Visa has signed a definitive agreement to acquire听Currencycloud, a global platform that enables banks and听FinTechs听to provide innovative foreign exchange solutions for cross-border payments.听听
The acquisition builds on an existing strategic partnership between the two companies and values听Currencycloud听at 拢700 million, inclusive of cash and retention incentives.听听
The financial consideration will be reduced by the outstanding equity of听Currencycloud听that Visa already owns.听
Currencycloud鈥檚听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.听听
The听Currencycloud听platform supports nearly 500 banking and technology clients with reach in over 180 countries.听
Currencycloud听will strengthen Visa鈥檚 existing foreign exchange capabilities by extending them to better serve financial institutions,听fintechs听and partners while enabling new use cases and payment flows.听听
鈥淭he acquisition of听Currencycloud听is another example of Visa executing on our network of networks strategy to facilitate global money movement,鈥� said Colleen Ostrowski, Visa鈥檚 Global Treasurer.听听
鈥淐onsumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments.听听
鈥淲ith our acquisition of听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.鈥�听
Mike Laven (above), CEO at Currencycloud, said: 鈥淎t Currencycloud, we鈥檝e 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.听
鈥淭he combination of听Currencycloud鈥檚听fintech expertise and Visa鈥檚 network will enable us to deliver greater customer value to the businesses moving money across borders.鈥�听
Currencycloud听will continue to operate from its headquarters in London and will retain the current management team.听听