On 11th February 2014, The Currency Cloud announced a major revamp of its payments service – new streamlined payment integration, new look and other features. Yesterday, 15th April 2014, the company announced that it had raised another $10 Mn in a series B funding round through existing investors Atlas Venture, Notion Capital, Anthemis Group, XAnge Private Equity and Silicon Valley Bank.
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. This latest round brings their total funding to $17 Mn.
This video gives you an overview of their platform: Some features:
- The Currency Cloud delivers its service through a number of customers and partners, including remittance, online payments, corporate services (accounting, invoicing, ERP), financial services, and e-wallet firms.
- Currency Cloud is principally in a B2B business. Consumers and corporates, particularly SMEs, benefit from the capabilities via customers of Currency Cloud.
- Currency Cloud improves the payment services offered by financial institutions, brokers, IFAs, online and mobile payment providers, pre-paid card providers, digital currency exchanges, amongst many.
- By utilising Currency Cloud as the core payments platform, these firms lower their own costs and deliver a more transparent and lower cost services.
- Currency Cloud deliver services to corporates through channel partners – embedding their capabilities within corporate treasury services such as ERP, Accounting and E-invoicing, to significantly improve a business’s workflow and integration, reducing transaction costs and operational risk and overhead for businesses.
“Traditional international payments are broken. We’re bringing to this market the levels of efficiency and simplicity that companies like Stripe have brought to consumer payments. While 85 percent of international payments go through banks, more and more businesses are now turning to us to provide their international payments capabilities,” stated Currency Cloud CEO, Mike Laven in a blog post. “Unlike other payments providers, we make cross-border payments transparent and frictionless. New clients can also get set up with our service quickly via our developer-friendly API. 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,” he added.
“We are excited to be working with The Currency Cloud and look forward to being a long term partner as the business grows,” said Erin Lockwood, MD of Commercial Banking at Silicon Valley Bank’s UK Branch. “The company is using technology to solve an important client need, which we believe has huge potential.”
The Currency Cloud has achieved strong growth over the last 18 months: the total number of transactions passing through its network has increased twelvefold year on year and the company says that it is now securely moving billions of dollars around the world every year.
In 2013, 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.