API-Based Money Mover Currency Cloud Taps Sapphire Ventures And Rakuten For $18M

TECHCRUNCH: Currency Cloud, a UK-based provider of cross-border money transferring services that are in turn used by a number of money transfer and payments businesses, has landed an $18 million round of funding. The Series C round — which brings the total raised by the company since 2012 to $36 million — is notable not only because it underscores progress for the company, but also because of who is doing the investing.

Sapphire Ventures — the now-independent venture arm of SAP — led the round with participation also from Japan’s e-commerce giant Rakuten. Currency Cloud’s existing investors, which include Anthemis, Atlas Ventures, Notion Capital and XAnge Private Equity also participated.

Sapphire and Rakuten are very much strategic investors in this round. Currency Cloud will work with SAP to offer its services in conjunction with those of SAP and specifically to SAP’s business customer base. Rakuten, meanwhile, is making the investment via its FinTech Fund. While those of us outside of Japan mainly know Rakuten for its e-commerce efforts, in Japan the company also offers financial services, and Currency Cloud will be leveraging that when it expands to Asia, likely next year, CEO Mike Laven tells TechCrunch. Read the full article