People’s Champion Finalist: Currency Cloud
With $19m backing from investors, is international payments platform Currency Cloud your Startups Awards People’s Champion?
Start-up name: Currency Cloud
Founder: Nigel Verdon, 47 (pictured above left)
Started in: 2012
Based in: London
Business description: International payments FinTech start-up
With $26bn flowing across international borders each year to support vital economic activities, the payments market is colossal – particularly as the majority of cross-border payments are currently inefficient and error-prone due to the use of manual processes. Spotting a huge business opportunity and with a desire to “bring change to the marketplace and to help businesses offer a next generation service to their customers”, international payment platform Currency Cloud was born.
Using cloud-based technology, Currency Cloud’s payment engine fully automates the payment lifecycle (from receipt of funds through to conversion and payment); enabling customers to receive, convert and send international payments in 40 currencies covering 212 countries with the simple click of a mouse.
Offering complete transparency to customers, founder Nigel Verdon told Startups.co.uk the company was recently called “the Heroes of FinTech” and it certainly does seem to have struck a chord with users and investors alike.
Since 2012, Currency Cloud has processed over $7bn in payments, with monthly payment processing currently at $650m and the company is growing at a twelvefold rate year-on-year. Over 125 platform customers have signed with the business, serving over 100,000 end-customers.
Currency Cloud – led by CEO Michael Laven (pictured above right) – has also raised a whopping $19m; most recently securing a $10m Series B round of funding from Atlas Ventures, Anthemis Group, Notion Capital, Silicon Valley Bank and XAnge Private Equity.
With a number of industry accolades to add to its achievements to-date and international expansion already underway, the business recently opened an office in New York – this start-up is surely on a fast-track path to success.
Why Currency Cloud made our 50:
Whilst there are a plethora of international payment companies emerging, Currency Cloud is standing out from the crowd for all the right reasons. With $19m investment backing, impressive revenues and $7bn worth of payments processed through the platform in just two years, the cloud-based platform is scaling fast.