Currency Cloud Gains New Investments and Momentum

June 23, 2024 by
Currency Cloud Gains New Investments and Momentum

Currency Cloud has secured $18 million in a Series C funding round.

The funding is led by Sapphire Ventures and the Rakuten FinTech Fund with existing investors Anthemis, Atlas Ventures, Notion Capital, and XAnge Private Equity all participating.

This brings Currency Cloud’s total funding up to $36 million.

Launched in 2012, the London-based firm aims to change how companies move money around the world. It’s Payment Engine has found itself embedded in banks, FX firms, remittance companies, and other financial institutions.

Currency Cloud processes more than $10 billion a year and has an international reach with support for 40 currencies in 212 countries.

The funding will be used for product upgrades and international expansion. Combined with Currency Cloud’s recent unveiling of its New York office, this funding may also serve to drive greater access to financial institutions in the United States.

Andreas Weiskam, Managing Director at Sapphire Ventures will also join the board of directors at Currency Cloud.

According to Mike Laven, CEO, Currency Cloud, “This investment shows a high level of confidence in the progress we are making to transform international payments for businesses. Businesses are often the forgotten middle in international payments, which tend to cater for consumers and multinationals, and in an increasingly digitised world this is a rapidly growing sector. Sapphire and Rakuten are important because of their B2B heritage which will help Currency Cloud make new inroads in this space.”

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