Currencycloud, the world-famous specialist in simplifying business in a multi-currency world, announced that the the company has received a nearly 70% customer growth rate since obtaining its Australian Financial Services (AFS) licence to operate in Australia in June 2022.
What has accelerated Currencycloud’s customer growth?
With its customer base increasing from 18 to 34 organisations across Australia, New Zealand and the wider Oceania region, Currencycloud will continue to offer clients a full suite of cross-border services for collecting, converting, paying, and managing multiple currencies globally.
Currencycloud has enjoyed success in Australia by working with regulated FX brokers and remittance firms, where its renewed client focus and presence is driving accelerated growth.
ACY Securities, headquartered in Australia, echoed the sentiment, with CEO Jimmy Ye emphasising Currencycloud’s role as a crucial partner in adding value and supporting their clients. Ye remarked: “We have optimised our payments infrastructure to seamlessly manage trading deposits and withdrawals with ease using Currencycloud’s plug-and-play platform.”
“This has allowed us to enhance and expand our offerings for our traders, ultimately enabling them to maintain a competitive advantage in the market. By prioritising our clients’ needs and utilising Currencycloud’s solutions, we can deliver a superior experience that adds value.”
What is the state of Australia’s fintech industry?
Austrade states that the fintech industry has grown from A$250 million industry in 2015 to A$4 billion industry in 2020. According to recent research from SPER, that market potential is set to grow exponentially in coming years, with a projected value of $33.99 billion by 2033.
This market potential follows immense shifts in the local industry, driven by corporate investment and regulatory change. Higher visibility and speed, lower costs, and greater interoperability remain increasingly important, and continue to present a valuable opportunity for Currencycloud to enhance its sales, operations and customer support in-country.
Nick Briscoe, Country Manager of Australia, Currencycloud said: “Australia’s Fintech scene has seen remarkable growth in recent years. The Federal Government’s Trade and Investment Commission (Austrade) recognises this potential and has positioned Aussie Fintech as one of the fastest-growing markets, on the back of Australia’s $10 trillion financial services industry.”
What next for Currencycloud?
With increased local capacity, the company will now look to diversify its client portfolio across sectors including regulated derivative brokerages, PSPs and wealthtech companies. The company is also working closely with banking institutions as far afield as the Pacific Islands to help them expand their multi-currency accounts and cross-border payment solutions.
Currencycloud has further expanded its team with two new hires in the Sydney area. The added resources will bolster its efforts to drive business growth in line with the company’s customer-first approach, and support the wider APAC expansion plans for Currencycloud. Both team members bring extensive experience in FX markets and cross-border payments.
Briscoe added: “I am excited to welcome our new team members to Currencycloud. We have made significant progress expanding our team across the Asia Pacific region in recent months, and adding more resources in Australia brings a new dimension to that growth.”
“With their proven track records and expertise in the industry, they will play a pivotal role in accelerating our growth and ultimately driving customer success across Australia. We look forward to forging strong partnerships with local businesses and delivering innovative fintech solutions that address the evolving needs of our customers,” Nick Briscoe further added.
