Google Backs Currencycloud in $25M
March 9, 2017
Currencycloud Secures £20M ($25M) From GV and Existing Investors to
Boost Further Global Expansion
Currencycloud has secured a £20 million (US $25M) in Series D funding
with a new investment from GV (formerly Google Ventures) and additional
funding from the existing investors – Notion Capital, Sapphire Ventures,
Rakuten FinTech Fund, and Anthemis. Total investment in the
five-year-old company now stands at £44 million ($61 million).
Currencycloud provides the tools to build cross-border products and
applications, driving a wave of innovation across the FinTech industry.
The company counts over 200 customers in 35 countries and millions of
end-users have access to its platform through their payment providers.
Klarna, Travelex, Standard Bank, Revolut and Azimo, have all built
products using Currencycloud’s APIs. Users of the platform include
challenger banks, pre-paid cards, digital payment firms and PSPs. To
date, $25 billion has been sent through Currencycloud’s infrastructure
to over 200 countries.
This new funding will be used to fuel the company’s continued growth and
ongoing global expansion, as it reimagines the way money flows through
today’s digital economy, using its flexible APIs to remove the friction
and costs of traditional cross-border payments.
GV General Partner Tom Hulme commented: “We believe in empowering
developers by making it easier for them to add scalable services to
their products, ideally with simple APIs. Currencycloud is the leader in
providing cross-border payment services in this manner, a real need as
Mike Laven, CEO of Currencycloud adds: “In recent years we have seen the
rise of the building block economy. Companies can combine services such
as AWS, Google Maps, Stripe and Twilio to build innovative new
businesses fast and without the overhead of expensive proprietary
systems. Currencycloud provides a set of multi-currency payment and
conversion tools that are helping hundreds of companies globalize fast.
We are seeing massive and increasing demand for these services, with
volumes growing over 150% last year.”
As a reflection of the continued confidence in the company, existing
investors also substantially increased their investment.
White, Partner at Notion Capital commented: “Currencycloud is powering
the global economy of the future enabling customers to do business
around the world without the usual cost and friction we associate with
this. We are very happy to continue to back the company.”
Oskar Mielczarek de la Miel, Managing Partner at Rakuten FinTech Fund
adds: “We see huge opportunity for Currencycloud which is reflected in
our increased investment. 2016 saw Currencycloud sign several flagship
deals, further validating the market opportunity and marking a huge
momentum in 2017.”
This funding builds on £12M ($18M) raised in 2015, £7M ($10M) in 2014
and £5M ($8M) in 2012.