AbbeyCross raises $6.5m in seed round led by Peter Thiel’s Valar to disrupt EM FX infrastructure

Rick Steves

““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.”

AbbeyCross, a pioneering wholesale FX platform uniquely dedicated to enhancing the payment market infrastructure for Emerging Market currencies, has announced a successful seed funding round, securing US$6.5M.

This significant financial milestone, led by Valar Ventures, marks a strong endorsement of AbbeyCross’s potential from notable financial services institutions across the globe.

Bringing liquidity and price transparency into EM FX payments

The platform, which collaborates with banks, their Emerging Market liquidity providers, and other financial industry participants, is making strides in bringing enhanced liquidity, improved price transparency, and richer market data to a sector traditionally fragmented in handling Emerging Market currency payments.

This latest round of funding, which attracted investments from BNY Mellon, Third Prime, and Gaingels, builds on a preceding pre-seed round led by Third Prime, where AbbeyCross raised US$2.47M. The fresh capital infusion will be channeled towards the further development and deployment of the ABX Sync platform, a solution designed to facilitate cost reduction, operational efficiency enhancement, supervisory process improvement, and regulatory compliance for banks, payment companies, and NGOs.

Mike Robertson, CEO and Co-Founder of AbbeyCross, expressed his elation over the round’s success, acknowledging the trust placed in their solution by Valar Ventures, BNY Mellon, Gaingels, and Third Prime. “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.”

6 billion people negatively impacted by ineffective EM FX infrastructure

James Fitzgerald, Founding Partner of Valar Ventures, highlighted the broader impact of inefficient Emerging Market currency infrastructure, affecting billions of people and businesses. “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, voiced the bank’s support for AbbeyCross. “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.”

AbbeyCross, through its innovative approach, is poised to address inefficiencies in the Emerging Market currency payment industry, offering its clients cost-effective, transparent, and fair payment solutions, while also mitigating regulatory and compliance risks.

Valar Ventures, a U.S.-based venture capital fund co-founded by Andrew McCormack, James Fitzgerald, and Peter Thiel, is known for its investments in high-margin, rapidly growing fintech companies pursuing large market opportunities. BNY Mellon, America’s oldest bank and a powerhouse in capital market services, has a long history of innovation and client-centric solutions, with vast assets under custody and management. Third Prime, an early-stage venture capital firm, focuses on financial and industrial technology investments, providing strategic and financial guidance to entrepreneurs. Gaingels, a venture capital investment firm based in Burlington, Vermont, specializes in investments in seed-to-growth/pre-IPO companies across various sectors, including technology, healthcare, and consumer industries.

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