AbbeyCross, a wholesale FX platform focused on improving the payment market infrastructure for emerging market currencies, has raised US$6.5 million in a seed funding round.
The round, which follows a $2.47 million pre-seed last year, was led by Valar Ventures with participation from BNY Mellon, Third Prime and Gaingels.
AbbeyCross works with global banks, their currency suppliers, and other financial services providers in an effort to bring deeper currency liquidity, price transparency and market data to a fragmented emerging market currency payment industry.
The firm says it can help clients reduce costs and delays, enhance transparency, and provide fair prices to their clients for emerging market payments as well as reduce their regulatory and compliance risk.
Mike Robertson, CEO, AbbeyCross, says: "This is a significant milestone in the evolution of the business and will enable us to continue to refine and build the service, extending our reach and making the costs for Emerging Market payment transfers not only more transparent but the overall environment more compliant and easier to administer for all market participants."
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