The Currency Cloud, an international payments engine, has raised $10 million in a Series B funding round. The fresh capital, which follows the A round ($9m) of 2012, came from existing investors like Atlas Venture, Anthemis Group, Notion Capital and XAnge Private Equity and the Silicon Valley Bank.
Making an international payment through traditional channels can be expensive and sometimes complicated due to out dated processes and high margin foreign exchange practices. The Currency Cloud is a software-as-a-service company, which believes small businesses and consumers deserve a better service, and that technology is the way to deliver it. The young company, which was founded in 2012, is transforming the international payments landscape by delivering international payments as a cloud-based service.
The Currency Cloud’s customers include payments firms (Payoneer, Kantox, Azimo, TransferWise) banks (Fidor Bank, MedBank), and e-commerce solutions (Sofort, Zippcard). By connecting via a simple API, they can access a global network providing quick, transparent and secure international payments, benefits that they can pass to their customers. The Currency Cloud provides full transparency on its margins and wholesale rates.
According to the London-based company, The Currency Cloud has achieved strong growth over the last 18 months: the total number of transactions passing through its network has increased twelvefold year on year and the company is now securely moving billions of dollars around the world per annum.
Erin Lockwood, Managing Director of Commercial Banking at Silicon Valley Bank, said: “We are excited to be working with The Currency Cloud and look forward to being a long term partner as the business grows. The company is using technology to solve an important client need, which we believe has huge potential.”