The financial services corporation Visa Inc has announced that it has signed an agreement to acquire Currencycloud which is a platform that allows fintechs and banks to provide innovative foreign exchange solutions for cross border payments.
Currently Currencycloud values at £700 million, inclusive of cash and retention incentives.
The Global Treasurer of Visa, Colleen Ostrowski, said:
“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.”
The Chief Executive Officer of Currencycloud, Mike Laven, said:
“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.”
About Visa
It is an American based financial corporation which facilitates electronic funds transfers throughout the world. VisaNet, it’s the company’s advanced global processing network which provides secure and reliable payments around the world.
About Currencycloud
It is a cloud based platform that provides wide range of API’s enabling banks and financial services provides to offer currency exchange services it also gives capability to businesses across the borders to move money, and transact globally in multiple currencies, fast.
The company has processed more than $100 billion to over 180 countries since 2012.
