Cross-border payments provider Currencycloud has received a £10m grant to support SMEs as part of the Banking Competition Remedies (BCR) programme.
The award was part of the Capability and Innovation Fund (CIF) Pool C, which is aimed at helping the expansion of business offerings to include lending and payments services to SMEs in the UK or international payment services to SMEs in the UK.
Currencycloud offers B2B cross-border payments infrastructure which enables businesses to send and receive money around the world. Its technology helps customers get paid with local accounts, leverage real-time FX rates and eliminate risk, and automate the end-to-end payment process and send money to bank accounts anywhere around the world.
Currencycloud CEO Mike Laven said, “We will be using the funds over the next few years to accelerate our product development for SME’s, particularly in the area of collections.
“We will also work on distribution partnerships that enhance our ability to deliver to SMEs. Our current UK eco-system of over 150 FX brokers, money transfer firms, payment service firms and banks service 1,000’s of UK SMEs with payment services today. Our intent is to widen access to affordable FX and international payments for UK SMEs, targeting 40,000 SMEs using our platform by 2024.”
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