CrossNordic
CrossNordic is a Nordic fintech founded in 2021 that helps mid-market European exporters and importers reduce FX transaction costs by at least 50% through a Currencycloud/Visa-backed FX conversion, hedging, and international payments platform serving EEA customers with €5M+ annual FX volumes.
- Company typePrivate
- Founded2021
- HeadquartersKöpenhamn, Sweden
- Headcount1–10
- GTM typeB2B
- OfferingServices
What CrossNordic does
CrossNordic is a Nordic fintech company founded in 2021 that provides foreign exchange (FX) risk management and international payment services to mid-market and enterprise European exporters and importers with annual FX volumes of at least €5 million. The company is incorporated as CrossNordic AB (Company ID 3216020-1, registered in Finland), headquartered in Copenhagen, with regional offices in Helsinki and Oslo. It is led by co-founders Thomas Jensen and Ville Lipponen, both ex-bankers with 20+ and 25+ years of FX and corporate banking experience, with Søren Alminde (founder of Euroinvestor.com) serving as Chairman.
The company's core technology is delivered through a partnership with Currencycloud B.V. (acquired by Visa), which acts as the regulated Electronic Money Institution licensed by De Nederlandsche Bank. CrossNordic's product offering comprises three modules: FX Conversion and Hedging, International Payment Services, and Automated FX Conversion, providing access to 735 currency pairs in real-time, fast SWIFT payment tracking, and ISO27001-compliant infrastructure. Customer funds are safeguarded in segregated accounts at Barclays Bank PLC. CrossNordic generates revenue exclusively through margins embedded in FX exchange rate spreads—it charges no setup, monthly, account, or payment fees—and guarantees a minimum 50% reduction in FX conversion costs per customer.
The go-to-market is sales-led and direct, using FX specialists who estimate cost reduction upfront and onboard customers without IT integration. The company targets European exporters and importers in the European Economic Area, with stated annual savings of €25,000 to several million euros per customer. In parallel, it is building an institutional channel through partnerships with private equity firms, venture capital firms, and family offices to reach their portfolio companies. The company is backed by three Nordic investors: Sofokus Ventures (Turku, Finland), Unridden Ventures (Copenhagen, Denmark), and Cows Capital (Copenhagen, Denmark).
CrossNordic firmographics
Firmographics- Name
- CrossNordic
- Legal name
- CrossNordic AB
- Website
- https://crossnordic.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- CrossNordic is a Nordic fintech founded in 2021 that helps mid-market European exporters and importers reduce FX transaction costs by at least 50% through a Currencycloud/Visa-backed FX conversion, hedging, and international payments platform serving EEA customers with €5M+ annual FX volumes.
- Ownership category
- akta.pro rank
CrossNordic industry classification
Industry- Product category
- Corporate Foreign Exchange Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Cross-Border & Multi-Currency Gateway Services (FSAMACAI)
- akta.pro secondary industry
- Cross-Border & FX Payments Platforms (BPAMAFAK)
Keywords
Where CrossNordic is headquartered
LocationHeadquarters
- HQ city
- Köpenhamn
- HQ country
- Sweden
- HQ region
- Europe
Offices3 records
Markets served
CrossNordic business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- FX Rate Margin: Revenue is generated by including a small margin in competitive FX exchange rates. Unlike banks, CrossNordic does not charge any initial, monthly, account, or payment fees. The margin is embedded in the exchange rate spreads provided to customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Custom pricing based on customer's FX volume and needs |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
CrossNordic product offering
Product offeringCore offering
CrossNordic provides foreign exchange conversion, hedging, international payments, and automated FX conversion services to European companies engaged in import and export.\n\nServices are delivered through a Currencycloud partnership and allow customers to continue using their existing bank accounts and payment systems while reducing hidden FX costs.
Product overview
CrossNordic offers a unified FX services platform with three core product modules: FX Conversion and Hedging, International Payment Services, and Automated FX Conversion. The products work together to help European companies reduce foreign exchange costs by providing competitive exchange rates while allowing customers to continue using their existing bank accounts and payment systems. The company operates through a partnership with Currencycloud (acquired by Visa) to deliver regulated FX and payment services.
Differentiator
Problem solved
Functional benefit
Products and services
- FX Conversion and Hedging FX conversion and hedging solutions for managing currency risk and protecting profits from market fluctuations through competitive exchange rates.
- International Payment Services Foreign currency payment service for sending and receiving cross-border payments quickly and simply without hidden fees.
- Automated FX Conversion Automated currency conversion at competitive rates without manual intervention, saving time and ensuring optimal exchange rates automatically.
