The Block: Ripple investor SBI, Visa join $80M round for remittance startup Currencycloud

Currencycloud, a London-based startup that builds tools and APIs (application programming interfaces) for payment companies to enable money transfers, has raised $80 million in Series E round.

The round was backed by notable investors, including Japanese financial services giant SBI Group, Visa, the World Bank Group’s International Finance Corporation, BNP Paribas and Thailand’s oldest bank Siam Commercial Bank.

Existing investors, including Notion Capital, GV (formerly known as Google Ventures) and Accomplice also participated in the round, according to an announcement Monday. Notably, SBI Group and GV, are also investors in blockchain remittance firm Ripple.

The Series E round brings Currencycloud’s total funding raised to date to $140 million, per the announcement. Its valuation reportedly stands at around $220 million. With the fresh capital in place, Currencycloud aims to expand its payment methods and grow its business, particularly in Asia.

Founded in 2012, Currencycloud claims to have processed over $50 billion in cross-border payments and boasts some big-name banking and fintech clients such as Monzo, Starling Bank, Revolut, and now Visa.

Colleen Ostrowski, SVP and treasurer of Visa, has also joined Currencycloud’s board. She said: “Currencycloud is re-shaping the way that the platforms of the future are moving money around the world, and there is huge potential for the company to drive further innovation in the cross-border payments industry.”

The global remittances market is huge, worth about $689 billion, according to the World Bank. The top five remittance markets are India, China, Mexico, the Philippines, and Egypt, per the bank.