Cross-border payments infrastructure provider Currencycloud is being acquired by Visa in a deal that values the company at £700 million. The acquisition arrives just one month after Visa snapped up Swedish fintech Tink in a €1.8 billion deal.
Currencycloud and Visa already have a standing partnership, and the acquisition will serve to formalise the relationship as well as strengthen Visa’s foreign exchange service offer. With Currencycloud’s underpinning technology, Visa will be able to accelerate time to market and improve transparency for clients looking to provide international payment services.
In a statement, Visa’s Colleen Ostrowski commented, “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 will continue to operate from its London HQ and no management team changes are planned.