New investment from global heavyweights including Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank
LONDON 27th January 2020 – Currencycloud, the leader in providing embedded B2B cross-border payments for platforms of the future, today announces that it has secured an additional $80 million in funding to fuel the next phase of its growth story.
Currencycloud will use the capital to strengthen its position as the market leader in embedded cross-border payments, by expanding its portfolio of emerging payment methods and developing its partner ecosystem so that more people and businesses can benefit from its next generation cross-border technology.
As part of its Series E funding round, Currencycloud received new backing from leading global institutions such as Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank. Visa, who partnered with Currencycloud in 2019 to deliver innovation in travel payments, will see Colleen Ostrowski, SVP and Treasurer of Visa Inc, join the board.
Existing backers Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. The latest round brings the company’s total funding to over $140 million.
“Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future.” said Mike Laven, CEO of Currencycloud. “Transfer of value is fast becoming the newest layer in the modern technology stack, and Currencycloud is positioned to provide the infrastructure to make this happen. With these new strategic investors, we are well placed to be the go-to provider for the next wave of Fintech innovation”
“I’m delighted to be joining the board of such an exciting technology company,” added Colleen Ostrowski, SVP and Treasurer at Visa. “Currencycloud is re-shaping the way that the platforms of the future are moving money around the world, and there is huge potential for the company to drive further innovation in the cross-border payments industry.”
Enhancing global payments infrastructure for large institutions
Since 2012, Currencycloud has processed over $50 billion in cross-border payments and now boasts some of the biggest banking and Fintech brands among their clients. With the likes of Monzo, Starling and Revolut already counted among their customers, Currencycloud has recently added Visa, Bottomline, and Dwolla to the impressive list of companies they work with.
At the end of last year the company also made its most significant update to its product line, with the launch of Currencycloud Spark, a solution providing multi-currency accounts for banks and Fintechs to collect, store, convert and pay in more than 35 currencies.
Looking to the future, the company will be adding integration with major software platforms, as well as adding alternate payment methods to its product offering such as mobile wallets, instant payments, and cards.
FT Partners served as exclusive strategic and financial advisor to Currencycloud and its board of directors.
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Notes to editors
Currencycloud’s technology is unlocking the global economy for payment platforms of the future. Today, Currencycloud has 85 different APIs across four modules – collect, convert, manage and pay – that cover the entire workflow in B2B cross-border payments. The as-a-service platform is proprietary and is fully cloud-based. Launched in 2012, Currencycloud is based in London and is regulated in Europe, the U.S. and Canada, and has processed more than $50 billion to over 180 countries. Currencycloud works with banks and Fintechs globally including Starling Bank, Standard Bank South Africa and Brookline Bank, as well as partnering with Visa to deliver innovation in travel payments.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa , visa.com/blog and @VisaNewsEurope .