite for the category. But it also underscores the disparity: Rain is operating at a different altitude, with venture-scale capital and a valuation that suggests expectations of a much larger outcome.
For INXY, the road ahead is less about competing head-to-head with venture darlings and more about carving out a niche—perhaps in underserved markets or specific verticals where incumbents haven't yet arrived. The company's Warsaw base, EU licensing, and early client traction suggest a focus on European and emerging market corridors where traditional banking remains expensive and slow.
Whether that's enough to build a durable business—or whether the stablecoin infrastructure market will consolidate around a few well-capitalized winners—is unclear. For now, INXY has funding, a repeat investor, and volume that's trending in the right direction.
The rest, as they say, is execution.
