Visa says it has signed a definitive agreement to acquire Currencycloud, a global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.
The acquisition builds on an existing strategic partnership between the two companies and values Currencycloud at £700m, inclusive of cash and retention incentives.
Go deeper with GlobalData
The financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.
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.
Accelerating the time-to-market and improving payment transparency
Currencycloud will strengthen Visa’s existing foreign exchange capabilities by extending them to better serve financial institutions, fintechs and partners while enabling new use cases and payment flows.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCurrencycloud will accelerate the time-to-market and improve payment transparency for clients looking to offer flexible, digital-first, international payment services that provide better visibility and control to consumers and businesses around the world.
Cross-border payments have seen significant growth due to rising demand from businesses of all sizes to engage in international trade.
A recent study revealed that 43% of all small businesses conducted international trade in 2020.
The addition of Currencycloud’s capabilities to Visa’s network will widen access to innovative international payment products that help businesses meet their cross-border needs.
The acquisition “will enable us to deliver greater customer value”
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” said 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.”
Added Mike Laven, Chief Executive Officer, Currencycloud:
“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.”
Currencycloud will continue its operations from its headquarters in London and will retain its current management team. The transaction is subject to regulatory approvals and other customary closing conditions.
