Visa has announced it has signed an agreement to acquire British cross-border payments provider Currencycloud at £700 million.
Established in 2012, Currencycloud’s offers a broad set of APIs enabling banks and financial services providers to provide currency exchange services, such as real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management.
The cloud-based platform facilitates cross-border payments for nearly 500 banking and technology clients in more than 180 countries, including well-known European fintechs Klarna, Monzo, Starling and Revolut. Since its launch, Currencycloud has moved over $75 billion in payments.
Cross-border payments have registered significant growth recently, attributed to growing demand from business of all sizes to engage in international trade. Currencycloud will contribute to Visa’s network by widening access to international payment products that help businesses meet their cross-border needs.
Mike Laven, Chief Executive Officer, Currencycloud, said:
Mike Laven Source: LinkedIn
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.
The deal is part of Visa’s strategy to diversify revenues beyond credit card payments. Card companies have come under pressure from regulators on fees.
At the end of last year, Visa announced the acquisition of YellowPepper, fintech firm supporting financial institutions and startups in Latin America and the Caribbean through its partnerships.
Colleen Ostrowski, Visa’s Global Treasurer, said:
Colleen Ostrowski Source: LinkedIn
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’s operations will continue to be conducted from its headquarters in London and the company will maintain its management team.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
