London-based The Currency Cloud has raised a $10 Million Series B from existing investors Atlas, Anthemis & Notion Capital, along with new investor Xange, Frenchweb reported this afternoon, bringing the total fundraising to $17 Million. The Currency Cloud provides cloud-based currency transfer services, attacking the long-outdated wire-transfer market.
Essentially, The Currency Cloud uses network effect to make bulk transfers (instead of many individual transfers) across bank accounts that it maintains in ever region it operates in – this reduces cost/transfer, and allows the service to return the savings to the user.
The Currency Cloud powers customers like Transfer Wise ,who provide a currency-transfer service for customers looking to transfer from one currency to another. In the background, The Currency Cloud’s API allows for automated payments across multiple markets in an automated fashion.
This article has been updated to reflect that Transfer Wise is a customer of The Currency Cloud
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