Visa buys Fintech startup Currencycloud for £700 million


Visa has now signed a deal to acquire Currencycloud, in an effort to advance the money movement across the globe.

The deal builds on the strategic partnership which both the companies already have in place. Currencycloud, as of now, works with around 500 banking and technology customers across more than 150 countries.

Currencycloud will continue to operate from its London headquarters with its current management team. 

Executive Opinion

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 further reduce the pain points of cross-border payments and develop great user experiences for their customers."

Mike Laven, Chief Executive Officer, Currencycloud, 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."

Visa's Currencycloud acquisition

Currencycloud as of now works with the different APIs to help financial services providers to offer currency exchange services. 

The Currencycloud platform provides a real-time notification on multi-currency wallets, Forex transactions, and virtual account management (VAM).

With the help of the Currencycloud acquisition deal, Visa will enhance its current foreign exchange capabilities. Currencycloud will also enhance time to market and boost transparency for the clients, notes the announcement.
PC: Pablo, Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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