UK-based fintech company CurrencyCloud, a cross border payment-as-a-service provider, announced the raising of £20 million (US $25M) in Series D funding round. The company has raised from backers a total of £44 million ($61 million) in venture funding to date.
The firm has amassed an impressive roster of investors which this time included Alphabet’s venture arm GV, formerly Google Ventures, in addition to existing investors Notion Capital, Sapphire Ventures, Rakuten FinTech Fund, and Anthemis.
The new monies will be used to fuel the company’s global expansion as more and more invoicing platforms and apps flood the ever growing remittances market. Entrepreneurs have taken note of this market opportunity in this segment and are establishing more platforms and startups that reimagine the way money flows through today’s digital economy.
Launched to market in 2012, CurrencyCloud allows cross border and multi-currency transactions from a single platform. It offers end-to-end cloud based cross currency payments automation service that makes multi-currency payments more frictionless. Moreover, the SaaS platform’s API allows developers to integrate the functionality into existing apps and platforms.
GV General Partner Tom Hulme commented: “We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs. Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”
Mike Laven, CEO of Currencycloud, added: “In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems. Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast. We are seeing massive and increasing demand for these services, with volumes growing over 150% last year.”