AbbeyCross, a pioneering company in the foreign exchange (FX) sector, announced today a significant boost in its journey and secured $6.5m.
The world’s first wholesale FX platform, AbbeyCross has made headlines by securing a substantial seed funding of US$6.5M. This financial injection was led by Valar Ventures, a name synonymous with foresighted investments in transformative technologies.
The round witnessed participation from notable investors, including BNY Mellon, Third Prime, and Gaingels. Notably, this funding follows a successful pre-seed round of US$2.47M led by Third Prime last year, showcasing a growing confidence among financial giants in AbbeyCross’s vision and capabilities.
AbbeyCross is revolutionizing the payment market infrastructure for Emerging Market currencies. By working closely with banks, their Emerging Market liquidity providers, and other financial services participants, the company is addressing a critical need. It offers deeper currency liquidity, price transparency, and market data to an industry that has long been fragmented and opaque.
The freshly secured funds are earmarked for a vital purpose. AbbeyCross plans to further develop and deploy its innovative ABX Sync platform. This platform is a game-changer for banks, payment companies, and NGOs, allowing them to reduce costs, improve operational efficiency, enhance supervisory processes, and ensure regulatory compliance in the complex world of Emerging Market currency payments.
Mike Robertson, CEO and Co-Founder of AbbeyCross, expressed his enthusiasm and gratitude for the support received. He said, “We’re thrilled by the seed funding round’s success and grateful for Valar Ventures, BNY Mellon, Gaingels, and Third Prime’s confidence in our solution. This is a significant milestone in the evolution of the business and will enable us to continue to refine and build the service, extending our reach and making the costs for Emerging Market payment transfers not only more transparent but the overall environment more compliant and easier to administer for all market participants.”
Echoing this sentiment, James Fitzgerald, Founding Partner of Valar Ventures, highlighted the larger impact AbbeyCross is poised to make. He said, “Some 6 billion people and businesses are negatively impacted by ineffective Emerging Market currency infrastructure. Financial institutions are under huge pressure from regulators and customers to deliver better currency pricing and more transparency, which means enormous potential for AbbeyCross and its solution. We’re proud to have led AbbeyCross’ seed round to give them the fuel to go after this massive market.”
Jason Vitale, Head of Global Markets Trading at BNY Mellon, also voiced support for AbbeyCross’s mission. He said, “We’re proud to support AbbeyCross in their seed funding round. Their mission to improve execution quality and transparency for Emerging Markets is aligned to our desire to continue improving the FX market for our clients. It reflects our commitment to emerging technology partnerships that accelerate market structure enhancements and enable us to better serve our clients. We look forward to working with the AbbeyCross team and other market participants to unlock this potential.”
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