FX-MM reported this morning that French investor XAnge Private Equity has invested £1.2M into Currency Cloud, a currency exchange as-a-service platform that allows cross-border transactions. XAnge will join investors Atlas Ventures, Notion Capital, and Anthemis who invested a total of 4.5M in 2012 alone.
The Currency Cloud enables transaction-based web companies, money transfer businesses and a myriad of other corporate, financial and consumer services businesses to automate currency receiving, conversion and payment for 140 currencies in 200 countries worldwide. The Currency Cloud removes the currency risk, cost and complexity for foreign exchange conversion and payment.
FX-MM quotes XAnge CEO and new Currency Cloud board member Hervé Schricke
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.”
Hervé Schricke will join Atlas Venture’s Fred Desitn among the board of directors.
Currency Cloud was one of 150 startups selected to attended START at the Dublin Web Summit last week, an invite-only conference meant to bring together the best up-and-coming startups. With £1.2M stuffed in its pockets, Currency Cloud will be looking to grow fast, eliminating traditional online currency converters like PayPal, who charge a large premium on top of their already expensive transactional feeds.
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