View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
March 9, 2017

Google makes first ever European fintech start-up investment

Tom Hulme: “We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs".

By Tom Ball

Fintech firm Currencycloud has received a £20 million investment from GV, formerly Google Ventures. The move marks a first for Google, having not previously engaged in European fintech funding.

Currencycloud is a provider of technology targeting money transfers, with a particular focus on using APIs to reduce the costs and difficulties currently associated with cross-border payments. The new funding will be put towards sustaining the company’s growth and global expansion.

The company works with over 200 customers in 35 countries, Klarna, Travelex, Standard Bank, Revolut and Azimo have utilised the APIs supplied by Currencycloud to build products. $25 billion has been sent through Currencycloud’s infrastructure so far.

investment GV General Partner Tom Hulme said: “We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs. Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”

There has been increasing interest recently in fintech investment, with HM Treasury even proposing to reinvent RBS as a fintech fund to support and accelerate fintech start-ups through the perilous early phases of entering the industry.

A further initiative involving the UK has been set up between regulators in the UK, and in Ontario, Canada with the intention of simplifying the process for fintech start-ups from one market to access the other.

                         READ MORE: UK, Canada sign fintech startup deal

Mike Laven, CEO of Currencycloud said: “In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems. Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast. We are seeing massive and increasing demand for these services, with volumes growing over 150% last year.”

Content from our partners
How designers are leveraging tech to apply the brakes to fast fashion
Why the tech sector must embrace faster, smarter talent recruitment
Sherif Tawfik: The Middle East and Africa are ready to lead on the climate

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU