Currencycloud Acquisition, Valuation, Funding & Investors
Currencycloud was acquired by Visa for $925M in July 2021, a 10.8x multiple on $85M of revenue.
Currencycloud revenue at acquisition
$85M
Last twelve months · Jul 2021
Currencycloud revenue multiple at acquisition
10.8x
EV/Revenue · Jul 2021
Cumulative funding Currencycloud raised
$133M
across 4 funding rounds
About Currencycloud
Currencycloud is a London-based fintech, founded in 2012, that provides application programming interfaces letting banks, payment companies, and other fintechs open multi-currency accounts, convert money between dozens of currencies, and pay out to bank accounts around the world without building their own foreign exchange and settlement infrastructure. The company earns foreign exchange margin and per-transaction fees, supplemented by platform fees from larger clients, and its customers have included Monzo, Revolut, Starling Bank, and Dwolla. Currencycloud has processed tens of billions of dollars in payments annually across dozens of currencies and more than 180 countries.
Founded
2012
HQ
United KingdomWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Usage-based
Revenue
$85M (Jul 2021)
Valuation
$220M (Jan 2020)
Currencycloud Acquisition
Currencycloud was acquired by Visa for $925M on 22 July 2021.
The acquisition price implies a 10.8x revenue multiple on $85M of revenue.
Before the acquisition Currencycloud had raised $133M across 4 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 22 Jul 2021 | Strategic M&A | $925M | 10.8x |
Currencycloud Valuation
Currencycloud is currently valued at $220M, based on its Series E in January 2020.
The $80M round was led by Visa, with participation from SCB 10X, Accomplice, GV, Anthemis, SBI Holdings and 4 other investors.
Currencycloud valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2020 | Series E | $220M |
Currencycloud Funding History
Currencycloud has raised a total of $133M across 4 funding rounds, plus 1 secondary share sale.
Currencycloud's first fundraising round was a $10M Series B in April 2014. The most recent completed round was a $80M Series E in January 2020.
Currencycloud funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2020 | Secondary | TempoCap | - | - | TempoCap closed a secondary direct portfolio acquisition announced on 14 December 2020, buying the shareholdings of a leading global strategic investor in five financial technology and digital healthcare companies across the United Kingdom, the United States, Switzerland and Germany. The companies transferred were Currencycloud, Azimo, Acorns, dacadoo and simplesurance. The consideration was disclosed only for the package as a whole and no value was attributed to any individual company, and the identity of the seller was not named in the announcement. Olav Ostin, managing partner of TempoCap, said the transaction brought a suite of European scale-up companies into the firm and extended its presence across the global fintech and digital healthcare ecosystems, adding that the firm's expertise in secondary portfolio deals allowed it to price and structure transactions around the specific needs of sellers. The purchase added to a track record of global secondary portfolio investments that had previously brought in assets such as Onfido, Ercom, Launchmetrics and Depop. Currencycloud was the largest of the five holdings. It was founded in 2012 and is headquartered in London, and it provides application programming interfaces that let banks, payment companies and fintechs open multi-currency accounts, convert money between dozens of currencies and pay out to bank accounts around the world without building their own foreign exchange and settlement infrastructure. The company earns foreign exchange margin and per-transaction fees supplemented by platform fees from larger clients, and its customers have included Monzo, Revolut, Starling Bank, Dwolla and Penta. Under chief executive Mike Laven it processed tens of billions of dollars of payments a year for several hundred clients. Visa agreed to acquire the company just over seven months later in a transaction valuing it at GBP 700 million. |
| Jan 2020 | Series E | Visa (lead); SCB 10X; Accomplice; GV; Anthemis; SBI Holdings; BNP Paribas Investment Partners; International Finance Corporation; Sapphire Ventures; Notion Capital | $80M | $220M | Currencycloud is a London-based fintech providing APIs for embedded B2B cross-border payments, enabling banks and fintechs to handle foreign exchange, inbound collections, outgoing payments, and digital wallets in multiple currencies. By January 2020, it had processed over $50 billion in payments across 180 countries using 85 APIs, powering apps like Revolut, Monzo, and Starling Bank. The company operates offices in London, New York, Amsterdam, Cardiff, and planned a new one in Singapore to target Asia. On January 27, 2020, Currencycloud closed an $80 million Series E funding round led by Visa, with new investors including International Finance Corporation (World Bank Group), BNP Paribas, SBI Group, and Siam Commercial Bank (SCB 10X), alongside existing backers Sapphire Ventures, Notion Capital, GV, Accomplice, and Anthemis. This brought total funding to over $140 million. Visa integrated Currencycloud's services and placed Colleen Ostrowski on the board. The round focused on fueling growth, especially in Asia. Currencycloud was later acquired by Visa in 2021 for approximately $963 million (£700 million), building on this investment. |
