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Alphabet invests in Currencycloud

cloudbustAlphabet has written a cheque for a UK startup that provides technology to enable businesses to provide cross-border payments services to its customers.

Currencycloud has received more than $25 million in an investment round in Currencycloud alongside existing investors Notion Capital, Sapphire Ventures, Rakuten and venture capital firm Anthemis Group.

The cash injection, which brings the total raised by Currencycloud to $61 million, will be used to support the company’s global expansion plans, the company said.

Mike Laven, Currencycloud’s chief executive officer said his outfit had just opened in the US and required a lot more development.

Launched in 2012 Currencycloud’s platform allows companies ranging from banks to payments startups to offer international payments services without having to set up complex and costly cross-border infrastructure.

Its clients include Swedish payments business Klarna, Standard Bank Group, Travelex and startups Azimo and Revolut. Around $25 billion has been sent through the company’s infrastructure to more than 200 countries.

Laven said Google was attracted to Currencycloud because it saw it as a company that provided computer developers tools to add cross-border payment functionality to their services.

“Google looked at us as a tool that is used in globalising domestic businesses,” Laven said.

The funding round is a surprise as there had been a noted drop in venture capital investments in UK financial technology startups since Brexit.