Currencycloud raises US$80m in funding to support growth
(6 February 2020 – United Kingdom) Payments service provider Currencycloud has raised $80m in funding as it looks to expand its cross-border payments technology.
Major fintechs such as Starling, Monzo and Revolut utilise the cross border payments technology while Visa has also been confirmed as a new client. The group will allocate the majority of the new equity to bringing on 100 new headcount, expanding total FTE to 300. Visa Senior VP and Treasurer Colleen Ostrowski will join the Currencycloud board, commenting that the company had “huge potential”.
Visa’s increased involvement in the business follows on from a partnership agreement announced in Q2 2019 which gave Visa’s clients, banking, and fintech partners access to Currencycloud’s payments platform. Visa said that it had ‘continually evaluated’ technologies that had the potential to advance digital payments.
Cross-border ecommerce is expected to reach US$900 billion in value by the end of 2020, accounting for over a fifth of global eCommerce market volumes.
“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” said Currencycloud CEO Mike Laven.