Payment technology firm Visa has agreed to acquire British payments start-up Currencycloud in a deal valuing the UK-based firm at £700m.
Currencycloud is a global platform that enables banks, fintechs and businesses to provide advanced foreign exchange solutions for rapid cross-border payments in multiple currencies.
The company claimed that it has processed more than $100bn to over 180 countries, working with global banks, financial institutions and fintechs, since 2012.
The acquisition builds on an existing strategic partnership between the two companies, where Visa owns an equity interest in Currencycloud.
Visa global treasurer 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.”
Currencycloud said that its cloud-based platform offers APIs that enable banks and financial services providers to offer currency exchange services.
It offers real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management, for nearly 500 clients in more than 180 countries.
With the acquisition, Visa is expected to strengthen its existing foreign exchange capabilities by extending them while enabling new use cases and payment flows.
Currencycloud is anticipated to advance the time-to-market and improve payment transparency for clients who aim to offer flexible, digital-first, international payment services.
The closing of the transaction is subject to regulatory approvals and other closing conditions.
After completion, Currencycloud will continue its operations from its London headquarters and retain its current management team.
Currencycloud CEO 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.”
Last month, Visa has agreed to acquire the European open banking platform Tink for a total consideration of €1.8bn, including cash and retention incentives.
