Currencycloud, is a fintech startup based in the United Kingdom, that markets payment software for banks and fintech companies to execute their transactions across the globe.
The startup firm which enables payments across borders for a multitude of renowned finance apps such as Monzo and Revolut, secured $80 million in a Visa-led fund-raising round.
Although not as renowned as the above mentioned duo, Currencycloud is responsible for offering some vital structure in order for those applications to carry out on their functions.
Speaking to CNBC in an interview, Currencycloud CEO Mike Laven told that the firm implants its software into the operational platforms of finance technology organisations and large banks.
Terming the domain as embedded finance, Mr. Laven said that the firm is involved in a very significant business that not many would be familiar with.
The recent f funding of the firm was led by Visa and Sapphire, which is a subsidiary venture of SAP.
Apart from these two, the funding was also facilitated by Google, the investment subsidiary of the World Bank, Japanese bank SBI and French investment banking giant BNP Paribas.
Subsequent to the collaboration, Currencycloud will witness the joining of Colleen Ostrowski, the treasurer of Visa on its board.
Considering Visa as a strategic investor, Laven said that Currencycloud has joined hands with the payment gateway behemoth in order to enable its clients to benefit from the technical prowess of Currencycloud.
Established in 2012, Currencycloud has so far secured $140 million from investors and asserts that it has executed transactions worth over $50 billion across the world.