The UK payment startup just raised €72.5M backed by SAP’s venture arm Sapphire and Visa

Based out of London, Currencycloud is a global payment platform that serves businesses by providing technologies that make payments frictionless. In a recent development, the company has secured an additional $80 million (approx €72.5 million) in funding to fuel the next phase of its growth story. The latest round brings the company’s total funding to over $140 million (approx €127 million).

Mike Laven, CEO of Currencycloud, said:

Currencycloud is re-imagining 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 the funding, Currencycloud is planning to strengthen its position as the market leader in embedded cross-border payments.

Laven added:

With these new strategic investors, we are well placed to be the go-to provider for the next wave of Fintech innovation.

The funding round was led by global institutions such as Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group, and Siam Commercial Bank.

Existing backers, Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. Notably, Visa, who partnered with Currencycloud in 2019 to deliver innovation in travel payments, will see Colleen Ostrowski, SVP and Treasurer of Visa Inc, join the board.

Colleen Ostrowski, SVP and Treasurer at Visa, said:

I’m delighted to be joining the board of such an exciting technology company.

It’s worth mentioning that Currencycloud has processed over $50 billion in cross-border payments and now boasts some of the biggest banking and fintech brands among its clients. The UK fintech startup has some With the likes of Monzo, Starling and Revolut already counted among their customers, Currencycloud has recently added Visa, Bottomline, and Dwolla to the impressive list of companies they work with

Furthermore, the company will be adding integration with major software platforms, as well as adding alternative payment methods to its product offerings, such as mobile wallets, instant payments, and cards.

Main image credits: Currencycloud

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