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Currency transfer fintech start-up targets US with $25 million funding round
Fintech start-up Currencycloud has raised £20 million ($24.3 million) to continue its U.S. expansion as it aims to score a greater share of the global currency transfer market.
The Series D funding round, which includes investment from GV (formerly Google Ventures) brings total investment in the firm to £44 million ($53.5 million) since launch in 2012.
"The key uses of the funds in this round will be to continue U.S. expansion and ultimately get to Asian expansion," chief executive Mike Laven told CNBC Thursday.
Currencycloud began operating in the U.S. last year, expanding its reach to 35 countries. Unlike some other currency transfer technology firms, it focuses on business payments.
The funding will also be used to invest in platform security, said Laven.
"Profits are in the future, right in now we're still in investment mode.
"To the extent that Currencycloud is vulnerable, everybody would be vulnerable. Our investment is hardening and globalizing our platform, so that means security investment at an extremely high level."
