Visa has entered an agreement to purchase cross-border payments technology provider Currencycloud for a total of $700m.
Currencycloud is a global platform that enables banks and FinTechs to provide foreign exchange solutions for cross border payments. The company offers 85 different APIs which help businesses to collect, convert, manage and pay.
Currencycloud’s platform supports almost 500 banking and technology clients and has a reach across over 180 countries. It is regulated in Europe, Canada and the US.
According to Visa, the acquisition – which builds on an existing partnership between the two businesses – will help it strengthen its foreign exchange capabilities by extending them to better serve financial institutions, FinTechs and partners while enabling new use cases and payment flows.
Visa added that Currencycloud will also speed-up the time-to-market and improve payment transparency for its clients that are looking to offer more flexible and digital-first payment services.
The acquisition – which is still subject to regulatory approvals and other conditions – will see Currencycloud continue to work from their London-based headquarters.
Visa global treasurer Colleen Ostrowski said, “The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement.
“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.”
Currencycloud CEO Mike Laven added, “At Currencycloud, we’ve always strived to deliver a better tomorrow for all, from the smallest start-up to the global multi-nationals. Re-imagining how money flows around the global economy just got more exciting as we join Visa. The combination of Currencycloud’s FinTech expertise and Visa’s network will enable us to deliver greater customer value to the businesses moving money across borders.”
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