AbbeyCross, a financial technology firm, has raised $6.5 million in a recent funding round to support its emerging markets foreign exchange (FX) platform. The round was led by Valar Ventures, with participation from BNY Mellon, Third Prime, and Gaingels. This investment follows a pre-seed funding round of $2.47 million last year.
AbbeyCross collaborates with global banks, currency suppliers, and other financial services providers to address the challenges within the fragmented emerging market currency payment industry. The firm aims to bring enhanced currency liquidity, market data, and price transparency to this sector.
By leveraging its platform, AbbeyCross aims to help clients reduce costs, minimize delays, improve transparency, and offer fair prices for emerging market payments. Additionally, the company aims to help clients navigate regulatory and compliance risks associated with these transactions.
Mike Robertson, the CEO of AbbeyCross, expressed his satisfaction with the recent funding round, stating that it marks a significant milestone for the company’s growth. He emphasized that the additional capital would enable AbbeyCross to refine and expand its services, benefiting a broader range of market participants. The firm aims to make the process of emerging market payment transfers more transparent, compliant, and user-friendly.
With this funding, AbbeyCross will continue to develop its platform, providing a streamlined experience for clients engaged in foreign exchange transactions in emerging markets. The company’s focus on reducing costs, enhancing transparency, and minimizing regulatory risks aligns with the needs and interests of businesses operating in these markets.
By securing such substantial funding and attracting reputable investors, AbbeyCross demonstrates the increasing importance of addressing the challenges faced by the emerging market currency payment industry. As globalization continues to drive economic activity across borders, efficient and cost-effective foreign exchange platforms become crucial for businesses of all sizes.
AbbeyCross’s commitment to transparency, compliance, and user-friendly services positions the firm as a key player in this evolving industry. With its innovative solutions, the firm aims to reshape the landscape of emerging market currency payments, benefiting businesses, financial institutions, and ultimately, the global economy as a whole.
