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January 27, 2020updated 30 Jan 2020 5:12pm

Currencycloud gets $80m from global heavyweights to fuel growth

By Mohamed Dabo

Currencycloud has secured new funding from big-league investors, including Visa, International Finance Corporation, BNP Paribas, SBI Group, and Siam Commercial Bank, to help turbocharge its expansion.

Currencycloud, a global payments platform, has obtained an additional US$80 million in funding to pursue the next phase of its growth story.  The company will use the capital to expand its portfolio of emerging payment methods and develop its partner ecosystem.

As part of its Series E funding round, Currencycloud received new backing from leading global institutions such as Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank.

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.

Existing backers Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis, also participated in the round. The latest round brings the company’s total funding to over $140 million.

Enhancing global payments infrastructure for large institutions

Since 2012, Currencycloud has processed over $50 billion in cross-border payments and now boasts some of the biggest banking and Fintech brands among their clients. 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.

At the end of last year, the company also made its most significant update to its product line, with the launch of Currencycloud Spark. This is a solution providing multi-currency accounts for banks and Fintechs to collect, store, convert and pay in more than 35 currencies.

Looking to the future, the company said it will be adding integration with major software platforms. It will also bring in alternate payment methods into its product offering such as mobile wallets, instant payments, and cards.

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