Currencycloud nabs $80M from Visa, World Bank Group and more for cross-border payment APIs

TechCrunch | 1/26/2020 | Staff
jollyjettajollyjetta (Posted by) Level 3
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Sending money from one country to another — either because you are a business paying someone for a service, or a family member working abroad and sending money back home, or something in between — is a huge business, worth some $700 million annually. Today, a London startup called Currencycloud, which has built a set of remittance APIs that let any financial business integrate money transfer services into its platform, is announcing that it has raised $80 million to tap into that opportunity, and to help take on the Western Unions of the world.

To date, over $50 billion has been transferred between some 180 countries using Currencycloud’s 85 APIs, which cover areas like inbound money collection (helping clients get paid), foreign exchange, outgoing payments, and digital wallet services managing multiple currencies and more.

Mike - Laven - Currencycloud - CEO - Founder

Mike Laven, Currencycloud’s American CEO and founder, tells TechCrunch that the company has some 350 companies using its APIs as of the end of 2019, and it employs 230 people, but you are almost certainly never going to see it, even if you’ve used it.

“No one is doing what we’re doing in terms of the model we have,” Laven said, referring to what he describes as an “embedded model” where transfer is seamlessly embedded into its customers’ platform and workflow. “I’m not competing with our customers. My brand is invisible. We think we’re still the only one that has that kind of solution.”

Round - Series - E - Number - Hitters

This round, a Series E, has a number of heavy hitters among the startup’s new strategic investors. They include Visa, the World Bank Group’s International Finance Corporation, French bank BNP Paribas, the SBI Group (the Japanese giant that was once a part, but now independent, of SoftBank) and Thailand’s Siam Commercial Bank. With that, Laven said that Asia will be a big focus for Currencycloud in...
(Excerpt) Read more at: TechCrunch
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