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Currencycloud Raises $80 million From Ripple Backed Investors

Massive news coming from a round of funding for Currencycloud. Currencycloud specializes in a fully cloud-based platform for B2B cross-border payments. Currencycloud has raised $80 million in Series E round. Currencycloud is a global payments platform built on smart technology that takes the complexity out of moving money. Developers use their API building blocks to build customized payment solutions. Whether you want to embed their payments infrastructure into your products or services, or build on top of it, they will fit into your business in a way that works for you.

What is a Series E round? Companies that reach this point may be raising for many of the reasons listed in the Series D round: They’ve failed to meet expectations; they want to stay private longer; or they need a little more help before going public. Sounds like Currencycloud has bigger plans in the future.

The series E round was backed by some noticeable names, including Japanese financial services giant SBI Group, Visa, the World Bank Group’s International Finance Corporation, BNP Paribas and Thailand’s oldest bank Siam Commercial Bank.

From the official press release by Currencycloud:

As part of its Series E funding round, Currencycloud received new backing from leading global institutions such as Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank. Visa, who partnered with Currencycloud in 2019 to deliver innovation in travel payments, will see Colleen Ostrowski, SVP and Treasurer of Visa Inc, join the board.

This is all quiet interesting as we dig into Currencycloud to see who they are partnered with and we discover common Ripple ties.  Transfergo is one that really sticks out.  As we examine the top remittance markets in the world we see the 5 largest are:

  1. India – 2019 TransferGo has announced the launch of a dedicated blockchain based remittance corridor to India to support real-time cross-border transfers.
  2. China – TransferGo Started payments into China in 2017
  3. Mexico –
  4. Philippines
  5. Egypt

TransferGo recently partnered with CurrencyCloud to help revolutionize cross-border remittance and meet the unique needs of customers in 69 countries.   TransferGo and CurrencyCloud will be launching 14 new markets in Q1 2020. Transfergo has partnered with Ripple to help send remittances to India.  All the dots are finally being connected.

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