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FinTech firm Currencycloud closes £20m Series D led by Google’s VC arm

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Currencycloud, a cross-border payment platform, has announced the closure of a £20m Series D round from investors including GV (formerly Google Ventures).

The company also received funding from existing investors Notion Capital, Sapphire Ventures, Rakuten FinTech Fund and Anthemis.

London-based Currencycloud, founded in 2012, provides APIs for businesses using cross-border financial transactions and claims its services are being used by more than 200 customers in 35 countries.

VC investment into UK FinTech ‘fell by 40% in Q2 2017’

Mike Laven, Currencycloud’s CEO, said the firm had seen “massive and increasing demand” for cross-border transaction services in recent years, with “volumes growing 150% last year”.

“As a reflection of the continued confidence in the company,” he added, “existing investors also substantially increased their investment”.

The firm will use the new investment to fund growth and expand across the globe.

Tom Hulme, general partner of GV, said he believes 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,” he added.

Currencycloud claims to work with Swedish e-commerce company Klarna, and foreign exchange service Travelex. It also claims $25bn (£20.6m) worth of payments have been made through its platform in the past five years.

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