Currencycloud has secured an $80m funding boost to expand its business-to-business cross-border payment platform.
New investors in the series E funding round include Visa, the International Finance Corporation, BNP Paribas, SBI Group and Siam Commercial Bank.
The London-based fintech company has built APIs that allow financial businesses to integrate money transfer services into their platforms. Its tech underpins other fintechs, including Monzo, Revolut and Starling.
Currencycloud says it has processed more than $50bn in cross-border payments since founded in 2012.
The latest cash injection brings Currencycloud’s total funding to over $140m.
Payment giant Visa previously partnered with Currencycloud in 2019. As part of Visa’s investment, Colleen Ostrowski, SVP and treasurer of Visa, will join the Currencycloud board.
Currencycloud targets becoming “the go-to provider for the next wave of fintech innovation”
Currencycloud CEO Mike Laven told TechCrunch that, as of the end of 2019, some 350 companies use the firm’s APIs.
“Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future,” said Laven in a press release.
“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 industry.”
Existing backers of the fintech also joined the funding round, which includes Sapphire Ventures, Notion Capital, GV, Accomplice and Anthemis.
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At the end of 2019, the firm added CurrencyCloud Spark to its services, which provides multi-currency accounts for banks and fintechs to “collect, store, convert and pay in more than 35 currencies”.