Visa has announced it has signed a definitive agreement to acquire Currencycloud, a global platform that enables banks and FinTechs to provide innovative foreign exchange solutions for cross-border payments.
Visa to acquire Currencycloud
The acquisition builds on an existing strategic partnership between the two companies and values Currencycloud at £700 million, inclusive of cash and retention incentives.
The financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.
Cross-border payments have seen significant growth due to rising demand from businesses of all sizes to engage in international trade.
A recent study revealed that 43% of all small businesses conducted international trade in 2020.1
The addition of Currencycloud’s capabilities to Visa’s network will widen access to international payment products that help businesses meet their cross-border needs.
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 around the world.
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” said Colleen Ostrowski, Visa’s Global Treasurer.
“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 will continue their operations from their headquarters in London and will retain their current management team. The transaction is subject to regulatory approvals and other customary closing conditions.
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