International financial services company Visa has announced that it has made an agreement to acquire fintech platform Currencycloud.
Visa has agreed to acquire Currencycloud, the fintech platform that serves 500 bank customers in more than 180 countries. Post-acquisition Currencycloud will operate from the company’s headquarters in London and will continue with its current management team. The purchase will become official after approval by the UK legal authorities. Until the official approval process, the two companies will continue to operate as separate entities.
Visa will enrich its services in the forex area.
Aiming to improve and diversify its services in the forex area with the acquisition, Visa will bring these services to financial institutions, fintech, and their partners. Making a statement on the agreement, Visa announced that it aims to improve payment transparency and speed. It is stated that;
“The acquisition of Currencycloud is another example of Visa’s use of the network of networks to facilitate the global movement of money. Consumers and businesses increasingly expect transparency, speed, and simplicity when making international payments.”
With the strategic partnership acquisition, Visa will own an equity stake in Currencycloud, currently valued at $956 million. Visa participated in Currencycloud’s $80 million funding round last year, along with investors such as the Japanese financial giant SBI Group.
CurrencyCloud also collaborated with Ripple.
Currencycloud announced at the beginning of July that it is collaborating with Ripple to explore new mechanisms for international payments, especially in countries where regulations restrict opportunities for small and medium-sized businesses.Share this article