XAnge invests £1.2m in The Currency Cloud
XAnge Private Equity has invested £1.2m in UK foreign exchange capital services provider The Currency Cloud.
The new funding will support the company's growth in continental Europe, as well as further research and development of its services. Equity was sourced from XAnge Capital 2, which held a first close on €60m in December 2011.
The Currency Cloud received $4m early-stage funding from Atlas Venture in March 2012. In July, Notion Capital made a £2m expansion investment.
Company
The Currency Cloud is a London-based provider of automated, cloud-based currency conversion and international payments services. The company uses API distribution and bills as a software-as-a-service. The company was founded in 2011.
People
Herve Schricke, CEO of XAnge will join the company's board, joining Fred Destin of Atlas, Jos White of Notion and Sean Park of Anthemis. XAnge's investment team was led by Schricke and also included investment director Rodolphe Menegaux and senior investment manager Nicolas Debock.
Advisers
Equity – SJ Berwin, Ylan Steiner, Lee Davis (Legal).
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