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Currencycloud Raises $80 Million in New Funding

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B2B cross border payments innovator Currencycloud has locked in $80 million in new funding.

Visa, the International Finance Corporation, BNP Paribas, SBI Group, and Siam Commercial Bank participated in the Series E. Existing investors Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis were also involved in the round.

“Currencycloud is re-imagining how money flows around the global economy and embedding it into (the) platforms of the future,” company CEO Mike Laven said. “Transfer of value is fast becoming the newest layer in the modern technology stack, and Currencycloud is positioned to provide the infrastructure to make this happen.” He added that the funding makes Currencycloud “the go-to provider for the next wave of fintech innovation.”

This week’s investment takes Currencycloud’s total capital to more than $140 million. In its statement, the company said that it plans to use the new funds to grow its portfolio of payment methods and further develop its partner ecosystem.”

A global payments platform, Currencycloud offers 85 different APIs across four modules – collect, convert, manage, and pay – that support the entire B2B cross-border payments workflow. The London-based company, founded in 2012, demonstrated its Global Collections offering at FinovateSpring in 2018. Global Collections makes it easier for firms to collect payments from overseas customers by setting up local, virtual bank accounts in their names. This helps keep payment costs low and ensures that payments arrive promptly and in-full with as little, cross-border hassle as possible.

Earlier this month, Currencycloud announced a partnership with TransferGo that will help it launch in 14 new markets in the first quarter of this year. Named to the 2020 Fintech Power 50 in December, Currencycloud previewed its multi-currency accounts solution, Currencycloud Spark, last fall. The technology enables firms to offer their business customers multi-currency accounts that allow them to collect, store, convert, and make payments in 35+ currencies.

Currencycloud has processed more than $50 billion in cross-border payments processed since its inception. The company includes fellow Finovate alums Revolut, Klarna, and Dwolla among its partners.