Currencycloud nears 500 customers as digital payments double since lockdown
- Customer base approaching 500 with growth in North America and Asia
- Company investing profits back into the business to aid continued expansion
Currencycloud, the leader in providing B2B embedded cross-border solutions, today announces payment volumes have doubled across its platform since the start of lockdown, indicating a wider global rush to digital payments accelerated by the pandemic.
The Fintech has seen monthly transactions jump to over $3 billion today and has had a record year for signing new customers, growing its customer base by a third.
“We’ve experienced first-hand the shift to digital that’s sweeping financial services,” commented Mike Laven CEO of Currencycloud. “It’s not just consumers making more online purchases this year. Corporates and financial institutions recognise the urgent need to digitalise as back-offices go virtual and clients demand more transparent, cost and time-efficient ways to move money internationally. This lasting change will usher in the next wave of Fintech innovation, as payments become increasingly embedded and unbundled from the banking system.”
As a result of this, 2020 also saw Currencycloud grow its headcount globally by more than 30% to 300 staff. The company aims to hire another 70 employees in the first half of next year, while also investing more than $2 million to embrace flexible working on a permanent basis by supporting staff to work from home and refurbishing its offices to optimise for collaboration.
Financial institutions flock to Currencycloud for seamless digital payments
The company which already names many leading Fintechs and financial institutions as clients – including Starling Bank, Revolut, Penta and Visa – now has close to 500 customers using its platform. Growth was particularly notable in North America and Asia, signing deals with Radius Bank and Wallex among others. The company will open an office in Asia in 2021 to fuel further growth across the region.
Currencycloud also diversified its embedded payments offering, forming strategic partnerships with card issuers, BaaS banking platforms and other payment providers, including GPS, Carta, Mambu and Tribe. This allows their financial services clients to access real-time, wholesale FX rates for far greater transparency.
Investing to support SMEs
While Covid-19 presents a significant economic challenge, the company continues to invest profits and funds from its $80 million Series E completed in January back into the business to drive expansion. Product innovation is a significant focus, and the company has committed to spend £40 million to improve SME’s ability to move money around the world, including £10 million million from a British Competitions Remedies (BCR) grant.
“Covid-19 has further revealed just how underserved SMEs are by the traditional banking system”, said Mike Laven. “We recognise it has been a difficult year for many, and we have worked hard to support our clients, both new and old with a global payments platform which enhances their working capital and enables them to trade efficiently.”
Currencycloud continued to onboard customers to its global multi-currency wallet, Currencycloud Spark, with more than 20% of customers actively using it within six months of launch. It enables banks and Fintechs to provide multi-currency accounts in more than 35 currencies for business customers, significantly reducing barriers for SMEs to trade internationally.
As the new year approaches, the company projects continued strong performance in 2021. Customers added this year are expected to scale and end-users will continue to reap the benefits of better services as digital payments continue to pick up speed.
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Moving money around the world is hard. Setting up overseas bank accounts and dealing with distinct regulatory regimes takes up time, money, and resources. Currencycloud removes that pain, helping customers achieve their ambitions sooner than they dared dream. With a global, multi-currency account infrastructure, customers are able to collect, convert, pay and manage multiple currencies, anywhere in the world. Launched in 2012, Currencycloud has processed more than $65bn to over 180 countries, working with banks and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam and Cardiff, Currencycloud works with partners including Visa, Dwolla, and Mambu to deliver simple, clear financial infrastructure solutions for clients. They are regulated in the UK, US, and the EU.