In 2012, Currencycloud was still a small Fintech startup based in London, working hard to build a global infrastructure to enable cross-border payments. At the time, DSP2, APIs and open-banking were still abstract – and sometimes futuristic – concepts.
Still, the team behind Currencycloud managed to build a strong B2B platform enabling any bank, corporate or Fintech to provide innovative Foreign Exchange solutions via an API for cross-border payments, including real-time notifications on foreign exchange transactions, multi-currency wallets and virtual account management. Since 2012, it has processed $100bn to over 180 countries.
Its (long) list of clients now includes Revolut, Starling Bank, MangoPay, Oanda or Clearshift. Based in London, with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud also works with numerous partners including Dwolla, GPS, Mambu, and, of course, Visa, which has been a key partner since 2019. In total, the Currencycloud platform supports nearly 500 banking and technology clients.
Over the years, the managing team navigated wisely through a highly fragmented and regulated ecosystem. It even weathered the Brexit storm. Even if Currencycloud is not a household-name such as some of its BtoC clients, it’s a key player in the cross-border payment field and a significant brick in the global open-banking ecosystem. It has become an enabler behind the success of other big names in Fintech.
All of this was made possible by the strong and visionary leadership of Mike Laven, the Chief Executive Officer of the company, who joined Currencycloud two years after its inception. With more than 25 years of experience at the helm of a number of high growth Fintech and technology businesses, he proved that an entrepreneur can be successful at any age and any step of their career!
As Visa’s press release explains, “Currencycloud will strengthen Visa’s existing foreign exchange capabilities by extending them to better serve financial institutions, Fintechs and partners while enabling new use cases and payment flows. Currencycloud will accelerate the time-to-market and improve payment transparency for clients looking to offer flexible, digital-first, international payment services that provide better visibility and control to consumers and businesses around the world.”
Following the acquisition, Currencycloud will continue their operations from their headquarters in London and will retain their current management team.