UK-based fintech raises $108m, plans to open office in Singapore

NEW YORK • London-based financial technology start-up Currencycloud, which powers cross-border payments for a number of popular finance apps, plans to open an office in Singapore after having raised US$80 million (S$108.4 million) in funding from strategic investors.

The company currently operates in Europe and North America, and is looking to expand into Asia.

The latest funding round was co-led by SAP's venture arm Sapphire and Visa, and also attracted backing from Google, the investment arm of the World Bank, French lender BNP Paribas and Japanese bank SBI.

The company will use the cash injection to fuel its global expansion plans and grow its suite of products, Currencycloud chief executive Mike Laven said in an interview.

"We will dramatically increase our footprint in North America," he added.

The company also plans to open an office in Singapore later this year, he said.

Founded in 2012, Currencycloud processes cross-border payments for businesses, including well-known European neobanks Monzo, Starling and Revolut. Since its launch, it has processed more than US$50 billion in payments.

Mr Laven said the company hopes to work with the other companies that participated in the investment round.

"We consciously raised money from strategic investors because we think they can help us with our expansion," he said.

The new investment round brings the company's total funding to more than US$140 million.

As part of the deal, Ms Colleen Ostrowski, senior vice-president and treasurer of Visa, will join Currencycloud's board, the company said.

Founded in 2012, Currencycloud processes cross-border payments for businesses, including well-known European neobanks Monzo, Starling and Revolut. Since its launch, it has processed more than US$50 billion in payments.

The company declined to disclose its valuation.

REUTERS