Currencycloud provides embedded B2B cross-border payments for platforms via a proprietary, fully cloud-based as-a-service platform. The company exposes 85 APIs across four modules—collect, convert, manage and pay—that cover the entire B2B cross-border payments workflow. Since 2012 it has processed over $50 billion in cross-border payments and counts clients including Monzo, Starling, Revolut, Visa, Bottomline and Dwolla. At the end of last year Currencycloud launched Currencycloud Spark, a multi-currency accounts solution that lets banks and fintechs collect, store, convert and pay in more than 35 currencies. It is regulated in Europe, the U.S. and Canada and plans to add integrations with major software platforms and alternate payment methods such as mobile wallets, instant payments and cards. Currencycloud offers an API-driven payments infrastructure that enables fintechs and larger companies to send international money transfers. Its platform is used by customers including Visa, Starling Bank, Standard Bank South Africa, Travelex and Klarna. The company has processed more than $50 billion in transfers and sends money to over 180 countries. Currencycloud operates across Europe, the U.S. and Canada and employs over 200 people across offices in London, Amsterdam and New York. The firm recently completed the first tranche of a Series E, and that financing activity — including conversion of earlier debt into equity — suggests further capital and strategic partnerships may follow. Article reporting notes a possible strategic investor in Santander via its venture arm, which could signal a partnership if confirmed. Currencycloud offers an API-driven platform that handles exchange rates, funds movement and local compliance so other companies can build remittance and cross-border payment services. The company works with about 200 customers in 35 countries and says this translates to “millions” of companies and individuals using services built on its platform. Currencycloud has processed about $25 billion in payments to date and processed $6 billion last year. The business charges small margins per transaction that aggregate into meaningful revenue; a past data point and analyst math in the article suggest revenue could be around $45 million under certain margin assumptions. The company plans to use the new funding to expand its U.S. business footprint, court more customers there and build 24/7 infrastructure and support. Management said it raised more than initially targeted to avoid giving up extra equity and saw no Brexit-related fundraising pushback. Currency Cloud offers Payment Engine, an API-driven platform that handles currency conversion and cross-border money transfers for fintechs and payment businesses. Its API is used by more than 125 customers, including Azimo, TransferWise and xe.com. The company processes about $10 billion in payments annually across roughly 40 currencies and 212 countries and expects to be processing $1 billion per month by the end of 2015. Typical transactions are around $15,000–$20,000, with many reaching $1 million, and the business captures its margin on what it terms a "ten percent to twenty percent basis points" model. Currency Cloud has been expanding internationally, opening a New York office after a prior funding round, and plans to push deeper into the U.S. market. It also intends to leverage strategic investor Rakuten to aid expansion into Asia, likely the following year. The Currency Cloud offers a software-as-a-service payments engine that lets payments service providers, banks, remittance and foreign-exchange specialists connect via an API to a global payment network. Led by CEO Mike Laven, the platform is used by payments firms (Payoneer, Kantox, Azimo, TransferWise), banks (Fidor Bank, MedBank) and e-commerce solutions (Sofort, Zippcard). The company raised $10M in Series B financing to support product refinement and geographic expansion. The funding is intended to further develop the platform and accelerate entry into new markets. Silicon Valley Bank also provided an additional line of capital alongside equity backers. No operating metrics were disclosed in the article.

Total raised

$180M

Funding rounds

7

Latest round

Series E

Latest activity

Jan 2020