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Payments startup Currencycloud receives $80M from Visa and others

Image by Currencycloud from YouTube

Tue, 28 Jan 2020, 11:51 am UTC

Cross-border payments platform Currencycloud has raised $80 million in a recent funding round to “fuel the next phase of its growth story," the company announced in a press release.

Leading global institutions including Visa, International Finance Corporation, BNP Paribas, SBI Group and Siam Commercial Bank were among those who invested in the platform. Existing investors Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. The latest round brings Currencycloud’s total funding to over $140 million to date.

Currencycloud will be using the funding to strengthen its position as the market leader in embedded cross-border payments. In particular, it will expand its portfolio of emerging payment methods and develop its partner ecosystem in order to reach more people and businesses.

“Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future,” said Mike Laven, CEO of Currencycloud. “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.”

Visa partnered with Currencycloud last year to drive further innovation in cross-border and travel payments. As part of the investment, Colleen Ostrowski, SVP and Treasurer of Visa Inc. will be joining Currencycloud's board.

“I’m delighted to be joining the board of such an exciting technology company,” Ostrowski 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 has already processed over $50 billion in cross-border payments. Its clients include the biggest banking and fintech brands like Visa, Dwolla, Starling, and Revolut, to name a few.

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