FinovateEurope 2014 / The Currency Cloud
Presenter Profile:
How they describe themselves: We believe global businesses deserve better so we have fully automated the payment lifecycle, from receipt of funds through conversion and payment, via a single, innovative platform. It is this solution that we believe is transforming the international payment landscape.
How they describe their product/innovation: This release will provide our clients access to an easy-to-use web console. Cross-border transactions tend to be expensive and inefficient (i.e., error prone) as the majority are executed through some type of manual process. While a variety of alternative international payment providers claim to offer relief, their services have limitations that often leave companies encountering the same issues of high costs, inadequate automation and deceptive pricing. We think global businesses deserve better, and have developed an entirely new model for international payments.
Product Distribution Strategy: Direct to Business (B2B)
Contacts:
Bus. Dev. & Sales: Steve Lemon, Director, steve.lemon@thecurrencycloud.com
Press: Ben Leon, Hotwire PR, ben.leon@hotwirepr.com
Website: thecurrencycloud.com
Blog: thecurrencycloud.com/blog
Twitter: @Currency_Cloud
HQ: London, England
Founded: January 2012
Product Demoed: New e-wallet functionality and user interface
Product Launch: April 2014
Metrics:
• Current number of employees: 42
• Money raised: $8M as of December 2013 – next round imminent.
• Financial Data: transaction run rate is approximately $4B per calendar month and is projected to double every five to six months. Revenue run rate is currently $4.4M.
• Customer Traction: we have on-boarded over 50 new direct clients with over 1,000 indirect customers since January 2013.
Presenters: Michael Laven (CEO), Richard Bastin (CTO)
- Key Executives
Michael Laven (CEO), Richard Bastin (CTO), David Mason (CFO), Todd Latham (VP Marketing)
Key Stats
- Key Board Members
Fred Destin (Partner, Atlas), Sean Park (Co-Founder, Anthemis), Jos White (Partner, Notion Capital)
- Key Partnerships
Several leading innovators in their field have successfully adopted The Currency Cloud’s open API, including Azimo, Transferwise and Payoneer. In addition, it has been integrated as a third party app with leading enterprise software providers such as Salesforce, Sage, and Microsoft Dynamics.
- Key Customers
Azimo, Kantox, Transferwise, Sofort Bank, Fidor Bank