Hong Kong-headquartered cross-border payments startup Currenxie announced raising $10 million in its Series A funding round led by family office BF Belmont.
Currenxie, which is predominantly self-funded by Goldman Sachs alumni and co-founders Riccardo and Alison Capelvenere, said it will use the fresh funds to build new products, acquire new licenses and authorisations, and expand into new markets, among others.
While global travel has slowed down due to the ongoing COVID-19 pandemic, the demand for cross-border trade and global eCommerce has increased. However, traditional payment solutions remain expensive, restrictive, and cumbersome to most businesses, both big and small, Currenxie said in the announcement.
“From the start, we have focused on building a platform that will give our clients access to a truly borderless economy. Thanks to BF Belmont, we’re now able to accelerate our global growth and expansion plans – creating more value that will be transferable to our clients,” said Riccardo Capelvenere, founder and CEO of Currenxie.
Founded in 2014, Currenxie features include multi-currency digital wallets, virtual bank accounts, worldwide payments, currency exchange, and Visa cards.
The company said it helps clients move billions through one of the largest virtual bank account networks available today, spanning over 30 countries and 18 currencies.
In Hong Kong, Currenxie is a licensed Money Service Operator and holds a Money Lenders License. It is also a registered Foreign Money Service Business in Canada, a licensed Financial Service Provider in South Africa, and AUSTRAC registered in Australia.
It is also authorized as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority with registration number 901010, with passporting rights across the EEA.
Gordon Kwong, a former Partner of a big four international accounting firm, to its board, will be joining the startup as the official investor representative.
“The Currenxie team has developed an impressive plan for the future of payments – one that will capture the global growth in eCommerce,” Kwong said.