London-based fintech Currencycloud, a leader in embedded B2B cross-border payments, today announces that it has secured an additional €72.5 million in funding to fuel the next phase of its growth story.
Backing came 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. Existing investors Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. This latest round brings the company’s total funding to over €127 million.
Currencycloud, founded in 2012, is re-imagining the way money flows. Today, the fintech startup 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 fully cloud-based, working with banks and fintechs globally including Starling Bank, Standard Bank South Africa and Brookline Bank. At the end of last year the company 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.
Currencycloud will use this new capital to strengthen its position as the market leader in embedded cross-border payments. It plans to expand its portfolio of emerging payment methods and develop its partner ecosystem so that more people and businesses can benefit from its next generation cross-border technology.
“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”.
In addition, 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.
“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.”
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.