Financial technology start-up Currencycloud, which powers cross-border payments for a number of popular finance apps, has raised $80 million in a funding round backed by Visa.
Based in the U.K., Currencycloud sells payment software for banks and fintech firms to process their international transactions. Though not as well-known as consumer-focused peers like Monzo and Revolut, the company provides some of the crucial “plumbing” in the background for such apps to operate.
The firm’s latest series of funding was co-led by SAP’s venture arm Sapphire and Visa, and also attracted backing from Google, the investment arm of the World Bank, French lender BNP Paribas and Japanese bank SBI. Visa’s treasurer, Colleen Ostrowski, will join Currencycloud’s board following the deal.
The company’s largest market currently is Europe, Laven said, while it has been increasingly investing in North America and is now looking to expand into Asia, where fintech has seen significant adoption rates. In China, for example, mobile wallets like Alipay and WeChat Pay have become commonplace, with many Chinese consumers using their phones to pay for things.
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