UK-based online payment technology developer Currencycloud raised $25m in series D funding on Thursday from backers including GV, the corporate venturing arm of conglomerate Alphabet.
Rakuten FinTech Fund, an investment vehicle for e-commerce company Rakuten, also participated, as did Sapphire Ventures, the venture capital firm spun out of software developer SAP, VC firm Notion Capital, and investment and advisory firm Anthemis.
Founded in 2012, Currencycloud has developed cross-border money transfer technology dubbed Payment Engine that enables third-party companies to build international payment platforms.
The company’s clients include a range of challenger banks, prepaid card suppliers and digital money transfer networks including Azimo, which is itself backed by Rakuten. Currencycloud has processed $25bn in transactions across 200 countries to date.
The series D round will support continued growth and international expansion, and increases Currencycloud’s total funding to $61m.
Rakuten FinTech Fund, Sapphire, Anthemis, Notion and XAnge Private Equity, a subsidiary of French postal service La Poste, previously provided $18m for the company’s series C round in 2015.
Oskar Mielczarek de la Miel, managing partner at Rakuten FinTech Fund, said: “We see huge opportunity for Currencycloud which is reflected in our increased investment. 2016 saw Currencycloud sign several flagship deals, further validating the market opportunity and marking a huge momentum in 2017.”