London-based fintech startup Currency Cloud has secured $18 million in Series C funding round led by existing investor Sapphire Ventures and a new investor Rakuten’s Fintech Fund.
Founded in 2012 by Nigel Verdon, Currency Cloud is a Software as a Service (SaaS) currency platform which simplifies the international transactions with it single automated payments engine that shows the clients payment price, market price and the price Currency Cloud pays. It operates with top players in the field like Transferwise and World remit and claims to have attained 100% year-on-year revenue growth with $10 billion payments processed through their platform until today.
The startup’s previous round of funding which raised $10 million around a year ago helped it take its first steps into the US market, said CEO Mike Laven. Now that the New Office is opened, the fresh funds would be used to further expand into the international market also, some of the money are to be invested for the research and development department. By the end of 2015, the startup plans to grow its New York team to 12 and increase headcount in London to 100 from 70 employees.
Until now, the company has secured $36 million on total which is the summed up value of the recent fund along with $17 million that has been raised in the last three rounds. In the current funding round, all the prevailing investors including Anthemis, Atlas Ventures, Notion Capital and XAnge Private Equity have increased their stakes in the company. “There is a lot of funds going into the FinTech space from very good investors, but on the consumer side. It was important that we looked for a company that understands us and we really pursued this type of investor that understands the enterprise space,” said Laven.
Andreas Weiskan, managing director of Sapphire Ventures who will join the deal as one among the board of directors said, “Sapphire Ventures is committed to backing high-growth companies with the potential to disrupt markets globally. By enabling transparent, efficient and secure transactions, Currency Cloud is revolutionizing how businesses can move money worldwide.”
Mike thanked the investors by saying, “We would like to thank our new and existing investors for their support of Currency Cloud. We have big plans for the business, and are proud to have a team on board that share and believe in this vision.” He also added, “The involvement of established institution investors, Sapphire Ventures and Rakuten FinTech will add a new dimension to our global ambition as we consolidate relationships with technology and banking partners worlwide.”