Fintech startup Currencycloud raises US$80m; to open Singapore office in 2020

[NEW YORK] London-based financial technology startup Currencycloud has raised US$80 million in funding from strategic investors including Visa Inc, BNP Paribas SA, SBI Group, Siam Commercial Bank and the International Finance Corp, the company said on Sunday.

Existing investors including Sapphire Ventures, Notion Capital and GV, formerly Google Ventures, also participated in the round, CurrencyCloud said.

The company will use the cash injection to fuel its global expansion plans and grow its suite of products, Currencycloud chief executive Mike Laven, said in an interview.

"We will dramatically increase our footprint in North America," Mr Laven said. The company also plans to open an office in Singapore later this year, he said.

Founded in 2012, Currencycloud processes cross-border payments for businesses, including well-known European neobanks Monzo, Starling and Revolut. Since its launch it has processed more than US$50 billion in payments.

Visa and Currencycloud partnered last year on travel payments.

Mr Laven said the company hopes to work with the other companies that participated in the investment round.

"We consciously raised money from strategic investors because we think they can help us with our expansion," he said.

The new investment round brings the company's total funding to more than US$140 million. As part of the deal, Colleen Ostrowski, senior vice president and treasurer of Visa Inc, will join Currencycloud's board, the company said.

REUTERS