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Fintech Friday: Currencycloud – empowering SMEs with better international payments

Publish date: 04 June 2021
Efma's Boris Plantier spoke with Steve Lemon, Co-Founder of Currencycloud, about how his company is giving SMEs access to an international payments infrastructure that was previously reserved for only the biggest companies.
What led to the creation of Currencycloud?

Currencycloud was created very simply to make cross-border payments fairer. Yes, this means easier, quicker and more transparent processes, but the real focus when starting the company was to make sure that international payments and access to international business was possible for everyone, not just the big players.

When you work in FX, you see a lot of big clients getting preferential deals on foreign exchange. This makes sense in some ways – bigger clients have more money to exchange, and the volume therefore means that the margins can be squeezed. My partners and I wanted to build a company that put SMEs in the same bracket as the big customers, allowing them a fairer price with greater access to foreign exchange in order to ease international business and allow companies to power their own growth.

It became clear over the years that part of this was about changing the way that international payments and cross-border transactions are done. The traditional banking payments infrastructure didn’t suit our customers’ requirements, so part of the solution to making things fairer involved building software that enabled a new payments infrastructure.

And here we are today enabling businesses of all sizes to make quicker, easier, cheaper and more trackable payments.

Could you present Currencycloud's offer?

Currencycloud provides state-of-the-art international cross-border solutions that allow businesses to make and receive international payments without having to rely on the traditionally slow, complex and opaque traditional banking payments system.

Our newest product, Currencycloud Spark, is leading the field in this respect. It allows customers to directly hold multiple currencies in a single, named account, make payments, and request and process receivables across borders, allowing them to move currencies at their own convenience and avoid costly FX rates and charges. This puts them in total control of their international accounts.

With our technology, businesses are able to track inbound and outbound payments in real time, saving time, money and stress.

What's coming next for Currencycloud?

Embedded finance. Customers of digital products from every background, whether consumer or business, are becoming increasingly used to an integrated financial experience embedded within the app, platform, website, etc. to ease their shopping and purchasing experience. Businesses that don’t have this will need this. And new businesses that want to concentrate on their core competence, rather than getting bogged down in the nitty-gritty of payments software development, will want to outsource this function to experts who can properly integrate payments software into their products. The importance of embedded finance, and of outsourcing the integrated payment experience, is set to boom in the coming years, and this can be a key driver of international custom and business in every market.