Visa has officially acquired cross-border payments firm Currencycloud in a deal valued at £700m.
Visa entered the agreement to purchase Currencycloud back in July of this year. At the time, Visa stated the acquisition will help it strengthen its foreign exchange capabilities by extending them to better serve financial institutions, FinTechs and partners while enabling new use cases and payment flows.
Visa also highlighted that Currencycloud will also speed-up the time-to-market and improve payment transparency for its clients that are looking to offer more flexible and digital-first payment services.
According to Currencycloud, despite the purchase, nothing will change considerably for the WealthTech in the short-term, with the company set to remain operating as Currencycloud.
2021 has been a strong year for Currencycloud. The firm has grown its team to almost 500 employees, opened an office in Singapore, expanded its team in Spain, France and Germany and now processes more than $5bn in cross-border transactions per month.
Currencycloud CEO Mike Laven said, “This is a wonderful end to another great year for Currencycloud. Together with Visa we’ll be able to further our ambition of making the movement of money around the world easier and faster for all.
“Once again, thank you to all Currencyclouders, partners and clients, past and present, who have helped us get to this point. There is still so much we can achieve, and I look forward to continuing the journey with Visa.”
Currencycloud recently teamed with UK FinTech Lightyear to help the latter remove hidden fees for investors globally.
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