Visa has once again shown its commitment to fintechs with the acquisition of Currencycloud. Currencycloud is a global platform that enables banks and fintechs to provide foreign exchange solutions for cross-border payments.
The acquisition builds on an existing strategic partnership between the two companies and values Currencycloud at £700 million, including cash and retention incentives. The financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.
Speaking on the latest development, Colleen Ostrowski, Visa’s Global Treasurer, 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 reduce the pain points of cross-border payments further and develop great user experiences for their customers,” he added.
In acquiring Currencycloud, Visa will strengthen its existing foreign exchange capabilities by extending them to serve financial institutions, fintechs and partners better while enabling new use cases and payment flows.
According to 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 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 worldwide.
