- Currencycloud, a leader in providing embedded B2B cross-border payments for platforms, announced it raised $80 million
Currencycloud — a leader in providing embedded B2B cross-border payments for platforms — announced it has raised $80 million in Series E funding to fuel its growth. Currencycloud has 85 different APIs across four modules: collect, convert, manage, and pay. And this covers the entire workflow in B2B cross-border payments.
Investors that participated in this round include Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group, and Siam Commercial Bank. Visa had actually partnered with Currencycloud last year to deliver innovation in travel payments. And Visa SVP & Treasurer Colleen Ostrowski is joining the board.
Existing investors Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. And the latest round brings the company’s total funding to over $140 million.
With this round of funding, Currencycloud will be strengthening 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.
“Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future,” added 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”
Currencycloud processed more than $50 billion in cross-border payments and now includes some of the biggest banking and fintech brands among its clients since 2012. Some of Currencycloud’s customers include Monzo, Starling, Revolut, Visa, Bottomline, and Dwolla.
“I’m delighted to be joining the board of such an exciting technology company,” explained Ostrowski. “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.”
As of the end of last year, Currencycloud also made a significant update to its product line with the launch of Currencycloud Spark — which is a solution providing multi-currency accounts for banks and fintechs to collect, store, convert, and pay in over 35 currencies.
Going forward, the company will be adding integration with major software platforms as well as adding alternative payment methods to its product offering such as mobile wallets, instant payments, and cards.
FT Partners had served as exclusive strategic and financial advisor to Currencycloud and its board of directors.
