Lumon Helps Clippd with their Overseas Payments Requirements
Edward Crossman, Co-founder
Working with Lumon has helped remove the stress of dealing with incoming investment in non-sterling currencies. This has allowed us to focus on raising investment and managing a fast growing business.
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What’s holding them back?
Clippd has been successful in raising capital across the US and Asia. Therefore, like many new businesses, investments in the early stages can come from different currencies such as the US Dollar.
By having funds in a currency that differs from costs, the business is exposed to currency movements and could be in a situation where the value of these in Pound Sterling is less than expected. As a result, this impacts the business’ ability to deliver on their forecasted spend. Additionally, when it comes to converting these funds, start-ups may struggle to secure favourable pricing and support from their banks.
How we helped
Lumon took the opportunity to provide Clippd access to a currency conversion service that’s cost-effective for moving funds between the US and the UK. We spend time with the business discussing future requirements and the underlying market so that they are supported in terms of timing of conversion, as well as pricing.
The business is likely to be exposed to other currencies as it continues to grow, making hedging and forecasting a priority. Establishing a relationship with an overseas payments provider in the early stages of a new and growing business couldn’t have come at a more opportune time.
Lumon is pleased to be working with Clippd and other businesses like it in helping them achieve their unique business goals.
Working with Lumon allowed us to focus on raising investment and managing a fast growing business. Lumon’s expertise and years of experience in the overseas payments industry are invaluable. As the busines continues to grow around the world, we look forward to working with them for many years to come.