Currencycloud accelerates growth in Australia
Currencycloud, the experts in simplifying business in a multi currency world, has announced a nearly 70% percent customer growth rate since obtaining its Australian Financial Services (AFS) licence to operate in Australia in June 2022.
With its customer base increasing from 18 to 34 organisations across Australia, New Zealand and the wider Oceania region, Currencycloud will continue to offer customers a full suite of cross-border services for collecting, converting, paying, and managing multiple currencies globally.
Greater opportunities by unlocking adjacent customer segments
Currencycloud has enjoyed success in Australia by working with regulated FX brokers and remittance companies, where Currencycloud’s renewed customer focus and local presence is driving accelerated growth. With increased local capacity, the company will now look to diversify its client portfolio across sectors including regulated derivative brokerages, PSPs and wealthtech companies. Currencycloud is also working closely with banking institutions as far afield as the Pacific Islands to help them expand their multi-currency accounts and cross-border payment solutions.
Nick Briscoe, Country Manager of Australia, Currencycloud said: “Australia’s Fintech scene has seen remarkable growth in recent years. The Federal Government’s Trade and Investment Commission (Austrade) recognises this potential and has positioned Australian Fintech as one of the fastest-growing markets in the world, on the back of Australia’s $10 trillion financial services industry.”
Austrade states that the fintech industry has grown from A$250 million industry in 2015 to A$4 billion industry in 2020. According to recent research from SPER, that market potential is set to grow exponentially in coming years, with a projected value of USD 33.99 billion by 2033.
This market potential follows immense shifts in the local industry, driven by corporate investment and regulatory change. Higher visibility and speed, lower costs, and greater interoperability remain increasingly important, and continue to present a valuable opportunity for Currencycloud to enhance its sales, operations and customer support in-country.
ACY Securities, headquartered in Australia, echoed the sentiment, with CEO Jimmy Ye emphasising Currencycloud's role as a crucial partner in adding value and supporting their clients. Ye remarked: “We have optimised our payments infrastructure to seamlessly manage trading deposits and withdrawals with ease using Currencycloud's plug-and-play platform. This has allowed us to enhance and expand our offerings for our traders, ultimately enabling them to maintain a competitive advantage in the market. By prioritising our clients' needs and leveraging Currencycloud's solutions, we can deliver a superior experience that truly adds value
Building the team to reflect customer growth
To support its continued growth, Currencycloud has further expanded its team with two new hires in the Sydney area. The added resources will bolster Currencycloud’s efforts to drive business growth in line with the company’s customer-first approach, and support the wider APAC expansion plans for Currenycloud. Both new team members bring extensive experience in FX markets and cross-border payments.
Briscoe added: “I am excited to welcome our new team members to Currencycloud. We have made significant progress expanding our team across APAC in recent months, and adding more resources in Australia brings a new dimension to that growth. With their proven track records and expertise in the industry, they will play a pivotal role in accelerating our growth and driving customer success in Australia. We look forward to forging strong partnerships with local businesses and delivering innovative fintech solutions that address the evolving needs of our customers.”
About Currencycloud
Banks, Fintechs and businesses everywhere can make bigger, better, bolder leaps with Currencycloud, a Visa solution.
Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business - no matter what industry they’re in.
Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US, the EU and Australia, and were acquired by Visa in December 2021.
