B2B cross-border solutions provider Currencycloud is teaming up with Canadian transaction processor Carta Worldwide to bring transparency, accuracy, and cost-competitiveness to international transactions.
“This is an exciting partnership and the first of its kind, combining our respective skills sets to drive innovation and give customers further transparency on their international card payments,” Currencycloud co-founder and Head of Strategic Partnerships Steve Lemon said. He noted that the partnership would put customers “at the center of the offer” and enable issuers to offer real-time foreign exchange rates at the point of sale to fintechs and challenger banks.
The two companies said in a statement that they are presently in the development phase of the collaboration. Their first joint offering is expected in the second half of 2020.
“We are very excited about this partnership,” Carta Worldwide Managing Director EMEA Richard Wray added. “Carta’s innovative processing capabilities collaborating with one of the most reputable platforms in the industry will enable us to deliver some real change to customers across the world.”
Named one of Canada’s top fintechs by the Digital Finance Institute, Carta Worldwide specializes in processing mobile and prepaid transactions. Founded in 2006 and headquartered in Ontario, Canada, and London, U.K., the company includes Vodafone, Westpac NZ, and Novum Bank among its customers.
Offering 85 APIs across four modules – Collect, Convert, Pay, and Manage – that support the full, B2B cross border payments workflow, Currencycloud provides enterprise-grade payments solutions to partners such as Visa and Starling Bank. Headquartered in London and founded in 2012, Currencycloud is regulated in the U.K., the E.U., the U.S., and Canada. The company began the year with an $80 million Series E fundraising round that featured participation of new backers such as Siam Commercial Bank, SBI Group, and Visa – whose SVP and Treasurer Colleen Ostrowski joined Currencycloud’s board of directors.
More recently, Currencycloud announced a partnership with Derivative Path to enable community and regional banks to offer more FX and interest rate derivative trading options to customers. The company has been a Finovate alum since 2012, and demonstrated its Global Collections solution at our west coast conference in 2018.