AbbeyCross Closes a $6.5 Million Raise Led By Valar Ventures
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AbbeyCross, a leading wholesale FX platform working on improving payment market infrastructures, has secured $6.5 million in a seed funding round.
The recent funding round comes amid growing interest in the company’s offerings from leading financial institutions globally. This unique niche has made the platform become a popular name among VCs who are not looking for the next best investment option.
AbbeyCross Raises $6.5M in Seed Funding
AbbeyCross works with banking institutions, their Emerging Market liquidity providers, and other participants in the financial service industry. The platform is now working to improve deeper currency liquidity, promote price transparency, and bring market data closer to a fragmented Emerging Market currency payment sector.
The recent funding round was led by Valar Ventures. The other investors that participated in the funding round include BNY Mellon, Third Prime, and Gaingels. The recent funding round follows a pre-seed funding round led by Third Prime in 2023. The company raised $2.47 million in the pre-seed funding round.
The funding raised in this event will go towards developing and deploying the ABX Sync platform by AbbeyCross. The platform ensures that banks, NGOs, and payment companies will lower costs, improve efficiency, and improve their supervisory processes. It also works with companies to ensure they achieve regulatory compliance.
The co-founder and CEO of AbbeyCross, Mike Robertson, opined that the recent funding was “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.”
Solving Problems In The Real World
Valar Ventures’ founding partner, James Fitzgerald, noted that AbbeyCross was solving a problem that affected 6 billion people and businesses. He further noted that financial firms were under intense pressure from customers and regulators for better currency pricing and transparency, paving the way for more developments at AbbeyCross.
The Head of Global Markets Trading at BNY Mellon, Jason Vitale, also noted that working with AbbeyCross in the seed funding round supported its mission to enhance transparency and guarantee execution quality. The institution was also committed to improving the forex market for clients.
Vitale also noted that BNY Mellon was committed to partnering with emerging technology service providers to improve market structure enhancements and enable the platform to serve clients better.
