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Currencycloud founder leaves to concentration on building ‘Stripe for banking’


Nigel Verdon Railsbank hi res
Nigel
Verdon.

RailsBank

LONDON — The founder of fintech business Currencycloud is
stepping down from the house to concentration on his new startup.

Nigel Verdon founded general income send business
Currencycloud in 2008 and served as authority up until two years
ago. He is leaving to concentration on his new fintech business
RailsBank.

Verdon told Business Insider: “This is going good and my
shareholders at RailsBank wish me to combine on this fully.
Currencycloud, to be honest the group are doing a overwhelming job.
Mike [Laven, Currencycloud’s CEO] has built a shining team, a
good brand. To be honest, I’m a arrange of gangling partial at
Currencycloud now.”

Verdon’s depart comes shortly after
Currencycloud lifted £20 million from Google’s venture capital
arm, GV.
He pronounced the timing is coincidental but “practical.”

“Once you get GV and a lot of those guys, the house just gets
bigger and bigger. Taking Currencycloud to the next step, once
you get someone like GV on the board, they really know about
scaling up businesses.”

Todd Latham, Currencycloud’s CMO and conduct of product, told
Business Insider in an emailed statement:

“Nigel is focusing on his new venture RailsBank. He stepped down
as Chairman scarcely two years ago to concentration on new ventures and
when we lifted the series D investment from new investors,
including GV, we re-structured the board. We are still very close
with him and combine closely with his new company.”

Verdon, a sequence entrepreneur, has been operative on his new
business RailsBank for just over a year. The company aims to
yield a height for businesses to let them simply daub into
global banks, rather than having to open lots of different
accounts with opposite people all over the world.

“RailsBank is a banking-led API that connects a network of global
banks together to give entrance to global banking with 5-lines of
code. Imagine a Stripe for banking, that’s what the aim is to
be,” pronounced Verdon,
referencing the hugely renouned payments platform
Stripe.
 

Verdon added: “I consider global banking is essentially broken for
companies that wish cross-border bank accounts, to send money,
accept money, issue cards — that whole infrastructure you need
as a new business or existent business. It was something I
remembered when we grew Currencycloud. We wanted this
infrastructure and APIs to entrance the banking but it just didn’t
really exist.”

RailsBank is pitched at fintech companies and unregulated
business like e-commerce stores who need international
transaction banking opposite borders.

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