GV backs cross-border payments service Currencycloud

Cross-border payments technology platform Currencycloud has picked up £20m from Alphabet’s venture arm GV (formerly Google Ventures).

Existing backers Notion Capital, Sapphire Ventures, Rakuten FinTech Fund and Anthemis also contributed to the Series D round.

London-based Currencycloud says these existing investors substantially increased their investments.

The round brings the five-year old company’s total funding to £44m.

The firm’s valuation remains undisclosed but has reportedly doubles since its $18m June 2015 Series C round.

Currencycloud provides developer with the underlying APIs to facilitate cross-border products and applications and counts more than 200 clients, across 35 countries with millions of end users.

Among its customers are challenger banks, pre-paid cards, digital payment firms and payments service providers.

These including high-profile fintech startups such as Klarna, Revolut and Azimo, as well as Travelex and Standard Bank.

Currencycloud CEO Mike Laven said: “In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems.

“Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast.

“We are seeing massive and increasing demand for these services, with volumes growing over 150% last year.”

To date the company says more than $25bn has been sent through its infrastructure to more than 200 countries.

CV general partner Tom Hulme said: “We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs.

“Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”

GV’s other recent fintech investments include insurance disruptor Lemonade and socially responsible lender LendUp.

The new funding will be used to fuel the company’s continued growth and ongoing global expansion with the aim of providing 24-hour service across Europe, the US and Asia.

It will also hire additional staff at its London headquarters.

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