Google Venture Makes Its First FinTech Investment

Google Venture Makes Its First FinTech Investment

Currencycloud, a London-based company dealing with cross-border payments, announced that it has raised 20 million euro ($25 million) from Google`s ven

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Currencycloud, a London-based company dealing with cross-border payments, announced that it has raised 20 million euro ($25 million) from Google`s venture capital, GV.

“We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs. Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”, commented GV General Partner Tom Hulme as quoted by Currencycloud`s press release available at: currencycloud.com.

GV, the venture capital arm of Alphabet, Inc, joins other investors such as Notion Capital and Rakuten FinTech Fund and Anthemis to the five-year-old start-up for the series D round.

“In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems. Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast. We are seeing massive and increasing demand for these services, with volumes growing over 150% last year.”, said Mike Laven, CEO of Currencycloud.

The company has more than 200 customers in 35 countries. Some of them are Travelex and the Standard Bank of South Africa that pay Currencycloud part of all payments made through its API.

The new funds supplement the series C round which raised 12 million euro ($18 million).

Launched in 2009, GV primarily invests in the fields of life science, healthcare, artificial intelligence, robotics, transportation, cybersecurity and agriculture.

“London is particularly interesting because there is a huge exit opportunity. We look for capital and potentially exit options, and London has great financiers, customers, and potential acquirers for a business like Currencycloud in the long run.”, said Hulme as quoted by cryptocoinnews.com.

He has been said to claim that financial technology is among GV`s major areas of investment, stated Financial Times.

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