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Visa, BNP Paribas and a number of other prominent companies have just backed payments startup Currencycloud that powers popular fintech apps like Monzo and Revolut.
Recently, the UK fintech startup Currencycloud ran a series E funding round. Among the participants were Sapphire Ventures, Notion Capital, Anthemis, Accomplice, and Google’s venture wing GV. All of them supported Currencycloud earlier. Besides, the startup boasted it had attracted new investors. Visa, World Bank arm International Finance Corporation, BNP Paribas, Siam Commercial Bank and former Softbank spinoff SBI Group joined the round and invested as much as $80 million.
The round has brought the company’s total funding to over $140 million. According to Currencycloud, it will use the money to live up its expansion plans. In particular, Currencycloud is working on increasing its influence in North America. Moreover, the startup is planning to open a new office in Singapore this year.
Currencycloud will also use the funds raised to grow its suite of products.
Currencycloud CEO Mike Laven stated:
“We will also work on distribution partnerships that enhance our ability to deliver to SMEs. Our current U.K. eco-system of over 150 FX brokers, money transfer firms, payment service firms and banks service 1,000’s of U.K. SMEs with payment services today. Our intent is to widen access to affordable FX and international payments for U.K. SMEs, targeting 40,000 SMEs using our platform by 2024.”
Fintech Startup Currencycloud Is the Next Wave of Innovation
Fintech startup Currencycloud is a global payments platform that makes domestic and international payments in 38 currencies to over 180 countries. Since its founding in 2012, Currencycloud has processed over $50 billion in cross-border payments. Moreover, its huge client base includes such names as Monzo, Starling, and Revolut. Recently, Currencycloud started working with Visa, Bottomline, and Dwolla.
Colleen Ostrowski, SVP and Treasurer at Visa, will even join Currencycloud’s board.
“I’m delighted to be joining the board of such an exciting technology company. 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.”
Currently, Currencycloud’s most important market is Europe. However, the company is targeting North America and Asia. The company’s CEO Mike Laven believes it will not be very difficult, especially now, with such an impressive list of partners.
“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.”
Laven has also pointed out that their interest is not profitability but expansion and growing its client base.