Cloud Start-up: The Currency Cloud Targets Global FX
While no one has really heard of The Currency Cloud just yet, this new startup is set for big things as it looks to automate the Foreign Exchange (FX) scene through Software-as-a-Service (SaaS). Traditionally, the Foreign
Exchange involves the exchange of one currency into another and takes a lot of time, has to go through plenty of middlemen and often costs more money than it actually should take to do so. This is what the founders of The Currency Cloud hope to solve by creating an SaaS platform that will help to automate currency receiving, conversion and payment for 140 currencies in 200 countries worldwide over the Cloud in as transparent a manner as possible.
While Paypal has been around for global currency conversion for quite a while now, it becomes just a bit unwieldy and not very cost efficient when scaled upwards for the really big transactions. Foreign Exchange transactions are about as big as it gets, which is why The Currency Cloud looks set to shake things up in the FX world. In effect, The Currency Cloud is very transparent, providing an easy-to-use and low-risk automated conversion platform API for those businesses looking to utilize cross-border financial exchange seamlessly, without having to go through the traditional shady middlemen. The service is relatively low-risk, fast and allows for you to do your own Currency Cloud management or let them handle it for you and since it is a simple API layer, integrates easily into your existing business process.
Founded by the same people who did the UBS online FX platform, The Currency Cloud Team also have rather secure funding in place to back them up. While they started with $2M from the Anthemis Group they have since secured Series-A funding for $4M from Atlas Venture and follow-up support from the Anthemis Group.
Mike Laven, CEO of The Currency Cloud, said “Businesses everywhere need to deal in multi-currencies in every working day. Yet the methods being used are antiquated and expensive to all but the largest corporates and the banks. Our re-design of the industry business model delivers price transparency, risk management and ease of use.”
By Muz Ismial