Cross border payments platform Currencycloud has completed a £20 million ($25M) Series D round. New investor GV (née Google Ventures) joined existing investors Notion Capital, Sapphire Ventures, Rakuten FinTech Fund and Anthemis. The money will fund a global expansion.
Now five years old, Currencycloud has attracted £44 million ($61M) so far. They help others build cross-border products and applications and have 200 customers in 35 countries, including Klarna, Travelex and Standard Bank. The infrastructure has processed more than $25 billion in payments.
“We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs,” GV general partner Tom Hulme said. “Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”
Currencycloud CEO Mike Laven said successful companies need to adapt.
“In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems. Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast.
“We are seeing massive and increasing demand for these services, with volumes growing over 150% last year.”