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Visa, SAP Back Currencycloud

January 27, 2020

Currencycloud has secured an additional $80 million in funding to fuel the next phase of its growth story.

Currencycloud will use the capital to strengthen its position as the market leader in embedded cross-border payments, by expanding its portfolio of emerging payment methods and developing its partner ecosystem so that more people and businesses can benefit from its next generation cross-border technology.

As part of its Series E funding round, Currencycloud received new backing from leading global institutions such as Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank. Visa, who partnered with Currencycloud in 2019 to deliver innovation in travel payments, will see Colleen Ostrowski, SVP and Treasurer of Visa Inc, join the board.

Existing backers SAP's Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. The latest round brings the company’s total funding to over $140 million.

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

“I’m delighted to be joining the board of such an exciting technology company,” added Colleen Ostrowski, SVP and Treasurer at Visa. “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.”

Enhancing global payments infrastructure for large institutions

Since 2012, Currencycloud has processed over $50 billion in cross-border payments and now boasts some of the biggest banking and Fintech brands among their clients. With the likes of Monzo, Starling and Revolut already counted among their customers, Currencycloud has recently added Visa, Bottomline, and Dwolla to the impressive list of companies they work with.

At the end of last year the company also made its most significant update to its product line, with the launch of Currencycloud Spark, a solution providing multi-currency accounts for banks and Fintechs to collect, store, convert and pay in more than 35 currencies.

Looking to the future, the company will be adding integration with major software platforms, as well as adding alternate payment methods to its product offering such as mobile wallets, instant payments, and cards.

FT Partners served as exclusive strategic and financial advisor to Currencycloud and its board of directors.

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