Global payments platform provider Currencycloud has scooped up another £20 million ($25 million) in a Series D round led by new entrant GV (formerly Google Ventures), with participation from existing investors, including Sapphire Ventures, Notion Capital, Rakuten FinTech Fund, and Anthemis.
Founded out of London in 2012, Currencycloud doesn’t always garner the same attention as fellow London fintech companies like TransferWise, Azimo, or World Remit, but Currencycloud (known as “Currency Cloud” until last year) has actually served as the engine that powers the global payment mechanisms behind those companies, among many others. Currencycloud enables other companies to build apps and services using its payment and currency conversion application programming interfaces (APIs). The company says that it has facilitated around $25 billion in transactions across more than 200 countries.
“In recent years we have seen the rise of the building block economy,” explains Mike Laven, CEO of Currencycloud. “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.”
Before now, Currencycloud had raised around $35 million, including an $18 million round back in 2015. With this latest cash injection, it plans to double down on its global efforts as it “reimagines the way money flows through today’s digital economy,” according to a company statement.
GV, as you might expect, has a number of big-name firms in its portfolio, including Uber, Nest (now owned by Google), Jet, TuneIn, HubSpot, and Slack. It also has a sprinkling of fintech companies, such as Stripe, Robinhood, Gusto (formerly ZenPayroll), and OnDeck.
Put simply, Currencycloud is in good company.
“We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs,” added GV general partner Tom Hulme. “Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”