Currency Cloud raises $18m to disrupt traditional payment system

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Currency Cloud has closed its third Series C funding round, raising $18m. The cash injection will be used to help the firm expand internationally, as well as improving its payments division.

Based in London, the cloud payment solution firm has now raised $36m to date. This round of funding was led by Sapphire Ventures and Japanese e-commerce group Rakuten. Existing investors Anthemis, Atlas, Notion Capital and XAnge were also involved in the Series C round.

The money will be used to increase the amount of transactions that Currency Cloud process. According to CEO Mike Laven, the company already process $10bn annually. With new funding, the group now expect to process $1 billion a month by the end of this year.

‘‘We’ll be using the funding to continue investing in research, development and product upgrades to meet growing and changing client demands, while also supporting our plans for further international expansion,’’ commented Laven, who aims to be operating in 212 countries by the end of the year.

With this new investment, Currency Cloud also hopes to continue disrupting traditional payments systems.

‘‘The existing system that goes through banks is expensive, it’s cumbersome, it’s full of friction and is complex, and there’s a lack of transparency. We think it’s worse for businesses than it is for individuals,’’ explained Laven.

Look out for Payment Eye’s exclusive video interview with Mike Laven, which was recorded at Pay Expo 2015.

 

 

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