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Google invests in UK-based startup Currencycloud

Thursday 9 March 2017 | 11:00 AM CET

Alphabet\'s venture arm has invested in Currencycloud, a UK startup that provides technology to enable businesses to provide cross-border payments services to their customers.

GV, formerly Google Ventures, participated in a USD 25 million investment round in Currencycloud alongside existing investors Notion Capital, Sapphire Ventures, Japanese technology company Rakuten and venture capital firm Anthemis Group.

The cash injection, which brings the total raised by Currencycloud to USD 61 million, will be used to support the company's global expansion plans, according to the company.

Launched in 2012 Currencycloud's platform allows companies ranging from banks to popular payments startups to offer international payments services without having to set up complex and costly cross-border infrastructure.

Clients include Swedish payments business Klarna, lender Standard Bank Group, foreign exchange company Travelex and startups Azimo and Revolut. Around USD 25 billion has been sent through the company's infrastructure to more than 200 countries to date.

Laven said Google was attracted to Currencycloud because it saw it as a company that provided computer developers tools to add cross-border payment functionality to their services.

Currencycloud's funding round comes following a drop in venture capital investments in UK financial technology startups in 2016, as the country's decision in June to leave the European Union raised concerns on the prospects of local businesses.

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