| Mar 2017 | Series D | Anthemis (lead); GV (lead); Accomplice; Rakuten; Sapphire Ventures; Notion Capital | $25M | - | Currencycloud is a London-based fintech company founded in 2012 that provides a cloud-based API platform enabling banks, fintechs, and payment providers to integrate cross-border payment services, including currency exchange, multi-currency wallets, and real-time FX notifications. It serves over 200 customers in 35 countries, such as Klarna, Travelex, Standard Bank, Revolut, and Azimo, powering payments for millions of end-users without directly serving consumers. By early 2017, the platform had processed $25 billion across more than 200 countries. On March 8, 2017, Currencycloud raised $25 million (£20 million) in a Series D funding round led by GV (formerly Google Ventures), with participation from existing investors Anthemis, Notion Capital, Rakuten FinTech Fund, and Sapphire Ventures. This brought total funding to approximately $61 million across four rounds, following an $18 million Series C in 2015, $10 million in 2014, and $8 million in 2012. The funds were earmarked for global expansion, including new offices in the US and Asia, to scale its infrastructure amid rising demand for frictionless cross-border payments in the digital economy. Around the round, Currencycloud reported processing $6 billion in payments in 2016, up significantly from prior years, with an estimated revenue of $45 million derived from a consistent 0.75% margin on transaction volume as referenced from 2014 figures when it earned $3 million on $400 million processed. The company competed in the fragmented remittances and payments space against incumbents like Western Union and startups like TransferWise (valued over $1B), WorldRemit, and Azimo, positioning itself as a B2B enabler for fintech 'building block' services. Currencycloud continued raising capital post-2017, securing an $80 million Series E in January 2020 from Visa, BNP Paribas, Siam Commercial Bank, and others, reaching $141 million total raised, and was ultimately acquired by Visa in 2021 for £700 million ($963 million). By acquisition, it supported nearly 500 clients, had processed over $100 billion across 180 countries, and added major partners like Monzo and Dwolla. |
| Jun 2015 | Series C | Anthemis (lead); Sapphire Ventures (lead); Accomplice; XAnge; Notion Capital | $18M | - | Currencycloud provides APIs and platform services for cross-border payments and currency exchange, enabling fintechs and businesses to integrate international money transfer capabilities without building infrastructure themselves. The company raised $18 million in its Series C round around June 23, 2015, backed by investors including Accomplice, Anthemis, Notion Capital, Sapphire Ventures, and XAnge, with Anthemis and Sapphire Ventures as leads. This followed a $10 million round in 2014 where the company reported $3 million in revenue from $400 million in payment volume at a 0.75% margin. By 2015, Currencycloud's filed accounts showed revenues of £4.8 million with a pre-tax loss of £6.2 million, transitioning toward higher-volume, lower-value payments. The 2015 round supported platform development, payout network expansion, and customer growth in a competitive remittances market against incumbents like Western Union and startups like TransferWise (valued over $1 billion). Subsequent rounds included a 2016/2017 Series D of £20 million led by GV with participation from Notion Capital, Sapphire Ventures, Rakuten, and Anthemis, bringing total funding to around $61 million by 2017. 2016 revenues reached £7.5 million (net currency transaction revenue £3.2 million) amid 110% payment volume growth to 1.5 million transactions, though with rising administrative expenses. The company was later acquired in July 2021 after raising $153.97 million across 12 rounds. |
| Apr 2014 | Series B | Anthemis; Anthem Venture Partners; Atlas Venture; Silicon Valley Bank; XAnge; Notion Capital | $10M | - | Currencycloud raised £7M ($10M) in 2014 from investors including Anthem Venture Partners, Anthemis, Atlas Venture, Notion Capital, Silicon Valley Bank, and XAnge. This followed a £5M ($8M) round in 2012 and preceded a £12M ($18M) round in 2015. The company provides a cross-border payments platform enabling businesses to collect, convert, pay, and manage funds in multiple currencies, serving banking, fintech, and foreign exchange sectors. |
Who has invested in Currencycloud?
