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The Currency Cloud raises $10m Series B

17 Apr 2014

payment_lrgPayments technology startup The Currency Cloud has secured $10m in a Series B round backed by its existing investors.

Atlas Venture, Anthemis Group, Notion Capital, XAnge Private Equity and Silicon Valley Bank participated in the round, which follows a $9m investment secured in 2012.

Currency Cloud’s customers include payment businesses Payoneer, Kantox, Azimo, TransferWise, banks such as Fidor Bank and MedBank and e-commerce companies Sofort and Zippcard.

Over the past 18 months, the number of transactions passing through Currency Cloud’s network has jumped twelvefold.

Currency Cloud CEO Mike Laven said, “Traditional international payments are broken. We’re bringing to this market the levels of efficiency and simplicity that companies like Stripe have brought to consumer payments.

“While 85 percent of international payments go through banks, more and more businesses are now turning to us to provide their international payments capabilities. Unlike other payments providers, we make cross-border payments transparent and frictionless. New clients can also get set up with our service quickly via our developer-friendly API.”

XAnge bought a minority equity stake in the company for £1.2m in 2012.

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