Quantifiable outcome
- Minimum 50% reduction in FX conversion costs
- +3 more outcomes
Companies that use CrossNordic
Customer profileNamed customers6 records
Segments1 record
Ideal customer profiles2 records
CrossNordic technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CrossNordic partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Currencycloud (acquired by Visa)coreCurrencycloud B.V. is the legal counterparty to CrossNordic customers and provides FX and payment services. Licensed by De Nederlandsche Bank as Electronic Money Institution (Relation Number: R142701). Acquired by Visa Inc., the world leader in digital payments. Develops FX and payment services efficiently for global use.
- Barclays Bank PLCcoreSafeguarding accounts are held with Barclays Bank PLC for customer fund protection. Barclays does not monitor funds placed on safeguarding accounts but holds them in segregated accounts per regulatory requirements.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
CrossNordic competitors and assessment
Company assessmentDirect peers
- Kantox: Kantox is a direct peer specializing in FX risk management and currency hedging automation for European mid-market companies. Its product focus on automated FX conversion and hedging is nearly identical to CrossNordic's FX Conversion/Hedging and Automated FX Conversion modules.
- OFX: OFX is a direct peer providing FX and international payment services primarily to SMEs and mid-market companies with cross-border trade exposure. Its target customers (companies with regular FX needs above €5M thresholds) and rate-based pricing model closely mirror CrossNordic's positioning.
- iBanFirst: iBanFirst is a direct peer offering multi-currency accounts and FX/payment solutions to European SMBs and mid-market companies. Its regulated EMI model and focus on European cross-border trade make it a close functional comparator to CrossNordic.
- Moneycorp: Moneycorp is a direct peer providing FX and international payment services to businesses and individuals, with a long-established European mid-market presence. Its business model and customer profile closely align with CrossNordic's importer/exporter target segment.
- Wise (formerly TransferWise): Wise is a direct peer offering multi-currency accounts and cross-border payment and FX services to both consumers and businesses. Wise Business competes head-to-head with CrossNordic in reducing FX costs for European SMEs and mid-market exporters, with overlapping value proposition on transparent FX margins.
- Ebury: Ebury is a direct peer providing cross-border payments, FX, and trade finance to European SMEs and mid-market companies. Its customer base of importers/exporters with regular FX exposure overlaps substantially with CrossNordic's target segment.
- Convera: Convera is a direct peer providing business-to-business cross-border payments and FX services globally, with strong European mid-market coverage. It targets the same exporter/importer persona and competes on rate competitiveness and SWIFT payment execution.
Broad incumbents
- Western Union Business Solutions: Western Union Business Solutions is a broad incumbent in cross-border payments and FX for businesses, leveraging the Western Union brand and global network. It competes with CrossNordic for European mid-market exporter/importer FX volume.
- Revolut Business: Revolut Business is a broad incumbent offering multi-currency accounts and FX as part of a wider corporate banking and expense management product suite. While not FX-specialized, its scale, brand, and pricing pressure make it a key competitive force in the European mid-market FX space.
Others
- Currencycloud: Currencycloud is CrossNordic's core technology and licensing partner (acquired by Visa), providing the regulated FX and payment infrastructure. As both partner and underlying rail, it is the most structurally relevant peer despite not being a direct competitor for end customers.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
CrossNordic social profiles
Digital presenceCrossNordic compliance and trust
Trust signalCompliance1 record
CrossNordic financial estimates
Financial estimateRevenue estimate
Valuation estimate
CrossNordic leadership team
Management profileNumber of profiles
Profiles3 records
CrossNordic funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CrossNordic M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CrossNordic
What does CrossNordic do?
CrossNordic provides foreign exchange conversion, hedging, international payments, and automated FX conversion services to European companies engaged in import and export.\n\nServices are delivered through a Currencycloud partnership and allow customers to continue using their existing bank accounts and payment systems while reducing hidden FX costs.
Is CrossNordic a public or private company?
CrossNordic is a private company. It is classified as venture growth investor backed and is currently operating.
When was CrossNordic founded?
CrossNordic was founded in 2021. It employs 1 to 10 people.
Where is CrossNordic based?
CrossNordic is headquartered in Köpenhamn, Sweden, in the Europe region.
How does CrossNordic make money?
One revenue line is on record: FX Rate Margin.
Who are CrossNordic's main competitors?
Direct peers on record are Kantox, OFX, iBanFirst, Moneycorp, Wise (formerly TransferWise), Ebury and Convera. Broad incumbents are Western Union Business Solutions and Revolut Business. Currencycloud is listed as an others.
Does CrossNordic have an API?
No public API is recorded for CrossNordic.
What industry is CrossNordic in?
CrossNordic's product category is Corporate Foreign Exchange Services. Its primary akta.pro industry code is FSAMACAI, Cross-Border & Multi-Currency Gateway Services, with a secondary code of BPAMAFAK, Cross-Border & FX Payments Platforms. Its NAICS code is 52232 and its SIC code is 6199.