Funding Boost for Currencycloud
Currencycloud, a trailblazer in the cross-border payments arena, recently snagged a hefty $80 million in funding. The investment came from high-profile backers, including SBI Group, Visa, and other noteworthy financial players. This infusion aims to enhance Currencycloud’s offerings and solidify its position as a leader in embedded B2B payment solutions.
The Power Players Behind the Investment
The funding round, which was announced via a press release on January 27, saw contributions from some giants of the industry:
- SBI Group
- Visa
- International Finance Corporation
- BNP Paribas
- Siam Commercial Bank
As a cherry on top, Colleen Ostrowski, Visa’s senior vice president and treasurer, will now grace the board of Currencycloud with her expertise.
What’s Next for Currencycloud?
Currencycloud isn’t placing this cash in a piggy bank. The startup is eyeing growth and has plans to expand its portfolio of emerging payment methods. They’re working to integrate with major software platforms and provide support for alternative payment methods, including:
- Mobile wallets
- Instant payments
- Cards
With these new initiatives, Currencycloud aims to enhance the user experience while mudding through the muddy waters of cross-border payments.
SBI Group’s Crypto Curiosity
SBI Group, one of Currencycloud’s heavyweight investors, has been actively dabbling in the realm of blockchain and cryptocurrency projects. Last December, they partnered with Germany’s Boerse Stuttgart Group to bolster digital asset adoption, showcasing their commitment to this dynamic market.
Recent Buzz in the Investment Sphere
Currencycloud is not the only one generating excitement in the investment landscape. Visa, in a bold move, acquired fintech darling Plaid for a cool $5.3 billion, further establishing its dominance in the financial technology landscape. Not to be left behind, other players in January also made headlines:
- TaxBit, a crypto tax compliance provider, raised $5 million, drawing curiosity from the Winklevoss twins’ family office.
- Major crypto exchange Binance became an unnoticed backer of blockchain data monetization startup Numbers.
With the financial world buzzing with activity, it’s clear that the race for digital supremacy is heating up— and Currencycloud is poised to stay ahead of the pack.
