Currencycloud

Currencycloud is focused on cross-border cloud payments. The company offers business a payment infrastructure, foreign exchange services and international payments. The company is registered in the UK, and its activities are regulated by the local agency Financial Conduct Authority.

History

2021: Visa bought Currencycloud

On July 22, 2021, the company Visa signed a final agreement to acquire Currencycloud, a global platform that allows banks and fintech companies to provide currency exchange services for cross-border payments.

The acquisition is based on the existing strategic partnership between the two companies, which was concluded back in 2019 and estimates Currencycloud at £700 million. At the same time, the financial remuneration under the transaction will be reduced by the amount of the outstanding share capital of Currencycloud, which Visa already owns.

Visa participated in the Series E funding round of $80 million in January 2021. Then BNP Paribas and Siam Commercial Bank also invested in Currencycloud.

Visa Acquired Currencycloud

The Currency cloud platform offers a wide range of APIs that enable banks and financial service providers to offer currency exchange services, including real-time exchange notifications, multi-currency wallets, and virtual account management. The Currency platform supports about 500 banking and technology customers covering more than 180 countries.

By the beginning of 2021, the company attracted more than 100 new customers and employees, and also expanded its presence in the Apac region, opening one office in Singapore.

The acquisition of Currencycloud is another example of how Visa implements a network network strategy to facilitate the global movement of money. Consumers and businesses increasingly expect transparency, speed and ease in making or receiving international payments. With the acquisition of Currencycloud, we will be able to support our customers and partners in further reducing the pain points of cross-border payments and creating excellent user experience for their customers, "said Colleen Ostrowski, global treasurer of Visa.[1]

Шаблон:Currencycloud

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