- Range of funders will participate in Currencycloud’s latest round, including SB Group and BNP Paribas – plus some pre-existing funders too
- New investment brings total amount in this round to more than €127m, although new funding constitutes around €72.5m
- “Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future”, said CEO
UK-based cross border payments start-up Currencycloud has received millions of euros worth of funding to help its platform to grow.
The firm, which works primarily in the embedded business-to-business international money transfer space, said that the money was coming from a range of investors such as BNP Paribas, Visa and Siam Commercial Bank.
Other funders include SB Group and International Finance Corporation, which is a part of the World Bank Group.
Some of the funders which have already provided cash to Currencycloud were involved too.
These include well-known investment names such Notion Capital and Sapphire Ventures.
In total, it is believed that Currencycloud will receive around €72.5m in new funding.
This is a figure equivalent to around £61m, or $79m.
Overall, the firm now has more than €127m in recent investment.
It is understood that the investment will be used to add new emerging payment methods to its current offering.
It also intends to build on its network of partners to add more options for customers.
It has also been revealed that Colleen Ostrowski, who is the senior vice president and treasurer of Visa Inc., will join the board of directors of Currencycloud.
In a statement, Mike Laven – who serves as the firm’s CEO – said that the firm was “re-imagining” how international payments might work.
“Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future”, he 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. With these new strategic investors, we are well placed to be the go-to provider for the next wave of Fintech innovation”, he added.
Ostrowski described Currencycloud as “an exciting” example of a tech firm.
“I’m delighted to be joining the board of such an exciting technology company”, she said.
“Currencycloud is re-shaping the way that the platforms of the future are moving money around the world, and there is huge potential for the company to drive further innovation in the cross-border payments industry.”
Currencycloud was first set up back in 2012, making it an example of a fast-growing financial payments firm.
It opened an office in North America in 2015, and the firm as a whole has gone through a range of funding rounds since it first entered existence.
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