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ALIGN COMMERCE CLOSES $12.5 MILLION SERIES A ROUND LED BY KLEINER PERKINS CAUFIELD & BYERS (KPCB)
New international payment technology redefines the playing field in $25 trillion market for sending and receiving funds globally
Align Commerce, a next-generation global payments provider, announced today that it has closed a $12.5 million Series A round of funding led by Kleiner Perkins Caufield & Byers (KPCB). The investment positions Align Commerce to accelerate the disruption of the outdated, $25 trillion international payments industry.
Align Commerce (Align) is breaking away from the opaque, expensive and time-consuming methods of sending funds overseas with banks and traditional payment providers by leveling the playing field for small and medium-sized businesses (SMBs) in cross-border payments. Align has pioneered an electronic “multi-rail” payments platform that combines blockchain, an encrypted, data-driven rail, with traditional bank wire and treasury management rails.
Blockchain is a new electronic rail for secure payments that simplifies the process of sending and receiving money across borders, routing it from Point A to Point B without having to use intermediary banks – or pay the fees associated with them. Align’s multi-rail platform lets small businesses, which historically have paid the highest fees for bank transfers, take back control of the payment process by routing transfers quickly, safely and simply on the rail that offers the greatest benefit to their business.
“For far too long the cost and complications of existing payment systems have hindered startups and SMBs from fully capitalizing on global trade,” said Marwan Forzley, CEO of Align Commerce. “The Align Commerce platform cuts through time-consuming red tape and excessive fees that have unnecessarily burdened users. Existing systems have seen little innovation in the face of game-changing new technologies, and the entire experience is overdue for a radically different approach.”
By giving businesses access to its proprietary multi-rail platform, Align reduces costs, cuts payment processing times and enhances the payment experience for the SMB community.
“Every year, banks charge small businesses $50 billion in wire and foreign exchange fees. Imagine a highly simplified experience in which proceeds from the savings in fees are injected back into the economy, thus contributing to additional employment, business spending and other avenues,” Forzley said. “This Series A round of funding from KPCB allows us to expand our solution into more markets, and bigger geographical coverage.”
KPCB general partner Randy Komisar will join Align Commerce’s Board of Directors, bringing a range of technology experience to Align’s leadership. A founding director of TiVo and former senior counsel for Apple, Komisar is well-known in Silicon Valley as an expert on entrepreneurship and managing innovation.
“The Align Commerce platform is not only a creative and transformative use of the blockchain technology, but a fundamental reimagining of how global payments can and should be done,” said Komisar. “By offering a quick, reliable, and inexpensive method of exchanging money across borders, Align Commerce is empowering entrepreneurs and SMBs to expand into global markets without the friction of bank wire systems. We see incredible potential in Align Commerce as a superior digital path to convenient, transparent cross-border transactions.”
In addition to KPCB, Silicon Valley Bank, Recruit Strategic Partners and existing Align Commerce investors participated in the round, including Pantera Capital, Digital Currency Group and FS Venture Capital LLC.
For more on the Align Commerce Payments Platform and how Align Commerce is enabling faster, simpler and less expensive overseas payments for small businesses, visit AlignCommerce.com. To sign up, visit https://www.aligncommerce.com/dashboard/register.
About Align Commerce
Align Commerce (AC) is a next-generation global payment provider that enables businesses to quickly and securely pay and get paid in their local currency. AC is disrupting the archaic international payments industry by leveling the playing field for small businesses in cross-border payments. AC helps businesses process payments via a simple, frictionless, and inexpensive manner by using revolutionary multi-rail technology.
About Kleiner Perkins Caufield & Byers (KPCB)
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build pioneering companies like Amazon, Electronic Arts, Genentech, Google, Nest, Netscape, and Twitter. KPCB offers entrepreneurs years of operating experience, puts them at the center of a vast and influential network, and accelerates their success through expertise and support in recruiting, product design and delivery, business development, strategic partnerships, and brand building. KPCB invests in all stages from seed and incubation to growth companies and operates from offices in Menlo Park, San Francisco, Shanghai, and Beijing. For more information, visit https://www.kpcb.com and follow us @kpcb.