French buyout and venture investor XAnge Private Equity has taken a £1.2m equity stake in automated online payments service The Currency Cloud.
The company, which provides cloud-based currency conversion and international payments, said it is finalising its equity ownership base after raising £4.5m this year.
XAnge joins existing investors Atlas Venture, Notion Capital and Anthemis as backers of the company.
Firm CEO Hervé Schricke will join the Currency Cloud board as part of the deal.
He said, “The Forex and international money transfer space has changed very little since the emergence of the web.
“There is still a multitude of intermediaries and rate grids that lack transparency.
“With a fully integrated and automated offer, The Currency Cloud offers its clients significantly lower fees, enhanced transparency and greater flexibility.
“Moreover, by delivering its services through an API, the company can integrate the solution seamlessly into clients’ infrastructures and processes.”
XAnge made the investment through its €60m Capital 2 fund, which focuses on B2B and B2C companies in the digital economy.
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