UK cross-border payments provider Currencycloud has announced that it has secured a $61m cash injection from its latest funding round, of which $25m has been invested by GV, the funding arm of Google’s parent company Alphabet Inc.
GV, the VC division of Alphabet formerly known as Google Ventures, participated in the funding round alongside existing investors Notion Capital Limited, Sapphire Ventures LLC, VC firm Anthemis Group, and Japenese tech firm Rakuten Inc.
Mike Laven, Currencycloud’s CEO, confirmed that the investment would predominantly be used to fund Currencycloud’s global expansion plans: “We just opened up in the U.S. and that requires a lot more development. We are also seeing tremendous interest from Asia broadly.”
It is thought that Google will utilise Currencycloud’s cross border payments capabilities to offer a broader range of services through its own products that require payments.
The Currencycloud platform allows companies to perform cross border payments without engaging complex and expensive systems. Current clients of Currencycloud include Klarna, Travelex, and Standard Bank Group.
The crowdfunding was part of a £22m funding round that will support the launch of a current account facility.
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