AbbeyCross secures £2.1m pre-seed funding led by Third Prime to upgrade emerging market currency infrastructure.
The pre-seed round was led by Third Prime with participation from Communitas Capital and strategic angels.
AbbeyCross operates a B2B trading and compliance marketplace designed to improve market infrastructure for emerging market currencies. The company collaborates with global financial institutions to bring transparency and liquidity to fragmented payment corridors.
AbbeyCross has raised £2.1m in a pre-seed funding round led by Third Prime. The financing also drew participation from Communitas Capital alongside eleven strategic angel investors from the payments sector. The capital will support the ongoing development of the company trading and compliance platform for emerging market currencies.
From the founder
"We are grateful to our investors and look forward to developing the AbbeyCross solution and changing the EM currency market for the better. The current situation is intolerable and unsustainable for those who rely upon the exchange of EM currencies, the banks and payment providers and the regulators themselves. Price transparency and deeper liquidity is desperately needed and that is what AbbeyCross intends to deliver."
Mike Robertson
CEO and Co-founder at AbbeyCross
Investor perspective
"While currencies can efficiently be swapped between developed markets, in emerging markets the cross-border payment ecosystems are opaque and lack competitive pricing. The AbbeyCross team brings a wealth of knowledge and experience to this underserved segment of the payments market. Their cross-border EM payment platform will revolutionise the space by driving down costs and enabling demonstrable regulatory compliance."
Keith Hamlin
Founding Partner, Third Prime
Use of funds
- 01Continue product development
Investors
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About the company
AbbeyCross
AbbeyCross builds trading and compliance marketplaces for emerging market currencies.