Currencycloud, the supplier of an API and repair for cross-boarder funds that’s utilized by a number of fintechs and bigger corporations, together with most not too long ago Visa, has closed the primary a part of closing in on Series E funding.
According to sources, the over 10 yr previous London headquartered firm introduced internally that it was closing in on new funding spherical just a few weeks in the past, whereas a latest regulatory submitting reveals that the Series E totals simply shy of £32 million in Series E shares to this point. However, I perceive that that is simply tranche one, and that further Series E funding will comply with inside the subsequent 2-Three months when the spherical shall be formally introduced. Tranche one additionally consists of two barely totally different share costs because it sees earlier debt financing transformed into fairness.
With regards to who’s backing Currencycloud’s Series E, one supply tells me Goldman Sachs is within the operating and is presumably main the spherical. Existing investor GV (beforehand Google Ventures) is claimed to me following on. I’m additionally listening to that one other new investor could possibly be Spanish financial institution Santander, by way of its enterprise arm Santander Ventures, in what would sign a major strategic funding and/or partnership. Currencycloud declined to remark.
Launched extra broadly in 2012, after elevating a Series A in 2011 — and lengthy thought of a mainstay of the London fintech ecosystem (the corporate was even used closely by TransferWise in its early days)– Currencycloud has constructed out B2B cross-border funds infrastructure. It offers an API for companies that want to supply their prospects worldwide transfers.
Now working throughout Europe, together with the U.S. and Canada, the corporate has thus far processed greater than $50bn in transfers, sending cash to over 180 international locations. The banks and fintechs that Currencycloud works with globally embrace Starling Bank, Standard Bank South Africa, Visa, Travelex and Klarna. The firm’s staff now sits at over 200 workers (see picture above) throughout a number of worldwide places of work, together with London, Amsterdam and New York.
