The funding saw the participation of Visa, IFC, BNP Paribas, SBI Group and Siam Commercial Bank
Image: Currencycloud secures $80m funding. (Credit: Pixabay/PublicDomainPictures)
UK-based B2B cross-border payments services provider Currencycloud has secured $80m in Series E funding round that saw the participation of Visa.
Other organisations which participated in Currencycloud funding round included International Finance Corporation (IFC), BNP Paribas, SBI Group and Siam Commercial Bank. The funding is expected to support Currencycloud’s next phase growth.
The funding round takes Currencycloud’s total capital raise to over $140m
Existing partners including Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis also participated in this round, which has taken Currencycloud’s total funding to more than $140m.
Currencycloud said that the capital will be used to strengthen its position as an embedded cross-border payments platform, by expanding its portfolio of emerging payment methods and to develop its own partner ecosystem.
Its ecosystem could benefit businesses and people from its next generation cross-border payments technology.
Currencycloud CEO Mike Laven said: “Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future. 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.”
Last year, Visa partnered with Currencycloud to offer innovation in travel payments. Visa senior vice president and treasurer Colleen Ostrowski will join the payments’ company’s board.
Colleen Ostrowski said: “I’m delighted to be joining the board of such an exciting technology. 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.”
The payments firm claims that since 2012, it has processed more than $50bn in cross-border payments, gaining some of the biggest banking fintech brands as its clients.
Some of its clients include Monzo, Starling and Revolut and the company has also added giants such as Visa, Bottomline and Dwolla to the list of companies it works with.
Last year, the company launched Currencycloud Spark, a solution that offers multi-currency accounts for banks and Fintechs to collect, store, convert and pay in more than 35 currencies.