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.
International payments platform Currencycloudis empowering businesses to tap into the global economy with its new offering, Global Collections, a multi-currency accounts receivable product.
With Global Collections, banks and payment companies can offer their clients a low-fee cross-border payment acceptance tool that is faster and has less friction than traditional offerings. The new capability allows businesses in the U.S. or E.U. to generate international bank account numbers (IBANs) and Virtual Account Numbers (VANs) so they can receive U.S. dollars or Euros without incurring fees. In other words, businesses can get paid in foreign currencies as if they were operating their business locally.
Neil Ambiker, CEO of payments company B2B Pay, said, “[Global Collections] does so much more than streamline account receivables. It has empowered us to provide customers a frictionless experience, foster trust in our brand and most importantly, grow at an international level.”
While Currencycloud has always offered the ability to send funds, the collections capability is new. Todd Latham, Currencycloud CMO and Head of Product described the move as a “natural next step.” He added, “This launch is a revolution in collections and provides the infrastructure needed to fast track B2B innovation, allowing companies to go global while acting local.”
Currencycloud will roll out Global Collections later this month.
Founded in 2012 and headquartered in London, Currencycloud most recently presented at FinovateFall 2016 where it debuted its Payment Engine. Earlier this month, the company was named an “outstanding place to work,” and last June was listed in CB Insights’ Fintech 250.