Currencycloud Secures £20M ($25M) From GV and Existing Investors to Boost Further Global Expansion

by PaymentsJournal 0

9th March 2017: London andNew YorkCurrencycloud,the world’s leading cross border payments platform today announced £20 million(US $25M) in Series D funding with a new investment from GV (formerlyGoogle Ventures)and additional funding from the existing investors – NotionCapital, Sapphire Ventures, RakutenFinTech Fund, and Anthemis. Total investment in thefive-year-old company now stands at £44 million ($61 million).

Currencycloud provides thetools to build cross-border products and applications, driving a wave ofinnovation across the FinTech industry. The company counts over 200 customersin 35 countries and millions of end-users have access to its platform throughtheir payment providers. Klarna, Travelex,StandardBank, Revolut and Azimo,have all built products using Currencycloud’s APIs. Users of the platforminclude challenger banks, pre-paid cards, digital payment firms and PSPs. Todate, $25 billion has been sent through Currencycloud’s infrastructure to over200 countries.

This new funding will be usedto fuel the company’s continued growth and ongoing global expansion, as itreimagines the way money flows through today’s digital economy, using itsflexible APIs to remove the friction and costs of traditional cross-borderpayments.

GV General Partner TomHulme commented: “We believe inempowering developers by making it easier for them to add scalable services totheir products, ideally with simple APIs. Currencycloud is the leader inproviding cross-border payment services in this manner, a real need as companiesglobalize.”

Mike Laven, CEO of Currencycloudadds: “In recent years we have seen the rise of the building blockeconomy. Companies can combine services such as AWS, Google Maps, Stripe andTwilio to build innovative new businesses fast and without the overhead ofexpensive proprietary systems. Currencycloud provides a set of multi-currencypayment and conversion tools that are helping hundreds of companies globalizefast. We are seeing massive and increasing demand for these services, withvolumes growing over 150% last year.”

As a reflection of thecontinued confidence in the company, existing investors also substantiallyincreased their investment.

Jos White, Partner at NotionCapital commented: “Currencycloud ispowering the global economy of the future enabling customers to do businessaround the world without the usual cost and friction we associate with this. Weare very happy to continue to back the company.”

Oskar Mielczarek de laMiel, Managing Partner at Rakuten FinTech Fund adds: “We see huge opportunity for Currencycloudwhich is reflected in our increased investment. 2016 saw Currencycloud signseveral flagship deals, further validating the market opportunity and marking ahuge momentum in 2017.”

This funding builds on £12M($18M) raised in 2015, £7M ($10M) in 2014 and £5M ($8M) in 2012.

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