The Currency Cloud raises £2m

The Currency Cloud raises £2m

The Currency Cloud, a UK-based start-up offering foreign exchange payments automation, has raised $2 million in funding from Notion Capital.

The money comes soon after a £2.5 million round involving Atlas Venture and the Anthemis Group. Notion Capital partner Jos White will join Sean Park from Anthemis and Fred Destin from Atlas on the Currency Cloud's board.

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.

The new cash will support the firm's expansion as it moves into new geographies and builds on the "strong customer demand" it has experienced since launching, during which time more than 100 firms have signed up.

Says White: "Cross-border payments and currency exchange creates more frustration and confusion in its customers than any market I've looked at. The cost of FX conversion and payment can easily rise above four percent as a result of various hidden fees. Making and receiving international payments is still a very manual and resource intensive process with nearly 30% of transactions running into issues. The Currency Cloud provides a solution to these problems that is entirely Web based and easy to use for customers."

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