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Archivo del Autor: Belen De Leon

Currencycloud nabs $80M from Visa, World Bank Group and more for cross-border payment APIs

Sending money from one country to another — either because you are a business paying someone for a service, or a family member working abroad and sending money back home, or something in between — is a huge business, worth some $700 million annually. Today, a London startup called Currencycloud, which has built a set of remittance APIs that let any financial business integrate money transfer services into its platform, is announcing that it has raised $80 million to tap into that opportunity, and to help take on the Western Unions of the world.

To date, over $50 billion has been transferred between some 180 countries using Currencycloud’s 85 APIs, which cover areas like inbound money collection (helping clients get paid), foreign exchange, outgoing payments, and digital wallet services managing multiple currencies and more.

Mike Laven, Currencycloud’s American CEO and founder, tells TechCrunch that the company has some 350 companies using its APIs as of the end of 2019, and it employs 230 people, but you are almost certainly never going to see it, even if you’ve used it.

“No one is doing what we’re doing in terms of the model we have,” Laven said, referring to what he describes as an “embedded model” where transfer is seamlessly embedded into its customers’ platform and workflow. “I’m not competing with our customers. My brand is invisible. We think we’re still the only one that has that kind of solution.”

This round, a Series E, has a number of heavy hitters among the startup’s new strategic investors. They include Visa, the World Bank Group’s International Finance Corporation, French bank BNP Paribas, the SBI Group (the Japanese giant that was once a part, but now independent, of SoftBank) and Thailand’s Siam Commercial Bank. With that, Laven said that Asia will be a big focus for Currencycloud in the year ahead, with a new office in Singapore to tap into providing money-transfer APIs to businesses in the region.

At least one of its newest investors, Visa, is also integrating Currencycloud’s services into its own. Existing investors Sapphire Ventures, Notion Capital, GV (formerly known as Google Ventures, which led its Series D), Accomplice, and Anthemis are also participating.

As for the valuation, Laven said it was not being disclosed — not the focus for the company at the moment, building is — but he confirmed that the pre-money amount was higher than when it previously raised. Reliable sources have confirmed to us that it’s actually around the half-billion dollar mark.

This is a huge leap for the company. For some context, we first reported the news that Currencycloud was raising last summer, and at the time, when it had closed about $40 million of the funding, PitchBook estimated the pre-money valuation at $114 million and post-money at $184 million. That would imply that this Series E puts the London-based startup’s valuation at around $220 million (and took somewhat longer to close than originally planned), although it’s had a much bigger leap, it seems, in part because of its growth. To date, Currencycloud has raised $140 million.

The startup has been around since 2012 and was early to identify the opportunity in the money-transfer market.

The trend of globalisation in the world economy has led to a sharp rise in the pace of remittances, helped by the expansion of the internet and smartphone usage — which has spelled opportunity for companies leveraging the latter to enter the market. And in terms of the companies providing money-transfer services, while there are some notable legacy names like Western Union and Moneygram, by and large it’s a fragmented market — leaving an opportunity for many more hopefuls to get involved.

But on top of all that, the system is largely expensive and inefficient — meaning there was a lucrative opportunity for a company to come along and provide an easy way to plug into the rails — say, by way of APIs — to build these services (not unlike what companies like Adyen or Stripe have done for e-commerce payments).

All roads, effectively, led to Currencycloud, and it’s seen business expand. To date, Currencycloud says that it has processed more than $50 billion in cross-border payments, with the proliferation of so-called neobanks (or challenger banks, going head-to-head with traditional institutions in the business of deposits and lending using all-digital, mobile-first platforms) helping it along. Customers include Monzo, Moneze, Starling, Revolut and Dwolla — alongside the likes of bigger players like Visa now also getting involved.

“I’m delighted to be joining the board of such an exciting technology company,� added Colleen Ostrowski, SVP and Treasurer at Visa, in a statement. “Currencycloud is re-shaping the way that the platforms of the future are moving money around the world, and there is huge potential for the company to drive further innovation in the cross-border payments industry.� 

Updated with more detail on valuation.


Source: TechCrunch

Technology is anthropology

The interesting thing about the technology business is that, most of the time, it’s not the technology that matters. What matters is how people react to it, and what new social norms they form. This is especially true in today’s era, well past the midpoint of the deployment age of smartphones and the Internet.

People — smart, thoughtful people, with relevant backgrounds and domain knowledge — thought that Airbnb and Uber were doomed to failure, because obviously no one would want to stay in a stranger’s home or ride in a stranger’s car. People thought the iPhone would flop because users would “detest the touch screen interface.” People thought enterprise software-as-a-service would never fly because executives would insist on keeping servers in-house at all costs.

Thees people were so, so, so wrong; but note that they weren’t wrong about the technology. (Nobody really argued about the technology.) Instead they were dead wrong about other people, and how their own society and culture would respond to this new stimulus. they were anthropologically incorrect.

