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Currencycloud is a London-based financial technology company that provides B2B embedded cross-border payment solutions and multi-currency digital wallets through an API-driven enterprise software platform. The underlying infrastructure enables financial institutions to process international money transfers across more than 180 countries and execute foreign exchange conversions in 37 different fiat currencies. Operating with a global workforce of nearly 600 employees, the organization serves over 600 corporate clients and has processed more than $75 billion in total payment volume. Prior to its December 2021 acquisition by Visa, the company raised approximately $80 million in venture funding from prominent institutional investors, including GV and BNP Paribas. Its core payment infrastructure is currently utilized by several major European neobanks and financial technology firms, including Revolut and Starling Bank. Currencycloud was founded in 2012 by Nigel Verdon and Richard Arundel.
Currencycloud has raised $182.6M across 8 funding rounds.
Currencycloud has raised $182.6M in total across 8 funding rounds.
Currencycloud is a London-based fintech company founded in 2012 that provides a flexible API-driven platform for cross-border payments, enabling businesses to collect, convert, pay, and manage funds in multiple currencies.[1][2][4] It serves banks, fintechs, foreign exchange brokers, and enterprises like Starling Bank, Revolut, and Visa, solving the complexities of international money movement by offering speed, transparency, and regulatory compliance in over 180 countries.[1][3][5] Acquired by Visa in July 2021 in a deal reportedly valued at around $1 billion, Currencycloud has processed over $75 billion in payments, raised $153.97M–$160.2M in funding, and evolved from a simple FX tool into a full SaaS infrastructure for embedded finance.[1][2][4][5]
The platform's growth momentum is strong, with doubled payment volumes during the 2020 lockdowns, nearing 500 customers by late 2020, and expansions into restricted markets via partnerships like Nium for Asian currencies.[3][5] Its developer-focused toolkit supports rapid innovation, positioning it as backbone infrastructure for global fintech ambitions.[2][6]
Currencycloud launched in 2012 in London as Rabbit Securities, initially as a simple foreign exchange (FX) tool before evolving into a comprehensive cross-border payment platform.[1][2][4] Founders and early team details are not prominently detailed in available sources, but the company quickly gained traction by addressing pain points in multi-currency transactions for businesses, scaling to serve 300 clients pre-acquisition.[1] Pivotal moments include raising $80M in its latest round from investors like Visa, BNP Paribas, GV (Google Ventures), and SBI Group, processing $75B+ in payments across 180+ countries, and its July 2021 acquisition by Visa, which accelerated enterprise-grade capabilities.[1][2][4][5]
Under leadership like former executives who scaled it to Visa sale, Currencycloud shifted from startup to global financial infrastructure provider, with micro-services architecture inspired by Alipay to handle surging volumes.[4][5]
Currencycloud stands out in cross-border payments through:
These enable fintechs and banks to embed finance seamlessly, outperforming traditional banks in speed and cost.[2][6]
Currencycloud rides the embedded finance wave, where every company aims to become a fintech by integrating payments natively, fueled by digital challengers and post-pandemic globalization.[2][5] Timing aligns with rising cross-border e-commerce, regulatory shifts like open banking, and demand for non-bank alternatives amid slow legacy systems.[3][5] Market forces favoring it include explosive growth in B2B payments ($75B+ processed), partnerships expanding into high-friction markets (e.g., Asia via Nium), and Visa's backing for scale.[1][3][4]
It influences the ecosystem by powering innovators like Revolut, enabling banks to modernize, and democratizing global money movement—shifting power from incumbents to API-first platforms.[1][2][5]
Post-Visa acquisition, Currencycloud is poised to deepen embedded finance integration, targeting new geographies, customer segments, and products via embedded product managers and micro-services agility.[5][6] Trends like real-time payments, AI-driven FX, and regulatory harmonization (e.g., PSD3 in Europe) will amplify its platform, potentially pushing volumes beyond $100B amid rising global trade.[3][5] Its influence may evolve as a Visa-powered standard for fintech infrastructure, empowering more "every company a fintech" visions while navigating competition from Nium and Airwallex.[1][2]
This positions Currencycloud as essential plumbing for tomorrow's multi-currency economy, building on its proven track record of simplifying borders in a connected world.
Currencycloud has raised $182.6M across 8 funding rounds. Most recently, it raised $80.0M Series E in January 2020.
Currencycloud has raised $182.6M in total across 8 funding rounds.
Currencycloud's investors include 2050 Capital, 83North, Accel, Accomplice VC, Addition, AgFunder, Angular Ventures, Ascension Ventures, Bessemer Venture Partners, Boldstart Ventures, Cedar Capital Group, Episode 1 Ventures.
