Cross-border payments as a service company Currency Cloud closed an $18 million Series C funding round this week, bringing its total funding to $36 million.
Strategic contributors to the round include SAP’s independent venture arm, Sapphire Ventures, along with the Rakuten FinTech Fund. The U.K.-based company will leverage the SAP relationship to offer cross-border money remittance services to SAP’s business customers. Currency Cloud will work with Japan-based Rakuten to help guide its expansion into Asia next year.
Existing investors also contributed to the round:
- XAnge Private Equity
- Notion Capital
- Atlas Venture
- Anthemis Group
The company will use the funds to invest in R&D, product enhancements, and to support international expansion. Last year Currency Cloud expanded to the U.S. and opened an office in New York.
Currency Cloud, which launched in 2012, has seen 100% year-over-year revenue growth over the past two years. Adding to its success, this year Currency Cloud received an eMoney license from the U.K. Financial Conduct Authority (FCA). This permits it to execute payment transactions and issue electronic money.
Michael Laven, Currency Cloud CEO, divulged additional metrics in an interview with TechCrunch:
Laven says that by the end of 2015, the company will be processing $1 billion per month in transactions. Those transactions, meanwhile, tend to be for around $15,000 to $20,000, with “many” extending to $1 million.
At FinovateSpring 2015, Currency Cloud launched Payment Engine, an API that Finovate alums such as Transferwise, Azimo, Kantox, Fidor Bank, and CurrencyTransfer use to power their services. Check out its launch video below: