Visa Enhances Cross Border Payments Offering with Acquisition of Currencycloud
(22 July 2021 – Global) Visa has signed a definitive agreement to acquire Currencycloud, a global platform that enables banks and fintechs to provide foreign exchange services for cross-border payments.
The acquisition builds on an existing strategic partnership between the two companies that was struck in 2019 and values Currencycloud at £700 million.
Currencycloud’s cloud-based platform offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services, including real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. The Currencycloud platform supports nearly 500 banking and technology clients with reach in over 180 countries.
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” says Colleen Ostrowski, Visa’s global treasurer. “Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers.”
Under the deal, Currencycloud will continue its operations from its headquarters in London and will retain its current management team.