Currencycloud records 500 customers; doubles payment volumes since lockdown

By Megha Bhattacharya

Cross border solutions provider Currencycloud recently announced that it has doubled payment volumes across its platform since the beginning of the lockdown. It now has around 500 customers using its platform. The FinTech has seen monthly transactions jump to $3 billion and has grown its customer base by a third.

The FinTech also increased its staff count by 30% this year. The company aims to hire another 70 employees in the first half of next year, while also investing more than $2 million to embrace flexible working on a permanent basis.

“We’ve experienced first-hand the shift to digital that’s sweeping financial services,” commented Mike Laven CEO of Currencycloud. “It’s not just consumers making more online purchases this year. Corporates and financial institutions recognise the urgent need to digitalise as back-offices go virtual and clients demand more transparent, cost and time-efficient ways to move money internationally. This lasting change will usher in the next wave of FinTech innovation, as payments become increasingly embedded and unbundled from the banking system.”

Currencycloud has enhanced its payments offerings with recent partnerships with card issuers, BaaS banking platforms and other payment providers, including GPS, Carta, Mambu and Tribe. Currencycloud’s Spark, that currently sees around 20% of active customers, enables banks and FinTechs to provide multi-currency accounts in more than 35 currencies for business customers, significantly reducing barriers for SMEs to trade internationally.

“Covid-19 has further revealed just how underserved SMEs are by the traditional banking system”, said Mike Laven. “We recognise it has been a difficult year for many, and we have worked hard to support our clients, both new and old with a global payments platform which enhances their working capital and enables them to trade efficiently.”