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British cross-border payments startup The Currency Cloud raises $10M in funding

April 16
8:16 AM 2014

Cross-border payments startup The Currency Cloud has secured $10 million (£6 million) in its latest funding round. Atlas Venture, Anthemis Group, Silicon Valley Bank, Notion Capital, and XAnge Private Equity participated in the said round, according to VentureBeat.

Chief executive officer (CEO) Mike Laven said: "While 85 percent of international payments go through banks, more and more businesses are now turning to us to provide their international payments capabilities. Unlike other payments providers, we make cross-border payments transparent and frictionless."

The Currency Cloud specializes in international payments. Its payments engine provides a more transparent, affordable, and streamlined electronic payment processes for its clients. Its RESTful APIs make the engine easy to use and incorporate into other products, the report explained.

What sets The Currency Cloud apart from its competitors is that it makes money through monthly fees rather than per-transaction charges. Fidor Bank, MedBank, and Transferwise are among the startup's most notable clients. Founded in 2012, the London-based firm has raised a total capital of $17 million to date, VentureBeat reported.

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