16 investors have backed Currencycloud across its funding rounds, including Notion Capital, Anthemis, Accomplice, Sapphire Ventures, GV and XAnge.
Lead investors include Visa, Anthemis, GV and Sapphire Ventures.
Currencycloud Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| London | 4 | Lead | Apr 2014 | |
| London | 4 | Participant | Apr 2014 | |
 Boston, MA | 3 | Participant | Jun 2015 | |
| Austin, TX | 3 | Lead | Jun 2015 | |
| San Francisco, CA | 2 | Lead | Mar 2017 | |
 Paris | 2 | Participant | Apr 2014 | |
 Bangkok | 1 | Participant | Jan 2020 | |
 Tokyo | 1 | Participant | Jan 2020 | |
| Los Angeles, CA | 1 | Participant | Apr 2014 | |
| Tokyo | 1 | Participant | Mar 2017 | |
| San Francisco, CA | 1 | Lead | Jan 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} BNP Paribas Investment Partners | Paris | 1 | Participant | Jan 2020 |
| United States | 1 | Participant | Apr 2014 | |
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Start Free TrialCurrencycloud Competitors
Currencycloud competitors include listed companies like Paymentus and Worldline, and private ones like Hala, Sipay, Satispay and TNG FinTech Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $1.2B | $117M | $4.6B | 3.0x | |
 Riyadh | Private | - | - | $900M | - | |
| France | Publicly listed | $4.6B | ($5.2B) | $887M | 0.7x | |
 Istanbul | Private | $600M | - | $875M | 1.5x | |
 Milan | Private | $160M | - | $980M | 6.1x | |
 Hong Kong | Private | - | - | $860M | - |
Currencycloud Public Comps
Currencycloud is no longer listed, but its public comps include Eurowag, Worldline, SY Holdings Group, Deluxe, Sunyard Technology, Cass Information Systems, Digital Garage, PaySign, SLR Digital Finance and PicPay.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $135M | $120M | 5.8x | - | 6.5x | - | |||
| $2.1B | $379M | 1.2x | 1.2x | 6.7x | 5.6x | |||
| $307M | $10M | 2.2x | - | 69.2x | - | |||
| $182M | - | 4.6x | 4.1x | - | - | |||
| $263M | $51M | 1.9x | 1.9x | 10.0x | 10.3x | |||
| $82M | $16M | 8.3x | 6.4x | 43.3x | 20.7x | |||
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Common questions about Currencycloud
| When was Currencycloud founded? | Currencycloud was founded in 2012. |
| Where is Currencycloud headquartered? | Currencycloud is headquartered in United Kingdom. |
| Is Currencycloud publicly listed? | No, Currencycloud was acquired by Visa in July 2021. |
| Who acquired Currencycloud? | Currencycloud was acquired by Visa in July 2021. |
| How much was Currencycloud acquired for? | Currencycloud was acquired for $925M in July 2021, a 10.8x revenue multiple. |
| What is Currencycloud's valuation? | Currencycloud was last valued at $220M in its Series E in January 2020. |
| How much funding has Currencycloud raised? | Currencycloud has raised $133M across 4 funding rounds. |
| What was Currencycloud's last funding round? | Currencycloud's last funding round was a $80M Series E in January 2020, led by Visa. |
| Who are Currencycloud's investors? | Currencycloud's investors include Anthemis, Notion Capital, Accomplice, Sapphire Ventures, GV, XAnge, SCB 10X, SBI Holdings, Anthem Venture Partners, Rakuten and 6 others. |
| Which companies are comparable to Currencycloud? | Companies comparable to Currencycloud include Paymentus, Hala, Worldline, Sipay, Satispay and TNG FinTech Group. |
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