Existing investors participate in $80m round for Currencycloud

Katharine Hidalgo
27 January 2020

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Venture capital investors Sapphire Ventures, Notion Capital, GV, Accomplice and Anthemis Group have returned to invest in portfolio company Currencycloud, a remittances business, in a $80m funding round.

Visa, the World Bank Group's International Finance Corporation, BNP Paribas, SBI Group and Siam Commercial Bank also invested. The round gives the company a valuation of around $500m, according to TechCrunch.

The company plans to focus on Asia following the funding round, opening a new office in Singapore.

Previous funding
In March 2012, Atlas joined existing investor Anthemis in a $4m series-A funding round, which followed an initial $2m round by Anthemis and others. In July that year, Notion Capital invested another £2m and in October XAnge Private Equity invested £1.2m.

In 2014, Atlas Ventures, Anthemis, Notion Capital and XAnge committed $10m in funding, alongside Silicon Valley Bank.

Sapphire Ventures and Japanese corporate Rakuten took part in an $18m series-C for the company, with participation from existing investors in 2015.

In 2017, GV (formerly Google Ventures) led a £20m series-D round of funding, with participation from Notion Capital, Sapphire Ventures, Rakuten and Anthemis.

Company
Founded in 2012, Currencycloud allows cross border and multi-currency transactions from a single platform. Its software-as-a-service platform allows developers to integrate the functionality into existing software. The company is based in London.

The company reported revenues of £20m and an operating loss of £8.7m for 2018.