![]() 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.” ![]() “Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. “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. 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 innovative 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.Ĭross-border payments have seen significant growth due to rising demand from businesses of all sizes to engage in international trade. The Currencycloud platform supports nearly 500 banking and technology clients with reach in over 180 countries.Ĭurrencycloud 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. The financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.Ĭurrencycloud’s cloud-based platform offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services, including real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. ![]() The acquisition builds on an existing strategic partnership between the two companies and values Currencycloud at £700 million, inclusive of cash and retention incentives. Visa (NYSE: V) today 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.
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