Visa has invested in B2B payments firm Currencycloud as part of its Series E financing round.
Visa SVP and treasurer Colleen Ostrowski gained a seat on the Currencycloud board as part of the deal.
“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,” Ostrowski noted.
The two parties joined forces last year to speed up innovation in cross-border and travel payments.
Currencycloud has obtained a total of $80m in fresh capital through the new fundraising. With the Series E round, the company’s total funding raised to date exceeds $140m.
Visa was joined by BNP Paribas, SBI Group, Siam Commercial Bank, International Finance Corporation, as well as current investors Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis in the new funding round.
Using the infusion, Currencycloud intends to strengthen its emerging payment method portfolio and develop its partner ecosystem.
Currencycloud’s clientele includes Bottomline, Dwolla, Monzo, Starling, and Revolut.
The firm is said to have processed more than $50bn in payments since 2012.
Currencycloud CEO Mike Laven said: “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.”