FinTech firm Cloud.IQ has closed a £4m Series A round led by London-based venture capital firm Nauta Capital.
Founded in 2012, the London-based company is a conversion rate optimization platform which uses artificial intelligence to reduce the costs of currency conversion for e-commerce businesses.
The firm will use its latest investment to fund international expansion, new product development and expand its senior team.
“This round signifies the market relevance that our AI-powered machine learning technology delivers,” said James Critchley, Cloud.IQ’s co-founder and CEO.
“It means any e-commerce business can dramatically increase revenue with minimal effort and cost,” he added.
Cloud.IQ claims to work with mobile phone brands Samsung and EE, as well as tourism service TUI.
“We’re extremely impressed by Cloud.IQ’s SaaS license revenue that is growing at over 100% per annum,” said Carles Ferrer, general partner at Nauta Capital, who described Cloud.IQ’s AI-based platform as “unique” and “set to become fundamental in the conversion challenge that affects a multi-billion dollar market”.