Currencycloud, a London, UK-based embedded cross-border payments company, raised $80m in funding.
Backers in the round, which brought total funding to over $140m, included Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group, Siam Commercial Bank, Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis. In conjunction with the funding, Visa, Colleen Ostrowski, SVP and Treasurer of Visa Inc, will join the board.
The company intends to use the capital to expand its portfolio of payment methods and develop its partner ecosystem.
Led by Mike Laven, CEO, Currencycloud provides embedded B2B cross-border payments for platforms. Today, the company has 85 different APIs across four modules – collect, convert, manage and pay – that cover the entire workflow in B2B cross-border payments. The as-a-service platform is proprietary and is fully cloud-based. Since 2012, Currencycloud has processed over $50 billion in cross-border payments and now boasts some of the biggest banking and Fintech brands among their clients including Monzo, Starling, Revolut, Visa, Bottomline, and Dwolla.
At the end of last year, the company also made a significant update to its product line, with the launch of Currencycloud Spark, a solution providing multi-currency accounts for banks and Fintechs to collect, store, convert and pay in more than 35 currencies. Looking to the future, Currencycloud will be adding integration with major software platforms, as well as adding alternate payment methods to its product offering such as mobile wallets, instant payments, and cards.
It is regulated in Europe, the U.S. and Canada.