Visa (NYSE: V) today enables banks and fintech companies to offer innovative forex solutions for cross-border payments worldwide. Announced that it has signed a formal agreement to acquire the platform Currency Cloud. The acquisition builds on the existing strategic alliance between the two companies, with a valuation of £ 700m, including cash and retention incentives. The monetary consideration will be reduced by the outstanding shares of Currency Cloud already held by Visa.
Currency Cloud’s cloud-based platform offers a wide set of APIs that allow banks and financial services companies to offer real-time notification of foreign exchange transactions, multi-currency wallets, virtual account management and other exchange services. The Currency Cloud platform supports approximately 500 banks and technology companies, covering more than 180 countries.
Currency Cloud enhances Visa’s existing foreign exchange capabilities, improves service delivery to financial institutions, fintech companies and partners, and enables new use cases and payment flows. Currency Cloud reduces time to market for customers and improves payment transparency. Customers want to provide consumers and businesses around the world with flexible digital-first international payment services that offer greater visibility and better management.
Cross-border settlement is seeing significant growth due to growing demand for companies of all sizes who want to be involved in international trade. In a recent survey, 43 percent of all small businesses in 2020 is now clear that doing international trade 1 . The addition of currency cloud capabilities to the visa network will provide greater access to innovative international payment products that support companies’ cross-border needs.
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Colleen Ostrowski, Visa’s Global Treasury, said: “The acquisition of Currency Cloud is another example of what Visa is doing in its network strategy to facilitate global money transfer. Consumers and businesses are making international payments and receipts. There is a growing trend for transparency, speed and brevity. The acquisition of Currency Cloud enables customers and partners to further reduce cross-border payments and develop a better user experience for them. I can support you. ”
Mike Raven, CEO of Currency Cloud, said: “At Currency Cloud, we are constantly striving to create a better future for all companies, from the smallest start-ups to the global multinationals. As we join our visas, the flow of money in the global economy Rebuilding will be more fun. Combining Currency Cloud’s fintech expertise with our network of visas allows us to provide greater customer value to companies that move funds across borders. increase.”
Currency Cloud will continue to operate at its London headquarters and maintain its current management team. This transaction is subject to regulatory approval and is subject to other customary closing conditions.
