Currencycloud Secures $80 Million in Funding

Currencycloud Secures $80M in Funding

Currencycloud, a payment services provider based in London, has announced securing finance worth $80 million from SBI Group, Visa and other investors.

The company, which offers B2B cross-border payment service, will use the funds in expanding its future business and improving its partner ecosystem.   

Currencycloud also aims to integrate with major exchanges and promote new payment systems, such as mobile wallets and online transfers.

Meanwhile, SBI Group has actively sought collaborations in blockchain and cryptocurrency industries. It has collaborated with Germany’s Boerse Stuttgart Group in late December 2020 to encourage the use of digital assets.

SBI expected to invest in the Boerse’s cryptocurrency subsidiaries — Boerse Stuttgart Digital Exchange and Boerse Stuttgart Digital Ventures.

Followed suit of its subsidiary MorningStar, SBI was planning to pay dividends to its shareholders in the form of XRP tokens.

Colleen Ostrowski, SVP of Visa, 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.”

Currencycloud, which is led by CEO Mike Laven, offers B2B cross-border payments for crypto exchanges. The company has 85 separate APIs across four systems – receiving, transferring, handling, and billing – representing the whole process of cross-border B2B payments.

The company has handled more than $50 billion in cross-border payments since 2012 and now has the top banking and Fintech brands such as Monzo and Starling.

Currencycloud has made a substantial update to its product line at the end of last year, with the introduction of Currencycloud Spark; a service that offers multi-currency accounts for banks and fintechs to receive, store, exchange and pay in over 35 currencies.

The company will also connect with major software systems and integrate alternative payment options such as mobile wallets, online transfers and cards.

It is worth mentioning that several countries around the world have announced the launch of their cryptocurrencies. A total of 18 countries have already announced the development of their cryptocurrencies, including Senegal, Venezuela, Uruguay, and Tunisia.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.