Monday 27 January 2020 12:01 am

Bank heavyweights inject $80m into City fintech Currencycloud

Cross-border payments startup Currencycloud has today revealed a fresh $80m (£61m) funding injection from a number of new investors.

Visa, World Bank arm International Finance Corporation, BNP Paribas, Siam Commercial Bank and Softbank spinoff SBI Group all joined the series E round’s roster as fresh backers.

Existing investors Sapphire Ventures, Notion Capital, Anthemis, Accomplice and Google’s venture wing GV also participated. The round takes Currencycloud’s total amount raised to $140m.

The Spitalfields-based startup said it would use the funding to expand its technology portfolio and develop its partner ecosystem.

Colleen Ostrowski, senior vice president and treasurer at Visa, will join Currencycloud’s board after the two firms signed a partnership deal last year.

“I’m delighted to be joining the board of such an exciting technology company,” she said. “Currencycloud is re-shaping the way that the platforms of the future are moving money around the world, and there is huge potential for the company to drive further innovation in the cross-border payments industry.”

Founded in 2012, the startup has now processed more than $50bn in payments for the likes of Monzo, Starling Bank and the Bill and Melinda Gates Foundation. It recently launched Currencycloud Spark, which provides multi-currency accounts for fintechs and businesses.

Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime

“Currencycloud is re-imagining how money flows around the global economy and embedding it into platforms of the future.”  said Mike Laven, chief executive of Currencycloud.

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