London-based Currency Cloud has closed out a Series C funding round, attracting $18 million from new and existing investors.
The company, which initially offered its services in Europe, recently opened an office in New York to expand its reach to the U.S. Currency Cloud is looking for businesses that face challenges in automating cross border transactions. The company sees the most opportunity in automating business payments and helping manage international transactions and supply chains.
Currency Cloud's other business services include administrative and control features to automate pricing, beneficiary management, payments execution, receipt settlement and reporting.
The new funding round brings the total investments in the London-based company to $36 million since launching in 2012. The round was led by technology investor Sapphire Ventures and Japanese electronic commerce company Rakuten through its Rakuten FinTech Fund.
Rakuten came onboard during this round as a new investor, while Sapphire Ventures had previously supported the company. Currency Clouds other existing investors Anthemis, Atlas Ventures, Notion Capital and XAnge Private Equity also increased their stakes in the company.
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, Currency Cloud chief executive Mike Laven said in a June 23 news release announcing the Series C funding.
Additionally, Currency Cloud has named Sapphire Ventures managing director Andreas Weiskam to its board of directors.