Recently, Google Ventures, the venture capital arm of internet giant, Google, made its first investment in a fintech company. The company they invested in, CurrencyCloud is a service that allows companies to quickly scale international operations by handling the currency conversions and transactions in a transactional fee revenue model.
The CEO of CurrencyCloud mentioned that the demand for global transactional services is quickly growing as it allows fast growth startups to conduct business on a global scale without organically developing the capability.
Scalability
One of the major selling points that draws interest among the Google Venture partners is the ability to quickly scale business and help others do the same. This is one of the major draws for CurrencyCloud due to their APIs that allow for rapid expansion and quick integration.
Global
Now more than ever, businesses are seeking to expand internationally as soon as they can in order to grow at a quicker pace. One of the Google Venture partners commented on this, recognizing CurrencyCloud as a leader in international transactional services.
Overall, Google may look to expand their venture investments in the fintech sector as the industry is drawing in more and more customers. Look to see this trend increasing as new financial services that promote global markets come into play and reduce the barriers to international business.