December 7, 2013
According to the Bank for International Settlements, the average daily turnover in global foreign exchange markets is estimated at over $4 trillion. As of today the vast majority of those cross-border payments are done through banks and the typically they charge a 4% fee whenever you make a cross-border payment. The Currency Cloud offers end-to-end cloud based cross currency payments automation service that makes multi-currency payments more frictionless.
Launched to market in 2012, The Currency Cloud offers Cross Border Payments as a Service. The company has received a total funding of $7 Mn through investors Atlas Venture, Anthemis Group and Notion Capital. More than 250,000 corporates and consumers already have access to The Currency Cloud’s XBPaaS platform through more than 100 platform partners and customers.
Below is a video showing you how Currency Cloud works:
Some features of their platform:
'PayPal charges 2.75% on conversion which doesn't sound like much until the numbers become large. Banks are typically working on similar margins and what they don't make on margin they'll try recoup through charges for conversion or receiving. It's a racket. Enter TheCurrencyCloud a company I ran into while at LeWeb,' said Dennis Howlett.
We think our offering is unique, and for this reason we see Currency Cloud doing extremely well, and transforming the business [of currency exchange] with our combination of technology and market knowledge, said Currency Cloud CEO, Michael Laven. What makes Currency Cloud different from other FX firms is that we enable a whole range of firms, like financial advisers, fiduciaries and treasury management firms, to provide foreign exchange and conversion services to their customers in a way that is automated and simple.
Earlier this year, Currency Cloud had partnered with invoicing company Tradeshift and SMB financial services company, Intuit. The partnership creates an all inclusive platform for small businesses maintain cross border relationships better. The platform focuses especially on buyer-supplier relationship. Currency Cloud had also partnered with Transferwise in 2012, enabling users to transfer money between a range of European currencies.