Just over a month after announcing a $40 million Series E funding round, international payments platform Currencycloudreceived another windfall. The company landed a $12.2 million (£10 million) grant as a part of the Banking Competition Remedies (BCR) program. This week’s funds bring Currencycloud’s total investment to more than $80 million.
Part of the BCR’s Capability and Innovation Fund Pool C, the award aims to include lending, international payments, and local payments services to SMEs in the U.K. The goal fits well with Currencycloud’s API offerings that help businesses accept, pay, and convert foreign currencies. The company’s tools also help businesses manage balances, send notifications, set permissions, and compile reports.
Currencycloud CEO Mike Laven said that the company plans to use the funds to “accelerate product development for SME’s, particularly in the area of collections.” He added, “We will also work on distribution partnerships that enhance our ability to deliver to SMEs. Our current U.K. eco-system of over 150 FX brokers, money transfer firms, payment service firms and banks service 1,000’s of U.K. SMEs with payment services today. Our intent is to widen access to affordable FX and international payments for U.K. SMEs, targeting 40,000 SMEs using our platform by 2024.”
Founded in 2012 and headquartered in London, Currencycloud counts fellow Finovate alums Azimo, Klarna, Revolut, and Fidor as clients. The company can make domestic and international payments in 38 currencies to 180+ countries. Currencycloud most recently appeared at FinovateFall 2016 where it debuted its Payment Engine.
Currencycloud is believed to have raised around $40 million (£32 million) in the first part of a Series E funding round, Jane Connolly writes in Fintech Futures (Finovate’s sister publication).
TechCrunchreported that the London-based company, which provides an API and service for cross-border payments, plans to follow tranche one with more funding in the next two or three months.
According to TechCrunch’s sources, Goldman Sachs is rumored to be taking part, along with other possible investors GV and Santander. Currencycloud has declined to comment.
Currencycloud undertook a Series A round in 2011. The company operates across Europe, the U.S. and Canada, and includes Visa, Starling Bank, Standard Bank South Africa, Travelex and Klarna among its clients.
With offices in Amsterdam and New York, Currencycloud demonstrated its technology most recently at FinovateSpring 2018.
International payments platform Currencycloudannounced this week it has teamed up with WireBarley to fuel the Seoul-based company’s international growth.
WireBarley, an AsiaPac remittance services company, has expanded its services from Asia to Australia, New Zealand, and Hong Kong. Today, with the support of Currencycloud, WireBarley will provide cross-border remittance services to the U.S. market.
Currencycloud offers APIs to help businesses accept, pay, and convert foreign currencies while managing balances, notifications, permissions, and reporting. The company’s clients, which include fellow Finovate alums Azimo, Klarna, Revolut, and Fidor, can make domestic and international payments in 35 currencies to 180+ countries.
Founded in 2012 and headquartered in London, Currencycloud has raised just over $68 million in eight rounds of funding. The company most recently appeard at FinovateFall 2016 where it debuted its Payment Engine.