This, of course, is why every major VC firm, and every large tech company, keeps a crack team of elite anthropologists on call at all times, with big budgets and carte blanche, reporting directly to the leadership team, right? (Looks around.) Oh. Instead they’re doing focus groups and user interviews, asking people in deeply artificial settings to project their usage of an alien technology in an unknown context, and calling that their anthropological, I’m sorry, their market research? Oh.

I kid, I kid. Sort of, at least, in that I’m not sure a crack team of elite anthropologists would be all that much more effective. It’s hard enough getting an accurate answer of how a person would use a new technology when that’s the only variable. When they live in a constantly shifting and evolving world of other new technologies, when the ones which take root and spread have a positive-feedback-loop effect on the culture and mindset towards new technologies, and when every one of your first twenty interactions with new tech changes your feelings about it … it’s basically impossible.

And so: painful trial and error, on all sides. Uber and Lyft didn’t think people would happily ride in strangers’ cars either; that’s why Uber started as what is now Uber Black, basically a phone-summoned limo service, and Lyft used to have that painfully cringeworthy “ride in the front seat, fist-bump your driver” policy. Those are the success stories. The graveyard of companies whose anthropological guesses were too wrong to pivot to rightness, or who couldn’t / wouldn’t do so fast enough, is full to bursting with tombstones.

That’s why VCs and Y Combinator have been much more secure businesses than startups; they get to run dozens or hundreds of anthropological experiments in parallel, while startups get to run one, maybe two, three if they’re really fast and flexible, and then they die.

This applies to enterprise businesses too, of course. Zoom was anthropological bet that corporate cultures could make video conferencing big and successful if it actually worked reliably. It’s easy to imagine the mood among CEOs instead being “we need in-person meetings to encourage those Moments of Serendipity,” which you’ll notice is the same argument that biased so many big companies against remote work and in favor of huge corporate campuses … an attitude which looks quaint, old-fashioned, and outmoded, now.

This doesn’t just apply to the deployment phase of technologies. The irruption phase has its own anthropology. But irruption affects smaller sectors of the economy, whose participants are mostly technologists themselves, so it’s more anthropologically reasonable for techies to extrapolate from their own views and project how that society will change.

The meta-anthropological theory held by many is that what the highly technical do today, the less technical will do tomorrow. That’s a belief held throughout the tiny, wildly non-representative cryptocurrency community, for instance. But even if it was true once, is it still? Or is a shift away from that pattern that another, larger social change? I don’t know, but I can tell you how we’re going to find out: painful trial and error.


Source: TechCrunch

El error de concentrar la inversión en IA en proyectos militares

A EE. UU. le aterra que China lidere la inteligencia artificial. Pero estimación sugiere que la inversión del país asiático se destina principalmente a investigación básica y la robótica mientras que la de Estados Unidos prioriza la investigación en defensa, algo que podría poner el riesgo los avances del campo entero
Source: MIT

Cómo conectar a todo el planeta a internet con solo cuatro satélites

Frente a las megaconstelaciones compuestas por miles de unidades y con cobertura limitada, este estudio afirma que cuatro dispositivos a gran altura podrían dar un servicio prácticamente global, aunque más lento. Para lograrlo, los satélites aprovecharían para estabilizarse las fuerzas que normalmente los desplazan
Source: MIT

WWE Royal Rumble 2020: How to watch, full match card, start time and WWE Network – CNET

Who can toss out Brock Lesnar?
Source: CNET

Coronavirus death toll rises to 56, five US cases confirmed: Everything we know – CNET

The new coronavirus, which now claimed 56 lives in China, has now been identified in California and Arizona.
Source: CNET

NBA great Kobe Bryant and teen daughter Gianna die in helicopter crash – CNET

Emotional tributes pour in for the former Lakers star killed in Southern California.
Source: CNET

Gauging email success, invite-only app launches and other growth tactics

We’ve aggregated many of the world’s best growth marketers into one community. Twice a month, we ask them to share their most effective growth tactics, and we compile them into this growth report.

This is how you stay up-to-date on growth marketing tactics — with advice that’s hard to find elsewhere.

Our community consists of 1,000 startup founders and VPs of growth from later-stage companies. We have 400 YC founders, plus senior marketers from companies including Medium, Docker, Invision, Intuit, Pinterest, Discord, Webflow, Lambda School, Perfect Keto, Typeform, Modern Fertility, Segment, Udemy, Puma, Cameo and Ritual.

You can participate in our community by joining Demand Curve’s marketing webinars, Slack group or marketing training program.

Without further ado, on to our community’s advice.

Remember, use ads to find the best copy

Insights from Matt Sornson of Clearbit

Sure, you could use surveys to ask customers which marketing copy they respond best to. But what people say is often different from what they do.


Source: TechCrunch

Exercise at your standing desk with 30% off this under-desk treadmill – CNET

The LifeSpan TR1200-DT3 fits under most any desk and is now priced at $706, down from $1,000.
Source: CNET

Rock your next party with a JBL PartyBox 1000 for $900 – CNET

This monster speaker is almost four feet high and does karaoke, Bluetooth audio, connects to musical instruments and has a built-in DJ pad.
Source: CNET

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