Currencycloud strikes FX partnership with Derivative Path
Currencycloud has signed a partnership agreement with cloud-based trading company Derivative Path.
The partnership will see both firms combining systems, with Currencycloud’s FX offering being embedded in Derivative Path’s DerivativeEdge FX platform.
The combined system will provide banking clients with an electronic spot foreign exchange (FX) execution, third party international payment and receipts, derivatives valuation, and regulatory reporting.
Pradeep Bhatia, Derivative Path’s co-founder and co-CEO, says that the partnership will enable his firm to “leverage technology capabilities, global infrastructure, and subject matter expertise, to offer banks a platform to manage their FX and payments, a growing need in an underserved space.”
Currencycloud, which builds and provides FX and business-to-business cross-border payments services, raised $80 million in Series E funding at the start of the year.
The firm, which says that it acts as the “plumbing” behind consumer fintechs, has clients including Danish neobank Lunar Way and UK-based banking app Monese.
Richard Arundel, general manager for North America and co-founder for Currencycloud, says that Derivative Path’s customers will now be able to compete with “super-regional and global banks on FX and cross-border payments.”
He adds: “This partnership means that banks across North America will be able to take advantage of Currencycloud’s innovative FX and cross-border solutions.”