New mechanisms for SMEs via RippleNet
According to Currencycloud’s press release, RippleNet, Ripple’s global financial payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.
Globalisation is an opportunity for businesses of all sizes around the world, but traditional banking continues to favour large corporations, at the expense of SMEs. Currencycloud is reimagining the way money flows around the world and as businesses face a global crisis, the need to move money efficiently around the world becomes ever more important.
The partnership with Ripple will allow Currencycloud to explore new mechanisms for moving money efficiently around the world, especially where regulations and limitations restrict opportunities for SMEs. It is expected that Currencycloud will focus on territories where smaller businesses are under-represented, ensuring clients will be able to process local pay-outs and collections in these increasingly important countries.
“Currencycloud is all about bringing clarity, speed, and value to the traditionally opaque, costly, and time-consuming issues associated with cross-border payments, particularly for SMEs that have historically been under-served by traditional banking,” said Mike Laven, Currencycloud CEO. “Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients,” he continued.
Ripple has recently reduced its emphasis from large treasury payments—which are traditionally used to fund businesses and services in the absence of real-time transfers—to individual, low-value transactions, addressing the growing need in remittances and SME payments.
London based Currencycloud, founded in 2012, has had its eye on Ripple since as early as 2014.
Currencycloud recently completed a Series E funding round, raising $80M from Visa, the World Bank Group’s International Finance Corporation, BNP Paribas, the SBI Group, and Thailand’s Siam Commercial Bank.
SBI is Ripple’s biggest investor, actively promoting both Ripple and XRP in the region. SBI and Ripple worked together to launch Money Tap, a consumer-focused blockchain money transfer app. SCB, Thailand’s oldest bank, has recently launched new services on RippleNet and started forming partnerships with other RippleNet members.
Launched in 2012, Currencycloud is based in London and is regulated in Europe, the U.S. and Canada. Currencycloud has 85 different APIs across four modules – collect, convert, pay and manage – that cover the entire workflow in B2B cross-border payments.
Currencycloud has received so far $181.8M in funding from Goldman Sachs, Silicon Valley Bank, Atlas Venture, Sapphire Ventures, Visa, Notion Capital, Anthem Venture Partners, International Finance Corporation, BNP Paribas, Anthemis Group, GV, Accomplice, Xange, Rakuten FinTech Fund, Anthemis, SBI Group, Banco Santander, and Siam Commercial Bank.
Currencycloud has processed a total of $50B up until 2019, across 180 countries.
Currencycloud has been added to our Ripple ecosystem.