- Currencycloud receives £10m from the Board of Banking Competition Remedies as part of funding distribution
- Others in the payments sphere also receive grants due to their targeting of small to medium-sized businesses
- “Through our established network of providers across the UK, Currencycloud is building products to reach parts of the market currently underserved by traditional players”, says Currencycloud’s CEO
A business to business (B2B) currency platform based in the UK has been awarded a share of a major funding round.
Currencycloud, which is a global payments service, has been awarded a £10m grant by the Board of Banking Competition Remedies Ltd (or BCR) as part of its Capability and Innovation Fund Pool C grant process.
According to Currencycloud, it will use the money to build a better international payments system for its corporate customers involved in transferring cash across borders.
It currently operates an around the clock transaction system which operates across the globe, and this grant is expected to enhance this.
According to the CEO of Currencycloud, Mike Laven, the development will be especially useful for the small to medium-sized enterprises (SMEs) who count themselves among Currencycloud’s customers.
“We’re delighted to have been awarded this £10 million grant by BCR to advance our global transaction platform to better serve the needs of SME customers, as part of our mission to open up high-quality international payments beyond the realm of big banks”, he said.
“Through our established network of providers across the UK, Currencycloud is building products to reach parts of the market currently underserved by traditional players.
“Today, more than nine in ten international payments are still processed by these firms, whose grip over the industry has led to unfair pricing, poor customer experiences and slow processes. This has created friction for UK SMEs trying to grow overseas which we must help them solve”, he added.
The funding scheme was designed explicitly for companies which work to help SMEs advance their goals.
It intended to help businesses which offer some sort of financial service to SMEs, such as credit provision or better systems for accepting payments, to build on their offerings.
Both national and international services saw their entries accepted.
Some of the other financial technology (fintech) institutions which received awards were also from the payments sector.
Modulr Finance also received funding. This company helps SMEs to install high-quality payment systems within their existing frameworks, and currently reaches over 35,000 businesses.
“We want to make tired old payment technology a thing of the past for neglected Accountants and SMEs”, said Myles Stephenson, who is the Chief Executive Officer of Modulr.
“Modulr was founded with a purpose to make money flow more efficiently through businesses and the economy. This award from the CIF will help us deliver on our vision and passion to support SME businesses to thrive across the UK.”
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