Fintech

Currencycloud Will Be Acquired By Visa

Visa announced today that it has entered into a definitive agreement to purchase Currencycloud, a worldwide platform that enables banks and fintechs to provide innovative foreign currency solutions for cross-border payments. Currencycloud is valued at £700 million, including cash and retention incentives, as part of the acquisition, which builds on the two firms' existing strategic cooperation. The financial consideration will be decreased by Visa's existing ownership of Currencycloud's outstanding stock.

Currencycloud's cloud-based platform provides a comprehensive set of APIs that enable banks and financial service providers to provide currency exchange services such as real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. With a global reach of over 180 countries, the Currencycloud platform serves approximately 500 financial and technology clients.

Currencycloud will expand Visa's existing foreign exchange capabilities to better serve financial institutions, fintechs, and partners, while also enabling new use cases as well as payment flows. Currencycloud will shorten the time-to-market and enhance payment transparency for clients wishing to offer flexible, digital-first international payment services that give consumers and businesses around the world more insight and control.

Cross-border payments have increased significantly as a result of increased demand for international trade by enterprises of all kinds. According to a recent survey, 43 percent of all small enterprises will engage in foreign trade by 2020. With the addition of Currencycloud's capabilities to Visa's network, businesses will have more access to innovative international payment products that will help them fulfil their cross-border needs.

“The acquisition of Currencycloud is just another example of Visa executing on our network of networks strategy to facilitate global money movement,” said Colleen Ostrowski, Global Treasurer at Visa. “ When making or receiving foreign payments, consumers and organisations increasingly expect openness, speed, and simplicity. With the acquisition of Currencycloud, we will be able to assist our clients and partners in reducing the pain points associated with cross-border payments and developing outstanding user experiences for their customers.”

“ At Currencycloud, we have always endeavoured to provide a brighter tomorrow for everyone, from the smallest start-up to big multi-nationals. Reimagining how money moves throughout the global economy has just gotten more exciting with our partnership with Visa,” said Mike Laven, Chief Executive Officer of Currencycloud. “By combining Currencycloud's fintech expertise with Visa's network, we will be able to provide better consumer value to businesses that move money across borders.”

Currencycloud will continue to operate from their London headquarters, and their present management team will remain in place. Regulatory approvals and other typical closing conditions apply to the transaction.

About Visa Inc.
Visa Inc. is the world's largest digital payment company. Our objective is to link the globe by providing the most creative, dependable, and secure payment network, allowing individuals, businesses, and economies to prosper. VisaNet, our powerful global processing network, offers secure and dependable payments around the world and can handle more than 65,000 transaction messages per second. The company's unwavering commitment on innovation is a driving force behind the tremendous expansion of digital commerce on any device for everyone, everywhere. As the world shifts from analogue to digital, Visa is reshaping the future of commerce through our brand, products, people, network, and scale.

About Currencycloud
Currencycloud enables banks, fintechs, and enterprises worldwide to take bigger, better, and more daring jumps. Currencycloud enables businesses to transport money across borders and transact globally in different currencies in real time. Experts in their field, their technology makes it simple for clients to embrace digital wallets and integrate finance into the core of their organisation - regardless of industry.

Currencycloud has handled more over $100 billion to over 180 countries since 2012, collaborating with banks, financial institutions, and Fintechs worldwide, including Starling Bank, Revolut, Penta, and Lunar. Currencycloud is based in London and has offices in New York, Amsterdam, Cardiff, and Singapore. It collaborates with partners such as Visa, Dwolla, GPS, and Mambu to provide clients with simple, straightforward cross-border infrastructure solutions. They are regulated in the United Kingdom, Canada, the United States, and the European Union.

Spotlight

Other News

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More