CurrencyCloud, the London-based firm that runs the back-end processing for some of the world's most promising money transfer startups, has roped in Sapphire and Japanese e-commerce giant Rakuten as heavyweight investors in a new $18 funding round.
The latest round, which also includes existing investors Anthemis, Atlas, Notion Capital and XAnge, takes the firm's total funding so far to $36 million.
Since launch in 2012, CurrencyCloud has experienced 100% year-on-year revenue growth over the past two years, buouyed by the success of its clients in disrupting the money transfer space. Users of CurrencyCloud's payments API include XE, Fidor Bank, Payoneer, Azimo and TransferWise. The firm expects to be processing $1 billion a month by the end of this year - spanning 212 countries and 40 currencies.
CurrencyCloud this year received an e-money license from the Financial Conduct Authority and last month, expanded to the US with the launch of a New York office.
The investment by SAP's independent venture fund and Rakuten's fintech fund will open new doors to SAP's business customer base and to the Japanese market.
CurrencyCloud CEO Mike LAevn says: "We believe that moving money should be easy fast, secure and transparent. Not only is this reflected in the service that we provide to our clients, but also the fast pace at which we have grown and evolved within the industry. We’ll be using the funding to continue investing in research, development and product upgrades to meet growing and changing client demands, while also supporting our plans for further international expansion."