News August 27 2019

Modulr Finance, iwoca, Currencycloud and Atom Bank awarded Banking Competition Remedies fund

Re-posted from Currency Cloud

 

Currencycloud, the enterprise-class cross-border payments provider, has been awarded a £10 million grant to support SMEs as part of the Banking Competition Remedies (BCR) programme.

The award was part of the Capability and Innovation Fund (CIF) Pool C and is designed to facilitate the expansion of business offerings to include lending or payments services to SMEs in the United Kingdom or international payments services to SMEs in the United Kingdom.

Mike Laven, CEO Currencycloud commented: “We will be using the funds over the next few years to accelerate our product development for SME’s, particularly in the area of collections.

We will also work on distribution partnerships that enhance our ability to deliver to SMEs. Our current UK eco-system of over 150 FX brokers, money transfer firms, payment service firms and banks service 1,000’s of UK SMEs with payment services today. Our intent is to widen access to affordable FX and international payments for UK SMEs, targeting 40,000 SMEs using our platform by 2024.”

Currencycloud is unique in the cross-border payments market due to our B2B2X business model. They provide the payments infrastructure and global network to other businesses that serve UK SMEs – neobanks, challenger banks, traditional banks going digital, FinTech platforms and FX brokers. Over the years, their innovative cross-border capabilities have enabled clients to disrupt the SME payments market in the UK, raise the bar on product and customer experience, and elicit a competitive response from the traditional players.

Considering their role in the market, the CIF grant will directly raise the capabilities of hundreds of financial services firms serving UK SMEs and have an exponential impact on market competition.

 

You can see the public commitments as part of their award here.

 

About Currencycloud
Currencycloud’s technology is unlocking the global economy for payment platforms of the future. It’s B2B cross border payments infrastructure enables businesses to deliver an awesome experience to their customers, though one simple and flexible API connection. Launched in 2012, Currencycloud is based in London and is regulated in Europe, the U.S. and Canada, and has processed more than $50bn to over 180 countries. Currencycloud works with banks and fintechs globally including Starling Bank, Standard Bank South Africa, Travelex and Brookline Bank.