The Currency Cloud has banked $10 million (£6 million) of investment from backers including Atlas Venture, Anthemis Group, Notion Capital and XAnge Private Equity.
Set up in London in 2012, financial technology start-up The Currency Cloud provides a software-as-a-service allowing customers and businesses to move money around the world.
Having secured the likes of payment firms Kantox and TransferWise, banks Fidor Bank and MedBank and e-commerce businesses Sofort and Zippcard as customers, The Currency Cloud says that the total number of transactions on its network has increased twelvefold year-on-year.
Mike Laven, CEO of The Currency Cloud, comments, ‘As a technology firm, it is in our DNA to continually build our capabilities so that we can offer the best possible service for our customers.
‘With this investment, we can further refine our platform and expand into new geographies. We operate in a truly global sector and want businesses in different parts of the world to enjoy simple, secure and reliable cross-border payments.’
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Alongside the $10 million of venture capital it has secured, The Currency Cloud has additionally agreed to a further line of capital from Silicon Valley Bank.
Erin Lockwood, managing director of commercial banking at Silicon Valley Bank’s UK Branch, believes that The Currency Cloud is using technology to solve an ‘important client need’ – one which has ‘huge potential’.
Back in 2012, The Currency Cloud became the first company to be backed by Notion Capital’s newly closed $100 million Fund 2. Also joining that round was Anthemis Group, set up by Sean Parker, which also counts PeerIndex and MoPowered as portfolio companies. During that year it banked $9 million through two deals.
With The Currency Cloud reporting that ‘billions of dollars’ are moving through its platform every year, the business will be using its new funds to build out the existing customer offering.
‘While 85 per cent of international payments go through banks, more and more businesses are now turning to provide their international payments capabilities,’ Laven adds.