International payments platform The Currency Cloud raises further $10m
Series B round follows $9m invested in fintech start-up across 2012
Fast-growing fintech start-up The Currency Cloud today announced the completion of a $10m round of Series B funding, set to back a major new phase of growth for the business.
Founded in 2012, The Currency Cloud operates a software-as-a-service (SaaS) international currency conversion platform, claiming to simplify the complex process of international money transfers through an all-in-one automated service.
Since launch the platform has seen strong growth, growing the number of transactions processed through its network twelvefold year-on-year, with The Currency Cloud now managing ‘billions of dollars’ of transfers per year.
The fintech firm has also amassed an extensive list of banks, payments firms and e-commerce providers as customers, including Transferwise, Kantox, MedBank and Sofort.
The $10m Series B round is a significant display of faith in the company’s potential at an early stage, and contained input from The Currency Cloud’s existing backers including Atlas Ventures, Anthemis Group, Notion Capital and XAnge private equity, with additional funding from the tech-focused Silicon Valley Bank.
It follows several previous rounds across 2012 that raised a total of $9m, including a £2.5m investment from Atlas Ventures and the Anthemis Group and a £2m investment from Notion Capital.
Mike Laven, chief executive of The Currency Cloud, said: “Traditional international payments are broken. We’re bringing to this market the levels of efficiency and simplicity that companies like Stripe have brought to consumer payments.
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“While 85 percent of international payments go through banks, more and more businesses are now turning to us to provide their international payments capabilities.
“With this investment, we can further refine our platform and expand into new geographies. We operate in a truly global sector and want businesses in different parts of the world to enjoy simple, secure and reliable cross border payments.”
Erin Lockwood, managing director of commercial banking at Silicon Valley Bank UK, added: “We are excited to be working with The Currency Cloud and look forward to being a long term partner as the business grows.
“The company is using technology to solve an important client need, which we believe has huge potential.”