Currenxie, the Hong Kong headquartered cross-border payments company, today announced that it has successfully closed a USD 10 million Series A funding round led by family office BF Belmont.
While global travel has slowed down due to the ongoing COVID-19 pandemic, the demand for cross-border trade and global eCommerce has increased. However, traditional payment solutions remain expensive, restrictive and cumbersome to most businesses, both big and small. Innovation is needed to improve the situation, which Currenxie is well placed to continue providing with the proceeds from the fundraising.
Predominantly self-funded by Goldman Sachs alumni and co-founders, Riccardo and Alison Capelvenere, the latest capital injection will allow Currenxie to accelerate its vision of empowering businesses to access global commerce. The funds will be used to focus on building new products, acquiring new licenses and authorisations, expanding into new markets and accelerating recruitment. The firm sees these goals as intertwined in enabling its clients to achieve global growth. Currenxie will also be welcoming Gordon Kwong, a former Partner of a big four international accounting firm, to its board, as the official investor representative.
Riccardo Capelvenere, Founder and CEO of Currenxie, said: “From the start, we have focused on building a platform that will give our clients access to a truly borderless economy. Thanks to BF Belmont, we’re now able to accelerate our global growth and expansion plans - creating more value that will be transferable to our clients. The demand for seamless cross-border solutions will only increase, and our high calibre team is ready for this opportunity.”
"With their many decades’ worth of experience, the Currenxie team has developed an impressive plan for the future of payments - one that will capture the global growth in eCommerce,” said Gordon Kwong, the newly nominated Director of Currenxie. “The combination of their proprietary technology, network and infrastructure demonstrates their readiness to succeed in - and shake up - the cross-border payments ecosystem and set a new standard within the financial industry. We’re excited to be a part of this journey.”