Visa to acquire UK cross-border payments fintech

The transaction is subject to regulatory approvals and other customary closing conditions

Visa

Visa to acquire UK cross-border payments fintech. Source: shutterstock.com

Visa has announced the acquisition of Currencycloud, a global platform that enables banks and fintechs to offer foreign exchange solutions for cross-border payments.

The acquisition builds on an existing strategic partnership between both companies and values Currencycloud at £700 million, inclusive of cash and retention incentives.

According to the press release, Currencycloud’s cloud-based platform offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services. They include real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. The Currencycloud platform supports nearly 500 banking and technology clients across over 180 countries.

Currencycloud will strengthen Visa’s existing foreign exchange capabilities by extending them to better serve financial institutions, fintechs and partners while enabling new use cases and payment flows.

It is also expected to accelerate the time-to-market and improve payment transparency for clients looking to offer flexible, digital-first, international payment services.

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
Colleen Ostrowski, Visa’s Global Treasurer

Currencycloud will continue its operations from its headquarters in London and will retain its current management team.

We’ve reported that UnionPay announced collaboration with IATA.

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