The Currency Cloud, a UK-based start-up offering foreign exchange payments automation, has raised $4 million in a series a funding round led by Atlas Venture.
Having already participated in an earlier $2 million funding effort, Anthemis Group joined Atlas in the latest round, the proceeds of which will be used to ramp commercial activity and continue product development.
Established in 2009 by a team of former FX technicians at UBS, The Currency Cloud launched its platform earlier this year, promising to "bring cross-border business payments into the 21st century," reducing costs and friction.
More than 100 corporate customers have already signed up to use the company's SaaS offering and more than 20 platform partners are tapping its API.
Mike Laven, CEO, The Currency Cloud, says: "Businesses everywhere need to deal in multi-currencies in every working day. The need is ubiquitous. Yet the methods being used are antiquated and expensive to all but the largest corporates and the banks. The Currency Cloud technology will transform the way businesses and their customers manage their foreign currency needs."