Alphabet’s VC arm dives into FinTech with Currencycloud investment

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GV, the venture capital arm of Alphabet, has joined Notion Capital, Sapphire Ventures, Rakuten FinTech Fund and Anthemis in a $25 million series D round in Currencycloud.

The latest investment takes the total raised by the company to £44 million, according to UK Business Insider. The series D round, which will be used for international expansion in the U.S. and elsewhere, follows a 2015 investment of $18 million by Sapphire Ventures, Rakuten, Anthemis, Atlas, Notion Capital and XAnge.

Currencycloud has more than 200 customers in 35 countries. Large corporations such as Travelex, Standard Bank, Azimo have all built products using Currencycloud’s suite of APIs. The company’s mission is to provide a transparent, easy-to-use and secure payments engine that assists businesses to move money around the world. In a company press release announcing the investment round, Mike Laven, CEO of Currencycloud, stated:

“In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems. Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast. We are seeing massive and increasing demand for these services, with volumes growing over 150% last year.”

Tom Hulme, GV General Partner, commented on the deal, saying, “we believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs. Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalize.”

Google Ventures, now known as GV, launched in 2009 and primarily invests in the fields of cybersecurity, life science, healthcare, artificial intelligence, agriculture, robotics and transportation. GV has $2.4 billion under management and has invested in 300 companies including Uber, Nest, Slack, Foundation Medicine, Flatiron Health, and One Medical Group.

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This article was originally published on TheFintechBuzz

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Anthony Back
About Anthony Back 14 Articles
Anthony is currently a Senior Fintech Analyst at Expert Market Insight and the Director of Content at BreakingFinance, a fintech content creation firm. After spending several years tracking and analyzing technologies and investments at Israel Venture Capital, he now focuses his time conducting research and analysis on the global fintech industry to help startups, financial institutions and finance-related companies develop insightful content. Anthony’s areas of expertise include payments, trading & investing, banking, blockchain and digital currencies. He is also the lead contributor at thefintech.buzz industry blog.

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