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Today: July 14, 2024
January 8, 2024
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AbbeyCross Secures $6.5M in Seed Funding: An Epic Milestone!




AbbeyCross raises US$6.5M in seed funding round

AbbeyCross raises US$6.5M in seed funding round

TLDR:

AbbeyCross, the world’s first wholesale FX platform focused on improving the payment market infrastructure for Emerging Market currencies, has raised US$6.5M in seed funding led by Valar Ventures. The funding will be used to further develop and deploy AbbeyCross’ ABX Sync platform, which aims to reduce costs, improve operational efficiency, enhance supervisory processes, and ensure regulatory compliance.

Key Points:

  • AbbeyCross raises US$6.5M in seed funding round led by Valar Ventures
  • Capital will be used to support Wholesale Emerging Market FX and Payment platform launch
  • Platform enables banks, payment companies and NGOs to reduce costs, improve efficiency, and ensure compliance

AbbeyCross, the world’s first wholesale FX platform focused on improving the payment market infrastructure for Emerging Market currencies, has raised US$6.5M in its seed funding round. The raise follows significant and growing interest in the company’s proposition from major financial services institutions globally. Working with banks, their Emerging Market liquidity providers, and other financial services participants, AbbeyCross brings deeper currency liquidity, price transparency and market data to a fragmented Emerging Market currency payment industry.

The funding round led by Valar Ventures alongside investors including BNY Mellon, Third Prime and Gaingels follows a pre-seed funding round led by Third Prime last year of US$2.47M. The funds raised will be used to further develop and deploy AbbeyCross’ ABX Sync platform. The platform enables banks, payment companies and NGOs to reduce costs, improve operational efficiency, enhance supervisory processes, and ensure regulatory compliance.

Mike Robertson, CEO and Co-Founder of AbbeyCross said: “We’re thrilled by the seed funding round’s success and grateful for Valar Ventures, BNY Mellon, Gaingels and Third Prime’s confidence in our solution. 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.”

James Fitzgerald, Founding Partner of Valar Ventures said: “Some 6 billion people and businesses are negatively impacted by ineffective Emerging Market currency infrastructure. Financial institutions are under huge pressure from regulators and customers to deliver better currency pricing and more transparency, which means enormous potential for AbbeyCross and its solution. We’re proud to have led AbbeyCross’ seed round to give them the fuel to go after this massive market.”

Jason Vitale, Head of Global Markets Trading at BNY Mellon said: “We’re proud to support AbbeyCross in their seed funding round. Their mission to improve execution quality and transparency for Emerging Markets is aligned to our desire to continue improving the FX market for our clients. It reflects our commitment to emerging technology partnerships that accelerate market structure enhancements and enable us to better serve our clients. We look forward to working with the AbbeyCross team and other market participants to unlock this potential.”


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