The Silicon Review
From its foundational roots in 2012 in a small rented office in east London, Currencycloud has grown both in geography and size. Today, the revolutionary company has offices in New York, Amsterdam, Singapore, Cardiff, and London, but as a remote-first company its employees are all over the world. It has almost 400 employees and is growing fast.
Currencycloud is re-imagining the way money flows, and enabling our customers to achieve their ambitions, sooner than they ever dared dream. The company’s technology helps businesses skip to the future and its highly flexible platform moulds to meet any challenge customers face. The company’s team works tirelessly to help make managing international payments a breeze. Today, Currencycloud has 85 different APIs across four modules – collect, convert, pay and manage – that cover the entire workflow in B2B cross-border payments.
Currencycloud has grown beyond being a start-up, to being able to provide financial infrastructure and enterprise-class solutions anywhere in the world to any business that wants to move money across borders. What was once a simple FX tool evolved into a platform and is currently a full-scale Software-as-a-Service solution for companies that want to boldly lead the way in financial innovation.
The company’s most recent funding round saw it raise $80 million, and bring on new investors like Visa and BNP Paribas alongside existing investors such as GV (Google Ventures). The company has now processed more than $75 billion in payments, and has transferred payments to more than 180 countries around the world.
Currencycloud is truly passionate about embedded finance and believes that it is the future. So, the company wants to share its expertise with any business out there that is struggling to make cross-border and multi-currency solutions part of their offering. Currencycloud predicts a future where every company will be a Fintech company.
But Currencycloud’s great asset is the expertise it lends to help companies on their journey. Currencycloud is a team of passionate experts that solves complex problems through focus and commitment. It is inspired by knowing that it’s helping the global economy by taking out the friction that exists in traditional methods of moving money overseas. Currencycloud goes the extra mile for the clients.
Currencycloud is simplifying business in a multi-currency world. People can use Currencycloud to quickly access virtual named accounts for customers and collect, convert, pay and manage multiple currencies simultaneously from anywhere in the world. The company makes it easier for entrepreneurs to launch new financial services and lends a hand to traditional banks who want to innovate, and Currencycloud is behind the scenes of today’s biggest digital challengers. It is quintessentially a cross-border and multi-currency payment infrastructure that empowers developers to innovate that is built by developers, for developers on a stable platform.
Working with Revolut
Founded in 2015, Revolut is a global money app, allowing customers to send and spend money instantly and securely anywhere in the world. Users can use the multi-currency RevolutCard™ to make purchases in over 90 currencies, and transfer money in-app or via social networks – all at the touch of a button via mobile device. Revolut is like having a local bank account wherever you are with a streamlined and transparent user experience. The team at Revolut wanted its vision of fair and frictionless platform to bear fruits but for this to happen they needed to challenge hidden banking costs, and eliminate reliance on the old-fashioned banking industry. But the company faced some major opposition from the prominent UK banks that did not want to provide bank accounts for money service businesses.
To overcome this, Revolut required a partner that could not only deliver the technical expertise and industry know-how, but that understood the fast-growth, ambitious company culture. This is where Currencycloud stepped in.
Currencycloud enabled Revolut to make its vision a reality by helping it negotiate the unwieldy compliance process with the banks, and allowing for quick bank account set up across multiple countries. It also helped Revolut provide real-time exchange rates and instant currency conversion, to avoid surprise fees for customers. As a fast-growth business, Revolut has relied heavily on Currencycloud’s dedicated relationship manager. Following a swift implementation, they know they always have a point of contact on hand to solve any queries along the way.
Revolut today has over 160,000 customers across the globe and has helped customers save €30-40 on a €500 spend. Today, Revolut processes 30,000 transactions per day with an average of €40-60m per month.
The Visionary Leader
Mike Laven, Chief Executive Officer
With almost 30 years’ experience at the helm of a number of high growth fintech and technology businesses, Mike is well-known for his ability to build venture-backed organizations and has lead them to profitable growth. Having originally spent six years working for the United Nations, Mike has since gained a glowing reputation for fintech expertise, with executive roles at Infinity Financial Technology, Cohera, Coronet and Traiana. Mike joined Currencycloud in 2012, and as CEO is influential in growing the firm to become a leader in embedded finance. Under his leadership, Currencycloud has established itself as a leading force in the digital financial services revolution and has raised over $140 million in funding (as of January 2020).