Cross-border payment tech developer Currencycloud collects $80m in round

Cross-border B2B payments company Currencycloud has collected $80m as it looks to enter the next phase of its growth.

The capital will be used to strengthen its position in the market by enhancing its portfolio of payment methods and increasing into partner ecosystem so more people and businesses can benefit from the technology.

Visa, International Finance Corporation, BNP Paribas, SBI Group and Siam Commercial Bank all made their first investments into Currencycloud through the round.

Investors to the round also included previous Currencycloud backers, Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis.

Founded in 2012, Currencycloud offers 85 different APIs which help businesses to collect, convert, manage and pay. The London-based company is regulated in Europe, the US and Canada.

The company has processed over $50bn in cross-border payments to more than 180 countries.

Currencycloud CEO Mike Laven said, ?Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future.

?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 innovationp>

As part of the deal, Visa SVP and treasurer Colleen Ostrowski will join the Currencycloud board of directors.

The investment brings the company total funding to $140m.

Late last year, the FinTech released its Currencycloud Spark solution, which offers multi-currency accounts for banks and FinTechs to collect, store, convert and pay in over 35 currencies.

In the future, the company hops to add Visa, Bottomline and Dwolla to its list of partners.

Copyright ? 2020 FinTech Global

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