AbbeyCross, a wholesale FX platform dedicated to enhancing the payment market infrastructure for emerging market currencies, has successfully raised US$6.5 million in a seed funding round.
This funding round follows a pre-seed investment of $2.47 million last year and was led by Valar Ventures, with contributions from BNY Mellon, Third Prime, and Gaingels.
AbbeyCross collaborates with global banks, currency suppliers, and various financial services providers to improve currency liquidity, price transparency, and market data in an otherwise fragmented emerging market currency payment industry. The company aims to assist clients in reducing costs and delays, enhancing transparency, and offering competitive pricing for emerging market payments, while also mitigating regulatory and compliance risks.
Mike Robertson, CEO of AbbeyCross, stated, "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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