It also offers a white label, out-of-the-box solution that can carry the client’s brand.įounded in 2012 and headquartered in London, Currencycloud employs close to 150 people worldwide. Developers use its APIs and SDKs to embed payment infrastructure into their own products or services. The company provides building blocks for firms that intend to build cross-border products and applications. Serving banks, businesses, and remittance startups and letting those clients focus on the cash-intensive tasks of building brands and attracting users seems the smarter way to go.Ĭurrencycloud removes friction from the process of currency conversion and money transmission by simplifying the underlying global payments infrastructure, reducing costs, and increasing transparency. In the end, we concluded that the most attractive business model in this space was Currencycloud’s. The challenge would be reaching these businesses cost effectively and convincing them to adopt a new solution to a problem they only had occasionally when many were unaware of the actual costs.
Even sophisticated business people did not understand how much they were paying to make these transfers and how much they were losing when they converted currencies. Payments were difficult if not impossible to track and sometimes didn’t show up in the right place or in the correct amount.
(It’s been called “one of the last great ripoffs in finance.”) We saw that paying vendors in other countries and in other currencies was complicated, couldn’t be accomplished online or in a business banking app, and often involved a trip to the branch. We concluded that the B2B money transfer market is a big opportunity. One of the people we meet with was Mike Laven, CEO of Currencycloud (then Currency Cloud).
Currency cloud bank series#
Several years ago, a partner and I undertook a series of interviews with lawyers, bankers, small businesses, startups, and individuals with the intention of identifying an opportunity for innovation. I’ve long been interested in foreign exchange and cross-border payments.
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