Our $18 million funding round story

Written by: Mike Laven
Published on: June 23, 2015

As a cloud-based technology solution disrupting the international payments space, one of the core values on which we pride ourselves is speed. We believe that moving money should be easy fast, secure and transparent. Not only is this reflected in the service that we provide to our clients, but also the fast pace at which we have grown and evolved within the industry.

Today we are announcing a significant landmark in our growth journey: The successful closing of $18 million series C funding, which takes our total funding to-date to $36 million. With industry heavyweights Sapphire Ventures and Japanese e-commerce leader Rakuten (through its FinTech Fund), joining the investment round along with existing investors Anthemis, Atlas, Notion Capital and XAnge, it’s a real testament to our achievements so far and ambition for the future.

Since launch in 2012, we’ve experienced continued strong growth – achieving 100% year-on-year revenue growth over the past two years. Our technology has supported some of the UK’s most successful FinTech firms to grow and quickly scale their businesses and we now work with over 100 clients, including XE, Fidor Bank and Payoneer - reaching hundreds of thousands of end-customers. To top this list of accolades, we will be processing $1 billion a month by the end of this year - spanning 212 countries and 40 currencies.

2015 has been a particularly successful year for us so far – and we’re not yet half way through. In February, Currency Cloud was named in the FinTech50, by a leading judging panel including representatives from Google, Microsoft and Silicon Valley Bank. Moreover, following our incredible success across Europe, we are now supporting the development of a sophisticated FinTech ecosystem in America.  Last month, we expanded our business to the US with the launch of our New York office.

Meanwhile, in recognition of our continued focus on delivering a transparent, simple and reliable service, the Financial Conduct Authority (FCA) this year granted us an eMoney license. As one of few such licenses to be issued in the UK, it is a real endorsement of the credibility of Currency Cloud within the financial community - marking us out as a sophisticated, trusted financial services provider.

With a new boost of funding and business support, we are extremely excited about the road ahead. The addition of established institutional investors Sapphire Ventures and the Japanese Rakuten FinTech Fund is further proof of our authority within the industry and will add a new dimension to our global ambition. Continued backing from existing investors will support us with consistent long-term growth. We’ll be using the funding to continue investing in research, development and product upgrades to meet growing and changing client demands, while also supporting our plans for further international expansion.

I’d like to end by thanking both our existing and new investors for their support of Currency Cloud on its journey. And the story would not be complete without recognizing the amazing team of dedicated and talented employees who make Currency Cloud the company it is today. Thank you all.