Posted on January 27, 2020 by staff

Visa backs Currencycloud in £61m funding round


Cross-border payments start-up FinTech Currencycloud has secured £61m funding.

The London firm processes payments for Monzo, Revolut and Starling Bank among other digital banks.

The Series E round, which included backing from new investors Visa, World Bank arm International Finance Corporation, BNP Paribas, Siam Commercial Bank and SBI Group of Softbank, takes its total investment raised to $140m.

Existing investors Sapphire Ventures, Notion Capital, Anthemis, Accomplice and Google’s venture arm GV also took part.

Colleen Ostrowski, senior VP and treasurer at Visa, will join the company’s board.

She said: “I’m delighted to be joining the board of such an exciting technology company. “Currencycloud is reshaping the way that the platforms of the future are moving money around the world, and there is huge potential for the company to drive further innovation in the cross-border payments industry.”

Currencycloud, which was founded in 2012, has processed more than $50 billion in payments.

Currencycloud CEO Mike Laven said: “Currencycloud is reimagining how money flows around the global economy and embedding it into platforms of the future.

“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.”

In August 2019, Currencycloud was one of four FinTechs to receive £10m from the Capability and Innovation Fund (CIF) under the RBS Alternative Remedies Package while business data platform Beauhurst recently singled it out as one of the most likely tech companies to IPO this year.