It may not be as catchy as “Shark Week.” But here at Finovate, we’re already thinking about dubbing the second week of June: International Money Transfer Week.
Yesterday we reported on the sizable new investment in international money transfer innovator, TransferWise.
Today we share the news that The Currency Cloud just reached a major milestone. Company CEO Mike Laven announced that the company has topped $5 billion in international payments facilitated by its Payments Engine in the two years since The Currency Cloud was founded.
“It’s great that in just over two years we’ve (changed) from being a few people with an idea, into a thriving technology firm that serves some of the most dynamic businesses around,” Mike said.
Indeed among the companies that take advantage of The Currency Cloud’s Payments Engine – either via the companies online interface or through its API, TCC Connect – are CloudX, Fidor Bank, and World Remit, as well as more than a few Finovate alums such as Azimo, CurrencyTransfer, and TransferWise.
The Currency Cloud specializes in helping companies that do a sizable and predictable amount of international business. The company’s Payments Engine makes it possible for companies to automate multi-currency international payments, provide specialized services for their own clients and, importantly, know exactly where their money was at every step in the process.
The Currency Cloud’s emphasis on transparency enables this. And the company’s technology helps accelerate (or “jump start”) not only the flow of payments but also, consequently, the flow of goods and services, as well.
“By sending the money in advance,” Mike explained from the Finovate stage this February, “they’ve taken two days out of the cycle. That’s two days worth of capital. And that’s two days faster that they can ship. And the reason they can do that, is that they have confidence that they knew where their money was.”
The Currency Cloud was in the headlines most recently with news that the company had raised $10 million in April from a handful of investors including Atlas Venture, Anthem Venture Partners, and Silicon Valley Bank. The company demoed its new e-wallet user interface and functionality at FinovateEurope 2014 in London this past February. See the technology in action here.
Also, as a new Finovate alum, we featured The Currency Cloud as part of our Behind the Scenes series earlier this year. Check out our Behind the Scenes coverage of The Currency Cloud here.