Currency Cloud Raises $10M to Fuel International Expansion
Amid growing interest in digital payment solutions—including Facebook’s exploration of e-money services—London-based fintech innovator The Currency Cloud has secured a $10 million Series B funding round. The investment was led by existing backers Atlas Venture, Anthemis Group, Notion Capital, and XAnge Private Equity, with additional support from Silicon Valley Bank.
Key Growth Metrics and Market Position
- Monthly Payment Volume: Processing ~$400M/month, growing 12x year-over-year
- Revenue: \(3M in 2013, projected to reach **\)9M by year-end** (150-200% growth)
- Market Share Challenge: Competing against banks that dominate 85% of international payments
Strategic Focus: API-Powered Disruption
CEO Mike Laven emphasized the company’s startup-friendly API model, which enables seamless cross-currency transfers for businesses. Unlike traditional banks, Currency Cloud prioritizes:
- Speed: Rapid feature deployment and partner integration
- Automation: Built-in reconciliation tools via API
- B2B Focus: Serving payment providers (e.g., TransferWise, Azimo) rather than end consumers
U.S. Expansion Plans
The funding will accelerate the company’s push into the U.S. market, building on its strong European foothold. Laven noted that while Currency Cloud powers several startups linked to Facebook’s rumored payments ambitions, it is not directly involved in those discussions.
Competitive Landscape
Though often compared to Stripe, Currency Cloud positions itself as a complementary service:
- Stripe: Connects merchants and consumers
- Currency Cloud: Facilitates B2B transactions between financial service providers
Notable Clients
- Payment Platforms: TransferWise, Payoneer, Kantox
- E-Commerce: Sofort, Zippcard
- Digital Banks: Fidor Bank, MedBank
Funding Recap
This round brings Currency Cloud’s total raised to $19M since 2012, underscoring investor confidence in its scalable, API-driven approach to modernizing cross-border payments.
Image: Flickr
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