Having obtained its Australian Financial Services (AFS) license in June 2022, Currencycloud, the international payments solutions provider, has achieved a 70 per cent customer growth rate in the region.
Currencycloud almost doubled its customer base across the Oceanic region, as it increased from 18 to 34 organisations. Customers in Australia, New Zealand and the wider region can take advantage of Currencycloud’s cross-border services for collecting, converting, paying, and managing multiple currencies globally.
Greater opportunities by unlocking adjacent customer segments
Currencycloud has enjoyed success in Australia by working with regulated FX brokers and remittance companies. Especially as the company’s renewed customer focus and local presence are driving accelerated growth.
With increased local capacity, the company will now look to diversify its client portfolio across sectors including regulated derivative brokerages, PSPs and wealthtech companies. Currencycloud 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.
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 Australian fintech as one of the fastest-growing markets in the world. Especially when you consider this is on the back of Australia’s $10trillion financial services industry.”
Austrade states that the fintech industry has grown from A$250million industry in 2015 to A$4billion industry in 2020. Furthermore, according to recent research from SPER, that market potential is set to grow exponentially in coming years, with a projected value of USD$33.99billion 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. This continues to present a valuable opportunity for Currencycloud to enhance its sales, operations and customer support in-country.
Success case study
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 leveraging Currencycloud’s solutions, we can deliver a superior experience that truly adds value.”
Building the team to reflect customer growth
To support its continued growth, Currencycloud has further expanded its team with two new hires in the Sydney area. The added resources will bolster Currencycloud’s efforts to drive business growth in line with the company’s customer-first approach. They will also support the wider APAC expansion plans for the company. Both new team members bring extensive experience in FX markets and cross-border payments.
Briscoe added: “We have made significant progress expanding our team across APAC in recent months, and adding more resources in Australia brings a new dimension to that growth.
“With our new additions’ proven track records and expertise in the industry, they will play a pivotal role in accelerating our growth and driving customer success in Australia. Finally, we look forward to forging strong partnerships with local businesses and delivering innovative fintech solutions that address the evolving needs of our customers.”