Fintech firm Currencycloud raises $25M from Google Ventures and existing investors

Currencycloud, a London-based fintech company, has raised $25 million in Series D funding with a new investment from GV (formerly Google Ventures) and additional funding from the existing investors – Notion Capital, Sapphire Ventures, Rakuten FinTech Fund, and Anthemis.

With this latest funding round, the total investment in the company now stands at $61 million – with $18M raised in 2015, $10M in 2014 and $8M in 2012. Founded in January 2012, Currencycloud provides the tools to build cross-border products and applications, driving a wave of innovation across the FinTech industry.

The company said that the new funding will be used to fuel its continued growth and its ongoing global expansion, as it reimagines the way money flows through today’s digital economy, using its flexible APIs to remove the friction and costs of traditional cross-border payments.

“We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs. Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize”, GV General Partner Tom Hulme said.

Currencycloud counts over 200 customers in 35 countries and millions of end-users have access to its platform through their payment providers. Klarna, Travelex, Standard Bank, Revolut and Azimo, have all built products using its APIs. Users of the platform include challenger banks, pre-paid cards, digital payment firms and PSPs. To date, $25 billion has been sent through Currencycloud’s infrastructure to over 200 countries.

“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”, Mike Laven, CEO of Currencycloud added.

In its official statement, the company said that its existing investors have substantially increased their investment, reflecting their continued confidence in Currencycloud.

“We see huge opportunity for Currencycloud which is reflected in our increased investment. 2016 saw Currencycloud sign several flagship deals, further validating the market opportunity and marking a huge momentum in 2017”, Oskar Mielczarek de la Miel, Managing Partner at Rakuten FinTech Fund added.