Visa, SAP Back Currencycloud
January 27, 2020
Currencycloud has secured an
additional $80 million in funding to fuel the next phase of its growth
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
Enhancing global payments infrastructure for large institutions
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
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.