Home Finance News Visa Supports Technology Start-up Currencycloud With $80 Million Funding

Visa Supports Technology Start-up Currencycloud With $80 Million Funding

In a major breakthrough, leading financial technology start-up, Currencycloud has announced that it has raised a whopping $80 million in funding backed by Visa.

Currencycloud has been selling payment software for banks and fintech firms in a bid to process their international transactions. The start-up is based in the United Kingdom.

The company’s recent bid for funding was co-led by SAP’s venture arm Sapphire and Visa. It has also received backing from various other leading companies that may include Google, BNB Paribas, Siam Commercial Bank, and Japanese bank SBI. Soon after the deal, Visa’s treasurer Colleen Ostrowski is likely to join the start-up’s board.

Mike Laven, Currencycloud’s chief executive officer, said the firm counts Visa as a key investor. Currencycloud has inked a partnership with Visa to offer its clients access to Currencycloud’s technology, added Laven.

Currencycloud is also working with several alleged challenger banks in the UK that may include Monzo, Startling, and Revolut. And, they have earned scores of users who have been banking with them via only an app and debit card.

Laven said,

Their end-user customers, for the most part, will never see that we’re there. We’re a piece of embedded finance in the tech stack. It’s not as sexy, but it’s an incredibly good business.

Currencycloud has channelized efforts towards re-imagining how money circulates all across the world economy and pushing it into future platforms, asserted Laven in an official statement.

According to reports, the firm has reportedly raised over $140 million from investors and has already processed more than $50 billion dollars in payment ever since it came into existence.

Currencycloud’s headquarter is located in London. The firm provides 85 APIs that will include everything right from foreign exchange to inbound money collection, and multiple currency digital wallet services.  Laven also revealed that as many as 350 companies began using the APIs by the end of 2019.

The decision of Visa to fund Currencycloud came immediately after the company acquired Plaid. Plaid offers APIs to connect fintech apps to individual bank accounts for $5.3 billion.

David Pender
David is a journalist interested in writing news-stories regarding forex. He has been in forex industry since 2014. he recently, joined our team as a news writer. He studied mass communication and has 7+ years of experience. He is an avid trader. He can be reached by email: david@forexnews.world.

Must Read

Buterin Reveals How He Burned Almost $7B Worth of Shiba Inu (SHIB)

Vitalik Buterin, a Co-Founder of Ethereum, spoke to the UpOnly podcast. He admitted to burning Shiba Inu tokens worth $7 billion. Vitalik Buterin burned...

Microstrategy CEO Won’t Sell $5 Billion in BTC Despite Crypto Winter

Despite the fact that the value of Bitcoin (BTC) has dropped by 40%, MicroStrategy's Michael Saylor has no plans to sell his $5 billion...

Ethereum Has One Obstacle to Fresh Highs, According to On-Chain Data

Ethereum is undoubtedly a big name in decentralized finance with a volume cap of nearly 400 billion dollars. The coin entered 2022 with the...

How to Buy Vechain and How It Works?: Beginner’s Guide

What Is Vechain? VeChain is a blockchain for businesses that aims to build "a trust-free and distributed business environment to enable transparent information flow, efficient...

Nevermind The Ripple Lawsuit: Digivault Becomes First Accredited Custodian To Support XRP

The year 2021 can barely be described for Cryptocurrency in words. The value undoubtedly increased compared to the previous three years, but it ended...