UK-based online payment technology provider Currency Cloud received $18m in series C funding today from backers including e-commerce company Rakuten.
Sapphire Ventures, the venture capital firm that spun out of enterprise software producer SAP, led the round, which also included XAnge Private Equity, a subsidiary of French postal service La Poste, as well as Anthemis, Atlas Venture and Notion Capital. Rakuten took part in the round through its Rakuten FinTech Fund.
Currency Cloud’s Payment Engine enables online businesses to build and automate their own payment products. The company, which recently opened its first US office, has secured more than 125 platform customers and processes more than $10bn in payments each year.
Mike Laven, Currency Cloud’s chief executive, said: “We have big plans for the business, and are proud to have a team on board that share and believe in this vision.
The involvement of established institutional investors, Sapphire Ventures and Rakuten FinTech Fund will add a new dimension to our global ambition as we consolidate relationships with technology and banking partners worldwide.”
The round brought Currency Cloud’s funding to approximately $35m since it was founded in 2011. Andreas Weiskam, managing director of Sapphire Ventures, will join Currency Cloud’s board in conjunction with the funding.