Currency Cloud announced that it has raised an $18 million Series C round, led by high-growth technology investor Sapphire Ventures (formerly SAP Ventures). A second new investor from Japan, Rakuten, has invested through its Rakuten FinTech Fund, underscoring the global growth potential of the Currency Cloud business. All existing investors – Anthemis, Atlas Ventures, Notion Capital and XAnge Private Equity – have also increased their stakes in the firm. This brings Currency Cloud’s total funding to $36 million since its launch in 2012.
The firm has grown strongly since its launch in January 2012, achieving 100% year on year revenue growth over the past two years. Today, Currency Cloud works with over 125 platform customers and its service has reached more than 150,000 end-customers. The firm processes over $10 billion payments a year, across more than 40 currencies in 212 countries, and is regulated as an e-money business by the Financial Conduct Authority (FCA).
Following incredible success in Europe, Currency Cloud has recently expanded its footprint to the United States, with the opening of an office in New York. The investment will drive the sustained growth of the business, and support further international expansion as well as continued investment in research, development and product upgrades to meet growing and changing client demands.