Currency Cloud clinches $18m Series C round
Rise of "fintech movement" as Startups 100 payments company takes total funding to $36m since launch in 2012
London start-up Currency Cloud, featured in the top five start-ups of 2015, has cemented its position in the financial technology (fintech) market with an $18m Series C round led by Sapphire Ventures (formerly SAP Ventures) and new investor Rakuten.
Taking its total funding to $36m, the deal also involved existing investors Anthemis, Atlas Ventures, Notion Capital and XAnge Private Equity.
Launched in January 2012 by Nigel Verdon – who has since left the business – Currency Cloud is a Software as a Service (SaaS) currency platform which looks to make international transfers easier with an all-in-one automated payments engine which discloses the client payment price, market price and the price Currency Cloud pays.
It works with number of key players in the space, including Transferwise and World Remit, and claims to have achieved 100% year-on-year revenue growth with $10bn payments processed through its platform to date.
The payments business recently expanded to the US, with the opening of an office in New York, and it now intends to use the finance to support further international expansion alongside investment in R&D and product upgrades.
Currency Cloud CEO, Mike Laven, said of the news: “We have big plans for the business, and are proud to have a team on board that share and believe in this vision.
“The involvement of established institutional investors, Sapphire Ventures and Rakuten FinTech Fund will add a new dimension to our global ambition as we consolidate relationships with technology and banking partners worldwide.”
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Andreas Weiskam, managing director of Sapphire Ventures, will be joining the company’s board. On the investment he commented:
“By enabling transparent, efficient and secure transactions, Currency Cloud is revolutionizing how businesses can move money worldwide. We are excited to draw upon our enterprise DNA and international experience to help Currency Cloud scale and continue pushing the barriers to challenge how financial services are delivered.”