Investments

Currencycloud Secures Funding For X-Border Technology

Currencycloud Notches Approx. £32M In Funding

As part of a Series E round, cross-border payment application programming interface (API) company Currencycloud has raised approximately £32 million. The company’s technology is reportedly used by many FinTechs, among other companies, according to reports.

According to a recent regulatory filing, as cited by the report, the Series E round has clocked in at just under £32 million so far. However, the round is reportedly only tranche one, and additional funding is said to follow within the next two to three months. It was also reported that tranche one is comprised of two share prices that are slightly different.

Following a Series A in 2011, Currencycloud was launched in a more widespread manner in 2012, and has created an infrastructure for business-to-business (B2B) cross-border payments. The company offers an API for firms that provide their customers with international transfers.

The firm has processed more than $50 billion in transfers and sent funds to more than 180 countries. It has more than 200 employees in places such as Amsterdam, London and New York, and works with global FinTechs and banks that include Visa, Travelex and Starling Bank, among others.

In separate Currencycloud news, the global payments platform has teamed up with Lithuania-based Evarvest. Evarvest was said to use the platform from Currencycloud to support cross-border payments for investors, per news in May. With the new tie-up, Evarvest will be able to scale from its initial five-country rollout and offer users a seamless experience.

Evarvest CEO Stephanie Brennan said in an announcement at the time, “Currencycloud [has] been fundamental in supporting us to reduce our costs and providing a cross-border payment and FX solution, so we can make investing accessible to the next generation of investors.” Evarvest offers a way for users to invest in stocks and bonds as well as exchange-traded funds (ETFS) “like a local.”

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